Quote Originally Posted by swingline View Post
This is not good news. The auction purchases of the Stott and Free Press buildings by the DDI Group always seemed kind of sketchy. DDI admitted to little or no pre-auction due diligence and it paid very high [[for Detroit) prices for properties that require comprehensive renovation at a cost exceeding $50 million. This smacked of danger signs of speculation from a poorly informed foreign investor with too much cash.

Is DDI even keeping the Free Press building secure? If not, there is little hope they will follow through on redevelopment of either of these building.

yeah i agree this is really really upsetting. Bedrock [[Gilbert and co.) got outbid last second by these guys on one of the properties [[I think the Free Press building) or even both?? But at the time I remember in an interview shortly thereafter Dan Gilbert said at first "we were shocked we lost the building, then we all celebrated and gave each other high fives" because it showed that there are other investors willing to dump millions into the renovation of the city

and at the time i know i was also ecstatic someone other than bedrock would have a stake downtown.... but looking back.. man i wish Gilbert really did get them.. he would already have renovation started on these suckers..

goes to show.. don't complain about what we do have in gilbert.. people can say all they want he's making a monopoly.. but he is backing up his claims and has saved 40 historic buildings from dilapidation.