The historic Albert Kahn building in Detroit's New Center has new owners and will be transitioned into a combination of office/retail space and apartments.
The building was acquired by Lutz Real Estate Investments and Northern Equities Group.
At around 300,000-square-feet, the building once housed a Saks Fifth Avenue. It will be converted into more than 200 apartments and 60,000-square-feet of office and retail space on the first and second floors.
“The Albert Kahn Building has always been occupied and functional, and as a result, it is in great condition for a historic property,” Adam M. Lutz, principal of Lutz Real Estate Investments said in a release. “Its large floor plates, ideal location and architectural beauty make it ideal for a multifamily development.”
Plans also call for more than 300 parking spaces for residents, which the ownership group hopes will separate the Kahn building from other apartments in downtown and midtown.
Kramer Design Group has been tapped as the design firm and Cunningham Limp will be the general contractor.
Originally, the building was owned by The Platform, which acquired it as part of a package deal with the Fisher Building in 2015.
“It is gratifying to see investors like Adam Lutz and Matt Sosin investing in New Center,” Peter Cummings, executive chairman of The Platform said in a release. “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.”
