Late October Development News round-up
Dan Gilbert’s Bedrock Real Estate Services has purchased another two downtown buildings, adding 84,000 square feet to the company’s already swollen downtown commercial real estate portfolio. The new acquisitions are the eight-story 1505 Woodward, built in 1931 and designed by Albert Kahn, and the six-floor 1265 Griswold, built in 1897. According to a press release from Bedrock, this latest purchase brings Bedrock’s portfolio up to nearly 8 million square feet of commercial and parking space over more than 40 properties in downtown Detroit. Rumors abound that Gilbert is also looking at the historic National Theatre on Monroe for a new residential development that will partially demolish the theatre.
The Shanghai-based DDI group is the new owner of the 38-story David Stott Building at 1150 Griswold (purchased for $9.4 million and besting Dan Gilbert, the other bidder on the property) and the Albert Kahn-designed Free Press building at 321 W. Lafayette (purchased for $4.2 million). The group plans a $40-50 million redevelopment of the Free Press building and may add residential units to the Stott in the future.
A press release from the Michigan Economic Development Corporation says that a $1 million Community Revitalization Program performance-based grant has been awarded to Harbortown Riverside, LLC and Harbortown Riverside Financing, Inc. to construct a 164,620-square-foot, five-story riverfront residential apartment building within the existing Harbortown complex on approximately 4.6 acres of land on the Detroit River. The residential apartment building will include 134 rental units, with a mix of one-bedroom, two-bedroom and three-bedroom apartments. All units will offer views of the river. The project is expected to cost nearly $20 million.
A press release from Midtown Inc. announced that a fund of $30 million designed to spur development along the Woodward Corridor is now accepting applications and will award loans in the amount of $500,000 to $5 million. This fund is backed by NCB Capital Impact and Kresge Foundation, among others. It will allow residential developers to take advantage of long-term, fixed-rate loans for mixed-income projects that feature a commercial component.
The NSO Bell Building celebrates completion of its $52 million renovation with a ribbon-cutting ceremony this Wednesday.
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