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THE ASHLEY
HISTORIC CONVERSION
Overview
Purchased a defunct historic hotel in October 2012 in the heart of the Central Business District in the city of Detroit. Procured six layers of financing and completed a $9 million conversion into a 66-unit apartment building with ground floor retail.
Development highlights
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Upgraded all building hallways, lobby, bathrooms and elevator cabs
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Installed new mechanical systems for the entire building.
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Procured over $5 million in city, state, and federal incentives.
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Developed 5,000 square feet of retail space and recruited two tenants - Dilla Delights and Vertical Wine bar.
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Obtained permanent financing with a 95%+ occupancy rate.
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