The Book House on E. Jefferson between Iroquois and Burns has been purchased by Shelborne Development, who plans to renovate and move into the historic building. The company is getting an assist via a $440,000 Michigan Business Tax credit that was approved by the
Detroit Brownfield Redevelopment Authority.
Additionally, a previously awarded Jefferson Avenue Retail Readiness matching grant will go toward the cost of making interior and exterior repairs to the
building as well as parking lot and site improvements.
Total project investment is estimated at $2.9 million.
Shelborne plans to occupy the ground floor of the
building and eventually rent out or expand into the second floor. The future of the property's carriage house is undetermined; possibilities include an apartment, offices or even lodging for Shelborne's out-of-town associates when they are conducting business in Detroit.
Shelborne is relocating to Detroit from Wayne for several reasons, says the company's chief financial officer, Bart Famularo. "All of our business is in Detroit ... but it's not just for proximity," he says. "If we want to let people know that we're here supporting Detroit, we should have our offices here."
Shelborne owns and manages River Plaza and River Terrace apartments, also located on E. Jefferson. They are also involved in the development of
St. Aubin Square and Chalmers Square.
Source: Bart Famularo, Shelborne Development
Writer: Kelli B. Kavanaugh