Denver-based company rehabs historic Detroit apartment complex - New York News

Denver-based company rehabs historic Detroit apartment complex

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Alden Towers on East Jefferson in Detroit Alden Towers on East Jefferson in Detroit
A refurbished apartment inside Alden Towers A refurbished apartment inside Alden Towers
The lobby inside Alden Towers The lobby inside Alden Towers
DETROIT (WJBK) -

Alden Towers, a historic Detroit building that features luxury apartments with unbeatable views, is ready for new residents.

"I really see Detroit as the land of opportunity," said Luke Davis.

That comes from someone who is not from here, but Davis is smart enough to recognize a gem when he sees it.

"You're right on the riverfront.  You've got Belle Isle right across the way.  So [we've] got some of the nicest assists of Detroit surrounding us," he said.

Alden Towers is a 380 unit apartment complex on East Jefferson.  It was  built in 1922 just steps away from the homes of the Fords and the Strohs.  The mansions are gone, and by the 1990s, the building had fallen on hard times.

"The previous owner put a bunch of money into purchasing it, got a big loan and didn't put any of the loan proceeds back into the property and then neglected it for many years," Davis explained.

Criminals and squatters moved in, and units were trashed.

"It was on the ropes, and it might have been ready for a wrecking ball," said Davis.

However, he and Denver-based Triton Properties saw the building as an opportunity.  The company pushed out the criminals and squatters and have been rehabbing every inch of it.  There is a new fitness center, swanky lobby and free Wi-Fi.  A newly renovated one bedroom apartment is about $650 a month, $125 more than the old units.

The company is hoping to draw new tenants who are excited about Detroit and it's hidden potential.

"The possibilities are endless around here, and aside from Dan Gilbert, no one's really focusing on it," Davis said.

For more information about Alden Towers, visit www.aldentowers.com.

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