Sachs, who owns a number of properties throughout Detroit, reported that demolition began last week with the final removal of any remaining metal from the building.
The city of Detroit recently approved the permit to demolish the building, which Sachs has sought for years. Sachs told CoStar that two surface parking lots will replace the building, which he intends to lease out to a lot attendant.
The area surrounding the Hotel Charlevoix has a number of surface lots, according to CoStar information. The ample parking caters to attractions such as Comerica Park and Ford Field, home to the Detroit Tigers baseball team and the Detroit Lions football team. Combined, the lots will provide space for about 80 cars, Sachs said.