Dan Gilbert buys 1001 Woodward

**Armin** · March-19-13, 10:28 AM

Quicken Loans founder and Chair Dan Gilbert continued his buying spree today, announcing his Rock Ventures has purchased the 1001 Woodward office tower.
Located at the corner of Woodward and Michigan Avenues across from Campus Martius Park, the 23-story 1001 Woodward features 275,000 square-feet of office space and ground-floor retail.
The tower dates to 1965 and was originally built for the First Federal Savings and Loan of Detroit.
The property is currently 68 percent occupied. Quicken Loans will lease

65,000 square feet, bringing the occupancy of the building to 87 percent.
Also included in the acquisition is an attached parking structure providing 730 spaces and 15,000 square feet of first floor retail space facing Woodward Avenue.
“Detroit has become a key destination for brain economy companies,” Gilbert said in a statement. “The acquisition of the 1001 Woodward building allows us to continue to offer premium office space at affordable rates

for those looking to join us in the technology district that is gaining more and more momentum each and every day.”With this acquisition, Rock Ventures’ real estate portfolio

now totals 2.9 million square feet of commercial and residential space in Detroit’s downtown core. The group also owns several parking garages and a surface lot totaling 4,250 parking spaces. In addition, the company is currently developing a 33,000 square-foot specialty retail development and a 10-story parking garage.

http://www.freep.com/article/2013031...ffice-building

**Scottathew** · March-19-13, 10:33 AM

Nice!

I hope they spruce up unused lobby area.

**Spartan** · March-19-13, 10:51 AM

surprise!!!!

**Eber Brock Ward** · March-19-13, 10:59 AM

I think a big thing, that they pointed out on curbed, is that this abuts the David Stott Building, which happens to be for sale and right next to 1001 Woodward.

One of the issues with Stott, to buyers, is that there is no parking with it. With Gilbert's acquisition of the CVS parking garage with this deal, does Gilbert buying the Stott now become a more realistic proposition.

Remember, Gilbert has already put in at least one offer on the Stott: http://detroit.curbed.com/archives/2...ating-over.php

[[Which would be awesome by the way, since the two big bad daddies that are left are the Stott and Book Tower, given that the Whitney is going forward)

**DetroitPlanner** · March-19-13, 11:08 AM

The parking garage above CVS is already pretty full on a daily basis. Who knows what the impact will be on it once the new garage opens on the other side of Compuware from this one. However, the garage was built for condo conversion for most of 1001 so I would be surprised if this frees up enough space to make a difference for David Stott

**Eber Brock Ward** · March-19-13, 11:17 AM

Originally Posted by DetroitPlanner

The parking garage above CVS is already pretty full on a daily basis. Who knows what the impact will be on it once the new garage opens on the other side of Compuware from this one. However, the garage was built for condo conversion for most of 1001 so I would be surprised if this frees up enough space to make a difference for David Stott

I can dream, right?

Beyond that, though, is it already only used by monthly/permit parkers? If not, Bedrock could increase the number of monthly spots and decrease the number of daily/hourly spots as necessary.

**Zug** · March-19-13, 02:19 PM

I've been saying for years that if I had a ton of money, I would invest in downtown just out of civic pride. It's nice to see someone with the means actually doing what I dreamed of for myself, lol.

If it's not already clear, it seems even more likely that Gilbert wants to be seen as the savior of downtown Detroit [[like Ted Turner is seen as the savior of downtown Atlanta). He keeps getting wealthier year-after-year, so he has the money to spend. Hopefully this all actually makes a difference and other investors will be encouraged to develop. Because multiple investors will be a real sign of change and interest in Detroit.

**gameguy56** · March-19-13, 07:10 PM

Originally Posted by Zug

He keeps getting wealthier year-after-year, so he has the money to spend.

I think he's actually the richest man in metro detroit. Surpassing Mouron, WC Ford Sr, Taubman, Illitch, and Penske.

**DetroitPlanner** · March-19-13, 07:11 PM

Originally Posted by gameguy56

I think he's actually the richest man in metro detroit. Surpassing Mouron, WC Ford Sr, Taubman, Illitch, and Penske.

Not quite as rich as KMK though.

**RO_Resident** · March-19-13, 07:20 PM

Originally Posted by Eber Brock Ward

I can dream, right?

Beyond that, though, is it already only used by monthly/permit parkers? If not, Bedrock could increase the number of monthly spots and decrease the number of daily/hourly spots as necessary.

It appears that the structure is permit only. A bunch of monthly [[i.e., non-tenant) parkers were let go in January.

it doesn't really go after daily parkers like some structures in the area.

**Gannon** · March-20-13, 01:07 AM

Originally Posted by RO_Resident

It appears that the structure is permit only. A bunch of monthly [[i.e., non-tenant) parkers were let go in January.

it doesn't really go after daily parkers like some structures in the area.

They hiked the rates there a year or so ago, and my girlfriend changed garages...now THAT one is raising its rates, so we're looking at carpooling and busing. $5 per day is too much to pay for parking in Detroit...that just tips the budgetary scales away from the convenience of motoring in Motown.

**DetroitPlanner** · March-20-13, 05:26 AM

Originally Posted by Gannon

They hiked the rates there a year or so ago, and my girlfriend changed garages...now THAT one is raising its rates, so we're looking at carpooling and busing. $5 per day is too much to pay for parking in Detroit...that just tips the budgetary scales away from the convenience of motoring in Motown.

Dude, that is seriously cheap. $5 a day is a bargain.

**Trumpeteer** · March-20-13, 06:48 AM

Originally Posted by Zug

I've been saying for years that if I had a ton of money, I would invest in downtown just out of civic pride. It's nice to see someone with the means actually doing what I dreamed of for myself, lol.

If it's not already clear, it seems even more likely that Gilbert wants to be seen as the savior of downtown Detroit [[like Ted Turner is seen as the savior of downtown Atlanta). He keeps getting wealthier year-after-year, so he has the money to spend. Hopefully this all actually makes a difference and other investors will be encouraged to develop. Because multiple investors will be a real sign of change and interest in Detroit.

Ted Turner is not seen as "the savior of downtown Atlanta". The 1996 Olympics saved downtown Atlanta. Ted is remembered as the man who brought the world famous World of Sid & Marty Croft to the Omni [[now CNN Center - sarcasm), managed the Braves for one game behind the bench, made Andy Messersmith the 1st free agent in major leage baseball, founded Channel 17 cable, and married Hanoi Jane.

**Gannon** · March-20-13, 07:41 AM

Originally Posted by DetroitPlanner

Dude, that is seriously cheap. $5 a day is a bargain.

Anyone who pays more than that is seriously stupid. Or seriously afraid. Or both.

**Gannon** · March-20-13, 07:44 AM

I know what the prices to park are in Chicago and New York. My comment was precisely stated, and I believe indefensible. Parking ain't the same in Detroit...unless Gilbert goes on a rampage buying the dirtlots up so he can corner that market! Then he'll move to hostilly takeover the Parking Bureau and start writing dayglow tickets to anyone who dares park on the street...

**Eber Brock Ward** · March-20-13, 08:13 AM

Side note on this thread, surface parking lots should be taxed to hell, so that people either build something, sell it, or pay taxes on a place that's not making them anything and eventually do one of the first things.

**chicagoforlife** · March-20-13, 08:45 AM

Originally Posted by Eber Brock Ward

Side note on this thread, surface parking lots should be taxed to hell, so that people either build something, sell it, or pay taxes on a place that's not making them anything and eventually do one of the first things.

I agree. Surface parking lots have no business in a central business district.

**DetroitPlanner** · March-20-13, 09:16 AM

Originally Posted by Gannon

Anyone who pays more than that is seriously stupid. Or seriously afraid. Or both.

You're never going to get people to be serious about taking transit downtown or carpooling until the cost of parking is a serious concern. $5 a day for the average worker is not much. Particularly when you consider many workers downtown get a parking subsidy and pay only $2 or $3 of that $5!

There is a big chunk of workers downtown who spend more than that on Coffee, pop, and candy during the day!

**Gannon** · March-20-13, 09:37 AM

You are only proving my point. What I defined was THE tipping point for our budget, which seems to agree with a few others in her office. Nothing you or others have said negate my comments.

For at least one strata of the economic segment in Detroit, with gasoline hovering around $4+ per gallon, and monthly parking approaching $150 per month, and current bus seats a couple of bucks each way...other than the restricted late-night exit schedule and freedom to park downtown for evening events easily and predictably...it is either approaching or has crossed the point where the freedom to come and go as one pleases, enjoying one's personal airspace and music choice...yet having to navigate and pilot through the most stressful and dangerous drive times daily, occasionally upon penalty when late due the friction of a thousand potential delays and obstructions becoming reality...can be traded for the passive pleasure of sharing the bus with a largely uncontrolled and impolite society. I'm pretty sure I've contained it all, as it came to mind. Other than the carpooling, which includes a few more paragraphs of reasoning...some of which is proprietary until it happens publicly.

The smarter workers aren't wasting their money buying singlets of anything, ever, either. Unless under duress.

Cheers!

**Gannon** · March-20-13, 09:47 AM

Which reminds me of another huge issue at One Woodward, the new inserts from the Dan Gilbert invasion and acquisition of the building have greatly increased the number of cars waiting at the curb to pick up workers. Changing the flow of Woodward dumping into Jefferson, backing up into Campus Martius...where another flank clutter up the curb there.

I say to the new EFM...gain control over the PARKING DEPARTMENT, man...there's GOLD in them thar cars. All of this area is one big NO STANDING zone. In a few weeks, enough could be skimmed from dumbness and boldness to balance the books.

And we're discussing how dirt lots shouldn't exist...heh...

**Zug** · March-20-13, 11:19 AM

Originally Posted by Trumpeteer

Ted Turner is not seen as "the savior of downtown Atlanta". The 1996 Olympics saved downtown Atlanta. Ted is remembered as the man who brought the world famous World of Sid & Marty Croft to the Omni [[now CNN Center - sarcasm), managed the Braves for one game behind the bench, made Andy Messersmith the 1st free agent in major leage baseball, founded Channel 17 cable, and married Hanoi Jane.

I wasn't saying he's ONLY known for starting the downtown Atlanta turnaround. Obviously he's better known for other things. But Atlanta was already on it's way when the Olympics were held in 1996. As far as I understand, Turner's initial investment in downtown Atlanta is credited as being the catalyst for a turnaround.

@Gannon - I agree with you on the parking issue. I am always shocked at the number of people that think it's okay to block a lane of Woodward downtown. I understand delivery men don't want to walk to a building from blocks away...but it is maddening when I see delivery trucks or cars sitting in the right lane.

**pete** · March-20-13, 11:23 AM

The Bedrock team was quick to introduce themselves to current tenants and one of the first questions they asked was what tenants would like to see for retail in the building. Also discussed that they have a retail strategy in place that they believed tenants would be happy with. Garage parking hasn't changed for tenants and shouldn't.

Also, hilariously, all official communication from Bedrock comes in comic sans and slightly larger than normal font, a la Lebron James rant letter. I had no idea it was the official font of Dan Gilbert.

**rjlj** · March-20-13, 12:48 PM

Smartest quote that has been published on this site in months. Strongly agree.

Originally Posted by Eber Brock Ward

Side note on this thread, surface parking lots should be taxed to hell, so that people either build something, sell it, or pay taxes on a place that's not making them anything and eventually do one of the first things.

**mikeg19** · March-20-13, 04:23 PM

I hope that ground floor retail is going in here as he stated. Everytime I walk past 1001 it just looks cold and desolate. And I know it's out of his "loop" between Compuware and Greektown, but if he purchased the Book Tower and renovated it I could die a happy person.

On a serious note though, as someone previously mentioned, with the Ponch being renovated, the Whitney on its way, the Stott looking like it might be closely behind, the only big boy left in the CBD is really the Book Tower. I know, there are still a lot of gaps and smaller buildings that are still vacant, but is it crazy to think that in the next 5-10 years, downtown might be out of renovation options and may be looking at a new construction boom? A lot hinges on the next 24 months with the EFM, but it's a pretty exciting possibility. Any thoughts?

**tkelly1986** · March-20-13, 04:29 PM

Originally Posted by mikeg19

I hope that ground floor retail is going in here as he stated. Everytime I walk past 1001 it just looks cold and desolate. And I know it's out of his "loop" between Compuware and Greektown, but if he purchased the Book Tower and renovated it I could die a happy person.

On a serious note though, as someone previously mentioned, with the Ponch being renovated, the Whitney on its way, the Stott looking like it might be closely behind, the only big boy left in the CBD is really the Book Tower. I know, there are still a lot of gaps and smaller buildings that are still vacant, but is it crazy to think that in the next 5-10 years, downtown might be out of renovation options and may be looking at a new construction boom? A lot hinges on the next 24 months with the EFM, but it's a pretty exciting possibility. Any thoughts?

When I toured the Broderick Tower last August, the leasing agent said that Beal had just signed some paper work to do work on the Book Tower; turning it in to 360 rental units. She said this was the next big project they had slated and would be ready by 2015. Since then, I have heard nothing, but it was interesting to hear and she seemed to have quite a few details.

Does anyone have any insight to this?