"For nearly a century, the Park Shelton has stood as a distinguished landmark in Detroit's cultural center, first as the Wardell Hotel and then as one of our city's most desirable rental residences," says Parlay Development, LLC president Walter Cohen. "My partners and I are extremely pleased to offer a fully renovated and restored Park Shelton to a new generation of metro Detroiters eager to experience urban living."
The Park Shelton's 12 residential floors will feature a variety of floor plans, Cohen says. The first floor will be used for an assortment of retail users. Condominiums will range from under $100,000 for a studio to between $240,000 to $300,000 for a two-bedroom, two-bath unit. Additionally, the Park Shelton has applied for designation as a Neighborhood Enterprise Zone, which, if approved, would provide buyers with annual property tax breaks for up to 12 years.
"Interest in The Park Shelton has been overwhelming since word began to spread about the project in late June," says Stanley Berger, chairman of BRG Development, Inc. "In under two months, and before ourofficial announcement, we've already sold 10% of our units."
The developers of the project, a partnership of Parlay Development, LLC; BRG Development, Inc. (Stanley, Michael and Steven Berger)and Giles Real Estate, Inc. (Brian Giles), have experience on various high-profile area projects, including Stroh River Place, RiverPark Place, Detroit; Riverside Place, Birmingham; andThe Polo Fields, Ann Arbor.
Located at 15 E. Kirby, just north of the Detroit Institute of Arts, the terra cotta building was commissioned in 1925 by the Wardell Realty Company of Detroit--led by Fred M. Wardell, president of theEureka Vacuum Cleaning Co. The building opened its doors on Sept. 1, 1926 as the Wardell Apartment Hotel and was a "home away from home" for traveling actors, artists and musicians including Bob Hope, George Burns and Gracie Allen and Raymond Burr. Diego Rivera also stayed at the Wardell while painting his famed murals at the neighboring DIA.
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