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Repvblik AR LLC — the nationwide leader in privately funded marketplace solutions to create workforce, student, and senior housing through adaptive re-use of distressed real estate — today announced that it has closed on a $19 million full redevelopment financing package for the previously announced purchase of the former Wyndham Garden Sterling Heights here.  Repvblik expects to break ground on the adaptive re-use project in early 2022 and first tenants could be moving in as soon as the fourth quarter 2022.
The company will fully renovate and repurpose the now-closed hotel and convention center property and its two buildings into mixed-use apartments, workspaces, meeting facilities, retail and office space.
The property at 34911 Van Dyke Avenue will be rebranded as Plato’s Sterling Heights and will feature 159 studio apartments and 54 one-bedroom units.  Amenities consistent with Repvblik’s Plato’s brand will include a large coworking space, restaurant, fitness lounge, onsite storage, and retail/office space.
The WelcomeLend capital markets team set up the structured debt financing.
New Beginning for a Quality Property
“There’s tremendous demand for affordable, quality housing in Sterling Heights and Plato’s Sterling Heights will deliver just that,” said Richard Rubin, Founder & CEO of Repvblik.  “It’s a pleasure to work with Sterling Heights city leaders who understand that real estate adaptive re-use brings many benefits to the community in the form of affordable housing, economic energy, and an environmentally friendly build that does not use government funds or tax incentives.”
Highlights of the Plato’s Sterling Heights adaptive re-use:

  • There are two buildings on the site: the main hotel building consisting of 189 hotel rooms and approximately 75,000 square feet of amenity and commercial spaces; and a vacant 26,000-square-foot building on the north side of the property.  Both buildings will be fully renovated and converted to apartment living.  The main building will contain 157 residential units and the community’s amenities including coworking space, fitness center, tenant lounge, restaurant, and potential retail space.  The smaller northside building will be exclusively residential with 56 units.
  • The site will undergo extensive improvements to create a more appealing, improved view from the main roads.  Adding significantly more green space plus rearranging parking spaces will help to reduce sightlines to the pavement.
  • The exterior will be updated to reflect the property’s new beginning.  A fresh color palette, modern finishes, and significant site improvements are intended to create a look complementary to the surrounding properties and compatible with Sterling Heights’ overall style.

The building plans will combine living, working, and practical amenities to create a space that works for both residents and the Sterling Heights community.  Large coworking and meeting spaces create a place for community members to utilize a desk, conference room, or shared working area.
Landmark Named Commercial Space Leasing Agent
When complete, the new Plato’s Sterling Heights will include more than 60,000 square feet of retail/office space in four units ranging in size from 9,000 sq ft to 25,000 sq. ft.
Repvblik has selected Farmington Hills-based Landmark Commercial Real Estate Services for the commercial space, headed by Managing Director Louis Ciotti: ph: (248) 488-2620, lciotti@landmarkcres.com
Founded in 1989, Landmark Commercial Real Estate Services, LLC is Michigan’s most experienced and highest volume retail real estate brokerage firm. For over 30 successful years, our team of veteran professionals have represented high-profile retail tenants, landlords, buyers and sellers in every facet of retail real estate. Throughout the State of Michigan, Landmark specializes in tenant representation, property acquisitions, surplus disposition, leasing services and investment sales.
Repvblik Leading in Adaptive Re-Use
Repvblik is leading in the nationwide trend of adaptive re-use real estate development without Federal funds or tax incentives.
“Repvblik is working in cities and towns nationwide on adaptive re-use projects to transform underutilized, distressed properties into quality, productive, and appropriate developments that meet the demands of local market economies and communities,” said Rubin.
Recent Repvblik projects include:

  • Private-funded project to create 150 quality workforce housing units from a shuttered Ramada Inn property in Sheffield, AL.
  • Conversion of a former Days Inn Property in Branson, MO, to be the largest affordable, workforce-targeted housing project in the US to be completed entirely without Federal funding or tax credits.