Marquette Building in downtown Detroit sells for $5.8M

[belleislerunner]

The same article was written when the Chinese bought the Scott/Free Press buildings and the "journalists" were trumping how savvy Chinese investors were clamoring for Detroit real estate.

Fast forward to today, and every person in Detroit would have rather had Gilbert buy the Scott Tower.

This is nothing more than journalists rushing to be the first person to "beat their chests" to say they figured out who bought a building. Big deal.

Let's get excited about results. Not slumlords.

[mikeg19]

The same article was written when the Chinese bought the Scott/Free Press buildings and the "journalists" were trumping how savvy Chinese investors were clamoring for Detroit real estate.

Fast forward to today, and every person in Detroit would have rather had Gilbert buy the Scott Tower.

This is nothing more than journalists rushing to be the first person to "beat their chests" to say they figured out who bought a building. Big deal.

Let's get excited about results. Not slumlords.

I agree with you, but this isn't some Chinese investor group looking to cash in and make a few bucks. I don't see a guy worth $76 billion looking to sit on a property he bought for $5 mil and make a few million. My guess is he is testing the waters in Detroit for more projects with a higher return.

Maybe this guy us Paluzzos pal....

[Junjie]

The same article was written when the Chinese bought the Scott/Free Press buildings and the "journalists" were trumping how savvy Chinese investors were clamoring for Detroit real estate.

Fast forward to today, and every person in Detroit would have rather had Gilbert buy the Scott Tower.

This is nothing more than journalists rushing to be the first person to "beat their chests" to say they figured out who bought a building. Big deal.

Let's get excited about results. Not slumlords.

It's a fair point. My impression is that this guy is different than those Chinese companies. I think a lot of Chinese investors are simply looking for places to park their money abroad, and real estate is a natural place for this. Be especially skeptical of any Chinese company claiming to know the first thing about the kinds of preservation and renovation needed for many of these buildings in Detroit. But my guess is that Carlos Slim [[or his representatives) are actually "in business", not just looking for a dumping ground for his cash.