- Posted September 3, 2013 by
China Is Buying Detroit
There are two Detroit Skyscrapers going to Auction on September 9th, 2013 that total nearly 500,000 square feet of prime CBD real estate. Among the several interested bidders, including billionaire Dan Gilbert of Quicken Loans; there has been an overwhelming demand for information from China-based investment firms.
The buildings are very attractive, and could be ideal for the conversion of office space to high-rise apartments.
The David Stott Building, an Art Deco skyscraper constructed in 1929 at the corner of Griswold Street and State Street (1150 Griswold St.), is part of the Capitol Park Historic District. It has 37 stories with three additional floors below street level. The building rises from a reddish granite base and incorporates brick, marble, and limestone as its surface materials. The building is a less than a block away from Campus Martius; the epicenter of the activity that has changed the landscape and perception of the city.
The Detroit Free Press Building is a brilliantly designed Albert Kahn, 14-story historic office building featuring over 289,000 SF of downtown development opportunity. This building is ideal for residential development, with possible mixed use availability. The current plans account for 168 residential units with a possibility of three underground parking levels. The project is an extremely rare and unique opportunity due to its approval for over $30 million in local, state and federal tax credits and incentives.
The Free Press Building is centrally located in the most sought-after area of the downtown Detroit CBD, positioned only steps away from the Cobo Convention Center, Federal Courts, Capitol Park and Campus Martius. The Detroit Free Press Building is an exceptional chance to join one of the most exciting opportunities in the country; the renaissance of Detroit.
It is hard to say who will make the final bid on these iconic structures. Whether or not they are from China, it is an exciting opportunity to rebuild a city known for never giving up.
An old Chinese proverb says "When the wind of change blows; some build walls, while others build windmills."
We will find out soon if these buildings have a chance to become something extraordinary for a city on the rebound.