A historic school building in Detroit’s Midtown is pegged for a $21 million redevelopment into a “business ecosystem” for entrepreneurs, startups, artists and residents.
Denver-based developer Q Factor is planning to transform the 103,000-square-foot Thomas Jefferson Intermediate School into creative office space, it announced Tuesday. The company is partnering with Invest Detroit and planning and development nonprofit Midtown Detroit Inc. on the project.
The library of the 103,000-square-foot Thomas Jefferson Intermediate School in Detroit will be transformed as part of a project to redevelop the building into shared work space, according to plans from a Denver-based developer.
Construction on the three-floor building at 938 Selden St. is planned to start at the beginning of the fourth quarter of this year, with completion a year later. The school most recently housed Experiencia Preparatory Academy, a charter school that closed a couple of years ago.
The developer’s vision is to export its Industry brand to the building, by which it converts industrial buildings — or in this case, a school — into “modern creative workspaces.” Once complete, the building will feature at least 80,000 square feet of leasable space divided into individual spaces as large as 10,000 square feet. The number of tenants is to be determined.
Unlike co-working spaces, tenants of Industry will be locked into leases ranging from one year to 10 years with options for renewal, promoting rental stability and discourages transient office users,