Another prominent building in New Center has a new owner. The Albert Kahn Building, across from the Fisher Building, was recently sold to Lutz Real Estate Investments and Northern Equities Group for an undisclosed price.
Early plans for redevelopment include 200 apartments from floors 2-11, with office and retail on the first floor.
The building was owned by The Platform, who acquired it in 2015 with the Fisher Building.
“It is gratifying to see investors like Adam Lutz and Matt Sosin investing in New Center,” said Peter Cummings, executive chairman of The Platform. “We have substantial holdings in New Center, TechTown, Milwaukee Junction and North End, and we believe that by collaborating with other developers in this district, we will be able to fashion neighborhoods that are more dynamic and authentic. We look forward to working with the new owners of the Albert Kahn Building.”
The Albert Kahn Building was built during the depression in 1931; the Fisher brothers said the building, then the New Center Building, “will serve as an incentive to others to proceed with normal expansion and thus assist in solving the unemployment problem. We want further to give a practical demonstration of our continued and steadily growing faith in the future of Detroit.” It once had a Saks Fifth Avenue, and was renamed the Albert Kahn Building in 1988.
Author: Robin Runyan, Curbed Detroit