The FD Lofts at Eastern Market have begun the transition from rental units to condominiums. Both one and two bedroom units are available in the 30-unit building.
Brian Giles is handling sales and marketing for the building. He believes that the timing is perfect for the transition and that Detroit is ready for more condos on the market.
"It's well-documented that people want to live and rent in Detroit," says Giles. "What has not been discussed is the for sale market. There's a lot of people who want to pay for cool space. This is one more development that builds upon the momentum of investing in Detroit."
Current residents are being given the opportunity to buy their units. If they decline, new buyers will be able to move into their units as early as this fall. The FD Lofts have been been at 100 percent occupancy for the past eight years, according to Giles.
There are nine different floor plans available with units ranging from 523 to 1,954 square feet. Prices start at $124,800 and go as high as $329,800. Unit 405, a 1,444 square foot one bedroom condo listed at $249,800, comes with its own private outdoor terrace, the only unit advertised as such. The condos are being outfitted with new sinks and quartz counters.
Open House hours for the FD Lofts are every Saturday from 9 a.m. to 2 p.m., every Sunday from 11 a.m. to 4 p.m., and every Tuesday from 1 p.m. to 6 p.m. Tours are available by appointment as well.
The FD Lofts building was built in 1917 by the Detroit Fire Department. It was restored and first opened to renters in 2007.
The FD Lofts are located at 3434 Russell Street.
Source: Brian Giles, sales and marketing for FD Lofts
Writer: MJ Galbraith
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