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Thursday, September 11, 2008

LOFTS TO GO UP NEAR MOTOR CITY CASINO

Plans were unveiled by Made in Detroit today for lofts near the Motor City Casino in the old Detroit Creamery Building on Spruce St. Designed by Albert Kahn, the building was erected in 1914 and is near the intersection of Grand River and the Lodge Freeway.

"Known as the 1015 Spruce St. project, the development would offer 93 loft condominiums carved out of the historic Detroit Creamery Building, a 1914 industrial structure designed by architect Albert Kahn near the Lodge Freeway and Grand River.

Units would measure from 1,000 to more than 3,500 square feet, and sell from the $300,000 to $850,000 or more for the largest penthouses.

The project also would include a spa, health club and meeting rooms."

With the housing, mortgage, and credit market in shambles, I don't know what gives these developers the indication that they are going to find buyers for this condo project and in turn receive funding for these lofts.

Further, there are condos planned for the riverfront. an area most people would describe as more attractive than by Motor City, that developers are having trouble selling at prices lower than the ones announced for the old creamery. That being said, these lofts would be a great addition to the city, especially for the designated area. Let's all hope for the best.

See full article here
Detroit Army

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