DETROIT - Detroit's historic Albert Kahn Building has a new owner.
The Albert Kahn Building, in Detroit's New Center neighborhood, has been acquired by Lutz Real Estate Investments and Northern Equities Group. The building was owned by a group comprised of The Platform and other partners.
“The Albert Kahn Building has always been occupied and functional, and as a result, it is in great condition for a historic property,” said Adam M. Lutz, principal of Lutz Real Estate Investments. “Its large floor plates, ideal location and architectural beauty make it ideal for a multifamily development.”
The approximately 300,000-square-foot building, which once housed a Saks Fifth Avenue, will be converted into more than 200 apartments, said Jon Epstein 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 eleven, with about 60,000 square feet of retail and office space on the first floor and lower level.”
The redevelopment includes more than 300 parking spaces for residents, offerings that they hope will separate the Kahn from many of the apartments in the city’s Central Business District and Midtown.
“We see this area as a major anchor in the city that is undoubtedly trending upward. New Center is one of Detroit’s most dynamic neighborhoods,” said Matthew Sosin, principal of North Equities Group. “It is with great pride and conviction that we continue the groundwork laid by The Platform as we fully rehabilitate and bring this historic structure up to modern standards.”
The Albert Kahn Building opened in 1931 next door to the Fisher Building. Read more history on the building here from Historic Detroit.
Author: Ken Haddad, Click On Detroit