DETROIT – District Detroit officials said they have started the process of turning an historic downtown building into housing.
Olympia Development of Michigan announced a co-development program with the aim of restoring properties using development companies with ties to Detroit.
Those companies can be based or headquartered in Detroit or owned by a Detroit resident.
The first property up for bidding is at 475 Peterboro Street, which is between Cass and 2nd avenues across from Detroit Shipping Company. The Beaux-Arts style building opened in 1914 as the Woodstock Apartments, according to the release.
It’s 47,500 square feet and originally had 71 apartment units.
Officials said they received interest from 35 qualified developers, and 10 have been invited to move onto the next phase.
“To work with local developers and trades to restore historic buildings into new housing in the city truly defines our purpose and reminds us of what we can do together,” said Keith Bradford, president of Olympia Development of Michigan and The District Detroit. “Detroit is full of opportunities, and we are proud to be a part of this city’s bright future.”
The 10 remaining bidders for 475 Peterboro Street have until Sept. 30, 2024, to respond to a request for a proposal.
Officials said the co-development program will also revamp The Residences at 150 Bagley Street -- the old United Artist Building -- as well as 64 Edmond Place and the Henry Street Apartments.