Olympia Development of Michigan has selected Hayman Co. in Southfield as property manager for the historic Eddystone, a 13-story, Italian Renaissance-style former hotel in The District Detroit that has been converted into 92 residential units, along with ground-floor commercial spaces.
Hayman, a large, privately owned commercial real estate firm, will undertake marketing and outreach to attract and retain tenants, as well as manage the overall building. The Eddystone, which first opened in the 1920s, will begin offering studio, one-bedroom, and two-bedroom units for lease starting later this year (20 percent of the units will be affordable housing).
“The Hayman Co. team will be a great partner to bring to life the vision we have for this historic property within The District Detroit,” says Stefan Stration, vice president of development for Olympia Development of Michigan in Detroit. “As a local company with national experience, Hayman understands the property’s significance, and the needs of the residents who will call it home.”
Olympia Development of Michigan is a full-service real estate company that is part of Ilitch Holdings Inc., the parent company for numerous businesses such as Little Caesars Enterprises Inc., Detroit Tigers, Detroit Red Wings, the historic Fox Theatre, Little Caesars Arena, and Comerica Park. Chris Ilitch is president and CEO of Ilitch Holdings.
Hayman has extensive experience in affordable housing management.
“Our team is really looking forward to managing the Eddystone with the high standards of excellence and customer service which this treasure deserves,” says Andrew Hayman, president of Hayman Co. “We understand the significance of the Eddystone and are committed to facilitating a dynamic and high quality of life for Detroiters who choose to live in it.”
The Eddystone, located at the northwest corner of Little Caesars Arena, will offer a private lobby, which will be staffed 24 hours a day, custom artwork, an exercise room as well as a dog wash station for pets. A unique bar and dining experience is anticipated for the street-level space.
Later this year, Olympia Development states the former Women’s City Club, located in the Park Avenue Historic District behind the Fox Theatre, is expected to open, and construction is expected to begin at Bagley Development Group’s Residences@150 (former United Artists Theatre at Bagley and Clifford streets).
In addition, pre-development planning continues on the proposed Henry Street redevelopment of seven historic buildings west of Cass Avenue and Little Caesars Arena.