Adam Lutz of Lutz Real Estate Investments and Matthew Sosin of Northern Equities Group recently closed the acquisition of the historic Albert Kahn Building in Detroit’s New Center neighborhood.
The new partnership was represented by Brian Raznick of Jaffe Raitt Heuer & Weiss. The metro Detroit mortgage banking firm Q10|Lutz Financial Services secured the acquisition and renovation financing from a West Coast-based lender that had been actively looking for Detroit financing opportunities. The sale was brokered by A.J. Weiner and Anne Knopke of JLL. The purchase price was not disclosed.
The about 320,000-square-foot building, which housed Detroit’s Saks Fifth Avenue for more than 40 years, will be converted into more than 200 apartments, said Jon Epstein, Associate of Lutz Real Estate Investments.
“We are still fine-tuning the plan,” Epstein said, “but we will most likely have around 200 apartments on floors two through 11, with about 60,000 square feet of retail and office space on the first floor and lower level.”
The redevelopment will have an extensive amenity package and more than 300 parking spaces for residents. Kraemer Design Group will be the design firm, and Cunningham Limp is the general contractor.
The New Center neighborhood has seen significant investment activity and development in the past five years. Recently announced developments include the Detroit Pistons’ new $80 million practice facility and headquarters, Henry Ford Health System’s $155 million Cancer Pavilion on West Grand Boulevard and The Platform’s $30 million Cass & York condo development, which will also house Wayne State University’s upcoming art museum.