Architect John Biggar and former Crain's Twenty in their 20s honoree Brian Mooney co-own the companies leading the project: developer Warehouse Development, construction manager Integrity Building Group and architectural firm StudiozONE, Mooney said. The team's list of projects includes the Grand Army of the Republic Building and restaurant Wright & Co., both in Detroit.

Work is expected to officially begin in a month or two and take nine to 12 months to complete.

Ground floor space along Michigan Avenue could be used for four retail shops or a larger restaurant concept, Mooney said, adding that he's already had interest in the latter.

A fourth building behind the three along Michigan is 4,000 square feet and could be used for either restaurant space or another, larger residential unit, Mooney said.

Presales will start in the next two weeks for the 20 planned for-sale units, which will average 770 square feet and range in price from around $175,000-$250,000, said Jerome Huez, president of Detroit-based The Loft Warehouse, which will be marketing the lofts for sale. Nineteen units have one bedroom and one bathroom, and one is a studio. Adjacent parking will provide 30-40 spaces.