Alden Towers (Riverfront) to be renovated by out-of-state Titon Group
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Don Bailey isn't a Detroiter. He's not a transplant to the area, either. But Bailey, the chairman and CEO of the Denver-based Triton Group, is putting his money on the Motor City.
On Thursday, Triton Properties will unveil the first stage of a $5 million renovation of the historic Alden Park Towers at 8100 East Jefferson Ave., which will now be known simply as
"Alden Towers." The four red brick towers, lined with grey stone trim, sprawl along part of the Detroit River known as the "Gold Coast" -- an area that's ripe for even more redevelopment.
"Detroit is at this great inflection point," Bailey told The Huffington Post. "There's more interest in the city, and there's more competition to buy stuff. We identified Detroit years ago as a city to target for investment."
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Designed by Edwin Rorke and built in 1923, the Tudor Revival towers had once been majestic. They boast a prominent address and neighbored the homes of Julius Stroh and Edsel Ford. But when
Triton Properties purchased the foreclosed property for $2 million from the Anglo Irish Bank in August of last year, they found the historic building trashed and in disrepair.
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After the purchase, Triton embarked on a furious 24-month renovation project across all four towers. Month-to-month leases [[those that expired and rolled over) were terminated in late February. Residents were asked to reapply for new leases through the property's new management company, KMG Prestige.
The first phase of construction, open to visitors on Thursday, has revamped most of the property's common areas, along with units for rent in Tower A, which faces Jefferson. Construction is expected to continue for another 18 months while the building continues to lease out newly renovated units.
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Bailey said Triton Properties will continue to focus on the Jefferson Corridor. "Once we buy a building, we generally look at it as that we've bought it for a lifetime," he said. "And that's the way we feel about Detroit, too. We're invested here for the long-term."
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Bailey added that Alden Towers didn't receive any tax credits or grants from the city.
http://www.huffingtonpost.com/2013/0...n_3429468.html
