Sales may speed up conversion of Riverfront Towers

[Allan]

Brisk sales may speed up conversion of Riverfront Towers

October 25, 2004

Rapid sales of condominiums in tower 300 of Detroit's landmark Riverfront Towers could spur conversion of tower 200 more quickly than anticipated, said Peter Cummings, manager of Riverfront Associates L.P.

About 240 of the 295 units in the 29-story tower have been reserved, with 156 of them spoken for by current residents. Riverfront Associates is spending more than $10 million on improvements, including upgrades to individual units.

The complex has its own grocery store, garage, private health club, marina and walkway to Joe Louis Arena and the People Mover.

Cummings, who also is president of Ram Development Co., said conversion of the second tower could begin sometime next year because demand for the one- and two-bedroom condos is strong. Prices start at $100,000, and two or more condominiums may be combined to create larger units.

Tower 100 is to remain rental apartments to maintain a mix of offerings at the complex, Cummings said.

- Robert Ankeny