The Detroit Investment Fund’s
Bridge Loan to 2233 Park Avenue, LLC will facilitate the
second phase of renovations to the Iodent Building. Built
in 1923, the eight-story, 33,740 square foot building is
located behind the Fox Theater. Phase I was completed in
2005 and consisted of building a martini bar on the 1st and
2nd floors. Phase II renovations will include the build out
of 2 office spaces on the third floor and 12 residential,
market-rate, rental loft apartments on floors 4 through 8.
Also included is the rehabilitation of the building’s
brick, terra cotta and limestone exterior and interior.
When completed, unit amenities will include acid-washed and
polished concrete floors, stainless steel appliances, ceramic
tiled kitchen floors, tiled and mirrored baths, granite kitchen
counters and maple cabinets. Parking will be provided for
a monthly fee in the Fox Theatre parking deck which is located
across the street.
This transaction was completed in partnership with Shorebank.
|
