Detroit, Michigan, United States – A historic building or district can be a tangible symbol of a community’s interest in honoring its heritage, valuing its character and sense of place, getting the most out of prior investments in infrastructure and development, and encouraging growth in already-developed areas. Renowned investor Charles Noonan, an acclaimed name in real estate with over a decade of expertise in the field, has empowered his network to source and secure the redevelopment of a historic building established in 1928, situated in Detroit, MI. Staying true to his well-established principle of“buy with a purpose, buy as much as you can, and only buy what you can afford to keep,” Noonan now ventures into the realm of historic property.
Charles serves as a real estate investor to empower communities of need and fuel the dreams of other entrepreneurs. Investing in the real estate markets of New Jersey, Connecticut, and New York previously, Charles has now begun his work in the largest and most populous city in Michigan, Detroit.
Noonan’s investment strategies are laser-focused on investing in communities across the country where redevelopment is needed the most. This means not only buying property that provides a financial benefit but buying properties in areas that will uplift and positively impact the community. “I invest in communities where there is a need for safety, quality of life, and a lack of adequate housing with the purpose of creating homes for families to live in a peaceful environment.” Noonan believes that providing affordable housing to families that want to own their own homes can eventually lead to wealth creation, which can be passed down to generations.
Charles started investing in real estate in the Bronx, NY, where he was born and raised. With this background, he knows how much of an impact the environment can have on a child’s upbringing. Detroit is a city that has benefited from outside investors and developers like Charles. Given Detroit’s large number of abandoned homes and blighted properties, Charles has already had a huge impact on the forgotten communities of the once vibrant city. After realizing how he changed so many lives by redeveloping his first block of properties on Detroit’s east side (Wayburn St.), it became evident that investing with the purpose of uplifting communities would have the biggest effect.
“The renovation of a historic property is often a starting point and anchor for the redevelopment of a block, street, or district.”
Charles has recently purchased a multi-unit building at 3760 W Chicago Blvd. in the Boston Edison Historic District of Detroit, which will immediately uplift one of the most recognizable districts in the heart of Detroit. Most homes were constructed between 1905 and 1928 and range in size from modest two-story vernaculars to impressive mansions. Early residents of Boston-Edison included Henry Ford, James Couzens, Horace Rackham, Sebastian Kresge, and Joe Louis.
Noonan is poised to continue to expand in Detroit and eventually Chicago this year. With a passion to uplift communities, in 2022, he plans to work with both cities to redevelop vacant, dilapidated elementary schools.
The real estate expert explains that with the rehabilitation of historic properties, the desire is to promote energy efficiency. This is done by preserving the energy already stored in existing buildings, known as “embodied energy,” rather than spending additional energy on new construction. “Repurposing old buildings—particularly those that are vacant in Detroit and Chicago—reduces the need for construction of new buildings and the consumption of land, energy, materials, and financial resources that they require.”
About the Author
Melissa Price was born and raised outside the city of Charleston, in the beautiful mountain state of West Virginia. Melissa considers her faith and family to be most important to her. If she isn’t spending time with her friends and family, you can almost always find her around her sweet golden Labrador retriever, King. After double majoring in Business and Journalism Melissa found an interest in entrepreneurship.