UPDATE: "Clock Ticking For Chinese On Detroit Building Renovations" [Freep reports]
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"Shanghai-based DDI Group was the highest bidder for both buildings in back-to-back online auctions last month, said said Ryan Snoek, a regional manager for Luke Investments, the buildings’ previous owner.

The DDI Group paid about $9.4 million for the David Stott, 1150 Griswold, and about $4.2 million for the old Free Press Building at 321 W. Lafayette, said Snoek, noting the final prices included a 5% buyers premium.

“They actually beat out Dan Gilbert for the David Stott,” Snoek said this afternoon. “Dan Gilbert was the other bidder.”

DDI is planning a $40 million to $50 million redevelopment of the Free Press building that would include ground-floor retail and roughly 150 units of rental apartments, according to Snoek. Work is slated to begin early next year and finish by late 2015 or 2016, he said.

DDI Group is considering future residential development in the 38-story David Stott building.
http://www.freep.com/article/2013101...Stott-Building