Luxury Lofts of Ferndale set to start construction in December

Saying that the condo market in Metro Detroit is tough right now is putting things mildly. But Ohio-based Five Star Premier Properties isn’t scared. Before the end of the year they plan to move forward with their Luxury Lofts of Ferndale project.

The project will completely transform the two-story Trio Building at 22840 Woodward, a few doors down from Como‘s Restaurant into a four-story loft building. The structure will contain 15 luxury lofts priced between $245,000 and $650,000, while the first floor will be turned into office space for an advertising firm.

Work is set to begin before the end of the year. The office space will be finished this winter and the lofts will be done by early summer. So far about five of the lofts have been reserved, and market studies performed by the company show there is a pent-up demand for upscale lofts in Ferndale.

“Our feeling is that the first (loft building) in will be the biggest success,” says Rod Noble, vice president of Five Star Premier Properties. “Although the economy is bad all over there are still pockets that are still thriving. We see Ferndale as one of those.”

The Luxury Lofts of Ferndale units are just the type you would expect to see in a thriving market. They each have at least 2,000 square feet of space, balconies and parking spots. The penthouse units will each have a spiral staircase leading up to a private rooftop terrace. There will also be a common rooftop deck for the rest of the units.

The building’s façade will be rebuilt and the developer is also looking into using environmentally friendly building techniques and materials in the project.

Source: Rod Noble, executive vice presider of Five Star Premier Properties
Writer: Jon Zemke