Michigan Building Sold

[Lowell]

A knowledgeable little birdie has informed me the that Michigan Building at 220 Bagley with its attached famous Michigan Theater-turned-parking-garage has been sold to Greektown and Russell Industrial developer Dennis Kefallinos.

The buildings were scheduled for auction starting at $1 Million but the Detroit News reported earlier today that their listing had been removed from auction.com today.

Among its tenants Michigan Building houses the offices of AtDetroit LLC, publishers of DetroitYES.com and SoulfulDetroit.com.

Plans for the use of the building by the new ownership were not disclosed.

[Danny]

That's horrible! Mr Kellifinos will never fix that building with his greedy self. Br. Boileau I urge you and your DYES employees to move out of the building right away.

[southen]

yup. nothing will come of the building as long as he owns it.

[Lowell]

Discussion on the new owner and his holdings from the old forum is here:

http://www.atdetroit.net/forum/messa...tml?1180537124

[gumby]

Ugh. Not Kefallinos.

[Hypestyles]

The DYes article says he owns a strip club. Which one?

[swingline]

Not good news at all. Very surprised that the best price Mr. Pieroni could obtain came from Mr. Keffalinos. It's likely that Mr. Keffalinos will pursue a flip strategy. His playbook does not include capital intensive renovations. Prospective office tenants would be well advised to include checking out some of the Loft Place developments in their due diligence to see what the future holds for the Michigan Building before it gets flipped.

Lots of potential on Bagley Avenue right now. But between Ilitch foot dragging on the UA Building and looming speculation on the Michigan Building, redevelopment could still be a long way away. If shovels actually hit the dirt on the Statler site though, things could change.

[gnome]

Does the purchase of the Michigan Building include the old, burned out AAA building across Bagley? I thought the City sued Tony P to tear down that place?

[Lowell]

I spoke with Pieroni and the Michigan Building has not been sold. However, an entity controlled by Dennis K. has acquired an ownership interest in the company which owns the building. Pieroni assured me that D.K. has no intentions of flipping the building and has plans to invest substantial money into developing and upgrading it and it will remain an office building. There are no plans to convert it to apartments as previous prospective purchasers intended to do.

[ismoakrack]

Speaking of potential on Bagley, I saw a new for sale sign on that old building across Bagley from the michigan building with that jank covering on it. Hadn't it just sold with the promise [[ha) of apartment conversion? Fux up widdat

[Lowell]

Speaking of potential on Bagley, I saw a new for sale sign on that old building across Bagley from the michigan building with that jank covering on it. Hadn't it just sold with the promise [[ha) of apartment conversion? Fux up widdat

That Building whose actual address is on Clifford is owned by Wayne County and is still up for sale the last I knew.

[animatedmartian]

According to Crain about one month ago, a Southfield businessman was under contract to buy 415 Clifford and had to give due diligence before closing on the deal. The deal should be closing around this time as Crain reported the story on June 17th and it was supposed to take within 30 days to close the deal.

[DetroitPlanner]

I hear Dennis now works for Ilitch and plans to put a house of blues in the old theatre part. The crazy thing about it is that they will vacate the first 4 floors of the office building and turn it into a parking structure. They are only going to allow Renault LeCar's, Mini's and Smart Cars to park in it.

They will also recreate Ford's Garage in the Alley. If you happen to have a Quadracycle then you can park it there. FOR FREE!