The buyer of the vacant Park Apartments building on West Adams plans more than $6 million in renovations – and a renewed focus on the building’s history in downtown Detroit.
Joe Barbat, who bought the building, between Park Avenue and Clifford Street, in an off-market deal for $3.25 million, told Crain’s he plans to rename the building the Briggs House Residence to reflect its history as the former Hotel Briggs.
The building was built in 1937.
The 17-story apartment building, which is 95,000 square feet, consists of 131 studio, one- and two-bedroom units and penthouse suites.
There are 64 studio apartments, 63 one-bedrooms, a pair of two-bedrooms and two penthouse suites. Units range from 400 square feet for a studio to 1,600 square feet for penthouse suites.
Barbat, the CEO and chairman of Southfield-based Wireless Toyz, said he plans to convert the building into 116 Class A units by merging some of the studio units to create more one-bedroom units.
New electrical, HVAC and plumbing systems are planned, as are new common areas, an exercise area, and a laundry room and Internet cafe. In addition, a new rooftop terrace and first-floor dining options are planned, Barbat said.
He said renovations are expected to begin this spring and be complete within a year. Barbat – also the founder of West Bloomfield Township-based Barbat Holdings LLC, a real estate development company – said lease applications should be accepted within six months.
He will be applying for state historic tax credits, among others.
He said this is Barbat Holdings’ first residential real estate purchase in the city. The Barbat Holdings website says it manages more than 400,000 square feet of retail, office, medical and residential real estate.
Sources said the seller was Detroit-based P & B Investments Inc. According to the P & B Investments website, the company manages a multifamily real estate portfolio consisting of 17 properties and more than 800 units, the majority of which are in Southeast Michigan and south Florida. The company had owned the Park Apartments for less than two years.
The Detroit office of Colliers International Inc. represented both the buyer and seller.
Source: Crain’s Detroit Business