FD Lofts in Detroit’s Eastern Market — one of the first in the region to convert its apartment units to condos in recent years — has started accepting reservations from existing tenants and will open to the public May 31.
“While there’s risk with condo conversions, there are broader benefits for the city of Detroit,” says Brian Giles, co-developer of the project. “There are a lot of individuals who want to live in the city and have the means to buy and invest in Detroit. The interest so far has been sky high, which is great.”
Located in a former fire department training facility, at 3434 Russell St., FD Lofts features 30 units with ceilings up to 16 feet tall, quartz counters and Kohler sink fixtures, stainless steel appliances, and polished and stained concrete floors. Prices range from $124,800 to $329,800, depending on size and inclusion of a private terrace.
Giles, who also worked on the $15-million condo conversion of Midtown’s Park Shelton in 2004, says there’s been a growing interest in Detroit’s condos — i
ncluding the Ellington, the Residences at the Book Cadillac, and Willys Overland Lofts — over the past 10 years.
“When the Great Recession hit, it turned that world upside down, and developers had to rent the units because they couldn’t sell them,” he says. “But over the last 12 to 18 months, all of these ‘broken’ condos have been fixed. They’re selling their units, so clearly the time is right — not only for our project, but also for (Detroit’s) condo market in general.
Starting May 31, FD Lofts will host public open houses from 9 a.m. to 2 p.m. Saturdays; 11 a.m. to 4 p.m. Sundays; and 1 p.m. to 6 p.m. Tuesdays, “not coincidentally coinciding with the market being open on those days,” Giles says.
For more information, visit fdloftsdetroit.com.
