- Rino Soave, founder of Infinity Homes & Co., buys downtown Detroit building
- $7 million to $10 million redevelopment planned
- Plans call for 75-100 apartments with 4,000-5,000 square feet of first-floor retail
The Park Avenue Building in downtown Detroit has been sold to the founder of Novi-based homebuilder Infinity Homes & Co., who plans a $7 million to $10 million redevelopment.
Rino Soave said he purchased the vacant building at 2001 Park Ave. but declined to reveal the price. He plans to redevelop its 102,000 square feet into 75-100 apartments with 4,000-5,000 square feet of first-floor retail in an effort he expects to begin next year.
“I’ve been looking to buy something in Detroit since about 2010 since it was a great opportunity to do it,” Soave said Friday. “As the momentum kept moving forward, we either got outbid or it just didn’t work out. Even though the building is dated and needs a little TLC, I love the location and think it’s a value-add property.”
Soave said the deal closed with the estate of Ralph Sachs on April 13, the week before bricks fell from the building to the street below. He said crews were out within a couple of hours of being notified of the situation last week and the area is now barricaded off from pedestrians. “We took immediate action,” Soave said.
Continue reading full article on Crain’s Detroit.
