REBusinessOnline

Bedrock Transforms Former Detroit Free Press Building into $113M Apartment Project

The Press/321 features 105 apartment units. Move-ins are scheduled to begin in mid-October.

DETROIT — Bedrock, the real estate arm of Quicken Loans Founder Dan Gilbert, has begun lease-up of The Press/321 in Detroit. The 105-unit apartment project is a transformation of the former Detroit Free Press building, which dates back to 1925. Project costs are $113 million.

The 14-story building, designed by legendary architect Albert Kahn, originally served as the in-house production facility for Michigan’s oldest newspaper, which launched in 1831. The building spans 250,000 square feet.

Located at 321 W. Lafayette Blvd., the property features floor plans ranging from studios to three-bedroom units. Monthly rents start at $995 and move-ins are scheduled to begin in mid-October.

“We could not be more thrilled to welcome residents into The Press/321 property and bring life back to one of Detroit’s architectural gems, which has sat vacant since 1998,” says Jonathan Mueller, director of residential development for Bedrock. “Our priority was to uphold the aesthetic elements of the Albert Kahn building while tailoring the living experience for our future residents.”

The rooftop pool on the seventh floor, designed in conjunction with Myrtha Pools, will be completed later this year and ready for the spring 2021 season. Once complete, it will be the second outdoor pool in Detroit’s central business district.

Bedrock has also partnered with Dasher Lawless LLC and AUTOParkit to develop a fully autonomous parking garage in the basement of the property. The build-out of the garage is scheduled for completion in mid-2021 and available for both residential and commercial use. Other amenities include a fitness center, community work lounge, conference room and bike storage.

Both Bedrock’s in-house architectural team and Detroit-based Kraemer Design Group worked on the design of the overall project. Many historic relics from the building have been restored and are now showcased.

The public and interested residents can take a live virtual tour of the property Tuesday, Sept. 22. Bedrock officials, local architects, property experts and community members will narrate the tours.

Detroit-based Bedrock is a full-service real estate firm specializing in acquiring, developing, leasing, financing and managing commercial and residential buildings. Since its founding in 2011, the firm has invested more than $5.6 billion for roughly 100 properties, including ground-up developments in downtown Detroit and Cleveland totaling more than 18 million square feet.

— Kristin Hiller

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