The Morningside Group has bought the five-story building for an undisclosed price, according to company officials. The 125,000-sf facility is located on a 2.2-acre site at 315 S. First St., between West William and West Liberty streets. A closing date has not yet been made public.
Morningside, which has a Royal Oak, MI, office, is a boutique firm specializing in urban mixed-use and multifamily developments. It is known more recently for the Main Place development in Downtown Royal Oak, a complex that includes both residential and retail space.
In May, Eaton, a Cleveland-based auto supplier, announced plans to close its local plant, which employs about 440 people.
A final hurdle includes Morningside's obtaining city approval for the rezoning of the land to develop the condos. The company expects to submit plans in the next few months.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
