David Stott tower to reopen in downtown Detroit with luxury priced rents

Allie Gross , JC Reindl | Detroit Free Press

The David Stott tower in downtown Detroit, vacant since a 2015 burst pipe and flood, has undergone a top-to-bottom renovation and will soon reopen as luxury housing and office space.

The property's owner and developer, Dan Gilbert's real estate firm Bedrock, announced on Twitter late Saturday night that the 38-story Art Deco building is nearly done and seeking tenants. The building is situated at 1150 Griswold near Capitol Park.

The lights are back on at The Stott. Purchased in 2015, the historic Art Deco building has been completely restored as a mixed use tower featuring ground level retail, nearly 40,000 sq ft of office space & more than 100 residential units. Pre-Leasing now: https://t.co/RLC2kAK2qK pic.twitter.com/b6bt8bAwuq — Bedrock (@BedrockDetroit) August 12, 2018

The building will feature ground-floor retail, 107 luxury-branded apartments, a fitness area and about 40,000 square feet of office space. The move-in date will happen this fall, a Bedrock representative said.

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Asking rents for the apartments could set a new price record for downtown Detroit on a square-foot basis:

Studios (418 square feet to 570 square feet) will rent for $1,420 to $1,540 per month.

One-bedrooms (593 square feet) will rent for $1,920 to $2,100 per month.

Two-bedrooms (871 square feet to 1,181 square feet) will rent for $2,100 to $2,845 per month.

Three-bedrooms (1,207 square feet to 1,396 square feet) will rent for $4,800 to $5,000 per month.

Utilities and parking are not included in the rent. Ten of the apartments will be set aside at lower rents for income-eligible tenants.

The tower's top floor will be the fitness center. The floor just below it will be community space for tenants.

Bedrock bought the then-empty tower, which dates to 1929, in spring 2015 for an undisclosed sum from a China-based company called DDI Group.

The Shanghai firm acquired the building in an October 2013 auction for about $9 million. It had been owned and operated as a commercial property by local real estate investor Emre Uralli and his wife, Lynn Uralli, who ran the once-popular SkyBar on the first and 33rd floors.

The tower was completely shuttered following the February 2015 flood that resulted from a burst pipe and turned several floors into a Popsicle that winter.

The orangish-brick tower was designed by the architectural firm of Donaldson and Meier and completed in 1929.