Building something from the ground up might sound cliché when it comes to developments, but that's the way Five Star Premier Properties is tackling the Luxury Lofts of Ferndale project.
The Ohio-based company is nearly finished renovating the first floor of the two-story Trio Building at 22840 Woodward, a few doors down from Como's Restaurant. Five Star also plans to get started on the second-floor renovations soon and is working on plans to add a three-story addition to the top.
"We're working on the space right now," says Mark Nickita, president of Detroit-based Archive DS architecture firm that is designing the project. "We hope to get them (the advertising firm leasing the ground floor) in there within a couple of weeks."
Nickita adds that the developer is in talks with another company to lease the 6,000 to 7,000 square feet of office space on the second floor. Archive DS is also designing the addition, which will have a contemporary look. Work on that is expected to start this summer after the city approves the final plans.
The addition will contain 12 luxury lofts priced between $245,000 and $650,000. So far about five of the lofts have been reserved, and market studies performed by the company show there is a pent-up demand for upscale lofts in Ferndale.
The Luxury Lofts of Ferndale units have at least 2,000 square feet of space, balconies and parking spots. The penthouse units will each have a spiral staircase leading up to a private rooftop terrace. There will also be a common rooftop deck for the rest of the units.
The building's façade will be rebuilt and the developer is also looking into using environmentally friendly building techniques and materials in the project. Once complete, the old Comerica Bank branch will be turned into a 70-foot-tall mid-rise building.
Source: Mark Nickita, president of Archive DS
Writer: Jon Zemke
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