Bedrock buys 1500 Woodward

[Gistok]

Wow! $575K for an old 22,500 sq. ft building that 100% vacant and needs a ton of work. It went for 10x what it's worth in this city. Just a year ago, there was a thread posted on here that they were asking $1.8m for the David Stott Tower.

Listen to what you just said.... "JUST A FEW YEARS AGO"....

I've been in this building... it has nice hardwood floors, has been decently maintained, and the elevator still works... this building has a lot of character, and is on 2 main streets in Detroit. I think Gilbert got it for a good price.... not a price gouge...

Just because the Stottt sold for $1.8 million and the former Dearborn Ritz Carlton sold for $3 million,... 2008 was a bad time in America.... things are improving... just not everywhere at the same time. Just because of the Ritz Carlton sale, doesn't mean you're going to find nice residential property in Dearborn for $10,000 either.

From a real estate perspective... Gilbert probably has more business sense than everyone on this forum...

[stinkytofu]

FYI...workers are now working on both 1520 and 1528...both those renovations appear to be launched...

[Detroitdave]

Does anyone know what is going in at 1520 and 1528 ?

[Flintoid]

Pictures would be great on current progress

[downtownguy]

^^I don't think there's anything to see. I think all the work is on the inside for now.

[esp1986]

Does anyone know what is going in at 1520 and 1528 ?

1520 is to be similar to the Madison. Not as over the top, but still to house small and startup businesses.

[stinkytofu]

^^I don't think there's anything to see. I think all the work is on the inside for now.

Correct. I walked by today and you could see a bunch of guys in the windows/walking in and out...but nothing going on on the outside.

[ismoakrack]

They have had construction tubes out the back of both buildings for some time now, and quite a large crew working on it. You just can't see anything because all the windows are covered. I'd guess they'll be complete by year's end.