Tuesday, January 15, 2008

Northern Group Continues Expanding Detroit Real Estate Portfolio

Just days after announcing Cadillac Centre, a $150 million residential, retail and entertainment project planned for downtown Detroit, Northern Group principal and managing partner-Alex Dembitzer today announced that his company is acquiring Lafayette Towers, part of the Mies van der Rohe Residential District located just east of downtown Detroit.

Lafayette Towers joins The Northern Group's ever-growing Detroit portfolio, which currently includes Alden Park Towers, the gorgeous Tudor-Revival style apartment complex on the Detroit River, and the First National, Penobscot and Cadillac Tower buildings downtown.

"We have a strong belief in the future of Detroit and an excellent history with our apartment rentals in Alden Park Towers," Dembitzer said. "We have nearly completed refurbishing the historic 400-unit Alden Park Towers residential apartments, which are currently 90 percent leased, on Detroit's riverfront."

Lafayette Towers includes 584 rental apartments which feature wall-to-wall and ceiling-to-floor windows in aluminum and glass.

Each of the two towers has an abundance of amenities, including city and river views, 24-hour attended gatehouse with concierge, fitness center, heated outdoor swimming pool with sundeck, laundry facilities, cable and high-speed Internet outlets, covered parking and storage facilities. The two-story lobbies of each tower are lined with terrazzo floors and marble walls and surrounded by floor to ceiling glass.

Lafayette Towers overlooks a spacious 19-acre central park designed by famed landscape architect Alfred Caldwell. The park contains several walking and jogging paths that connect a mix of high rises, two-story townhouses, tennis and basketball courts, a playground, an elementary school and a small shopping center. The central park is part of the larger 78-acre Lafayette Park, which is listed on the National Register of Historic Places. The van der Rohe Residential District celebrated 50 years in 2007.

Lafayette Towers is one of the largest, purest examples of Mies van der Rohe style in the world. A pioneer of modern design, van der Rohe is also credited for the Seagram Building in New York City, IBM Plaza and Chicago Federal Center in Chicago, Westmount Square in Montreal and Ontario's Toronto-Dominion Centre.

Have a question or comment on this post?
I'd love to hear from you!
E-mail me at girl.in.the.d@gmail.com