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

 

  • Upgraded all building hallways, lobby, bathrooms and elevator cabs

  • Installed new mechanical systems for the entire building. 

  • Procured over $5 million in city, state, and federal incentives.

  • Developed 5,000 square feet of retail space and recruited two tenants -  Dilla Delights and Vertical Wine bar.

  • Obtained permanent financing with a 95%+ occupancy rate.

THE ASHLEY