Gilbert buys David Stott, Clark Lofts buildings from Chinese investors

[MSUguy]

May 18, 2015 UPDATED 29 MINUTES AGO
Gilbert buys David Stott, Clark Lofts buildings from Chinese investors

The vacant buildings, in need of 'substantial repairs,' will be renovated.

By KIRK PINHO
Add the David Stott Building and the Clark Lofts in Detroit’s Capitol Park district to Dan Gilbert’s real estate portfolio. Gilbert’s Bedrock Real Estate Services LLC confirmed that it purchased the two buildings from the Chinese investment group DDI Group, which bought them at auction in 2013. In a statement, Bedrock said that it will renovate and manage the two buildings. “We look forward to bringing new life to these beautiful properties which are in need of substantial repairs,” Jim Ketai, managing partner and CEO of Bedrock, said in the statement.
http://www.crainsdetroit.com/article...nese-investors

Didn't see this coming glad these building are in hands of someone who'll do something with them.

[stromberg2]

Frikkin awesome news!!!

Stromberg2

[1953]

I hope the Freep building isn't far behind.

[dtowncitylover]

*Sigh of relief*

[SpartanDawg]

thank god.

[Scottathew]

Just WOW...

Very funny comment from the article:

I hope this company never again is allowed to purchase anything [[including even a hotdog) within the city of Detroit or anywhere for that matter. All they did was make excuse after excuse for doing nothing. Good riddance, keep your money in China

[tkelly1986]

I wonder if Wayne State has considered the Free Press Building and City Club as a location for their Business School? Just food for thought, but it seems like a decent location for this.

[Maof]

great news

[MizMotown]

great news

Why doesn't he just BUY Detroit? The whole city. It can be his little Kingdom where all his little worker bees can congragate. I hear he has a high turnover rate anyway... next....

[gumby]

About Friggen time.

[ABetterDetroit]

Why doesn't he just BUY Detroit? The whole city. It can be his little Kingdom where all his little worker bees can congragate. I hear he has a high turnover rate anyway... next....

And you feel this way because you were happy with the previous owners of the Stott building and how they maintained it? Or is it the "worker bees", people having jobs and paying taxes to the city that bothers you?

Its going to be awesome to have people in this building keeping it alive instead of her falling into ruin.

[313WX]

Why doesn't he just BUY Detroit? The whole city. It can be his little Kingdom where all his little worker bees can congragate.

He is [[if you consider "DEtroit" just all of downtown).

[Danny]

YAY!! Way to go Gilbert. The David Stott Building will be added to his collection at Gilbert Park area in Gilberttown Detroit. I can see an Apple store coming soon.

[Lowell]

Great news. That is such a gorgeous building.

Now a wheel of fortune puzzle for Mr. Gilbert to solve.
P_N_B_C_T
Clue: The grand dame of downtown Detroit.

Come on you can solve it.

[SaintMe]

Apologize for the bad pic, but does anyone have info/history on the building adjacent to the Stott on State Street?

[TTime]

In the short term, in my opinion, this is good news because Gilbert has proven to be a capable owner and he clearly has the funds and team in place to do a nice rehab. It would be great news if another capable owner bought these buildings though because it's not a good sign that Gilbert is the only game in town at the moment and it feels slightly weird to have the whole town increasingly under the control of one man. As a side note, I'm curious as to how much he paid vs what the previous owner paid because this might have been a nice flip for them.

[DetroiterOnTheWestCoast]

I would have named the tread a little differently:

Gilbert RESCUES David Stott, Clark Lofts Buildings From Chinese Investors

[Hypestyles]

What will the buildings be renovated into? All commercial? a mix of residential and commercial?

[SpartanDawg]

What will the buildings be renovated into? All commercial? a mix of residential and commercial?

i was wondering this too. actually reaaallly hope it's all residential. i think it's the perfect size for it and could be another broderick tower with some stunning views.

[Dbest]

As a side note, I'm curious as to how much he paid vs what the previous owner paid because this might have been a nice flip for them.

I think it may have worked in Gilberts favor. The gig was up for the Chinese group, they were exposed in this whole process. This equals about zero leverage for them, especially considering the recent damage... I also would like to know how much he paid, maybe you will be right?

[detroitbob]

Apologize for the bad pic, but does anyone have info/history on the building adjacent to the Stott on State Street?

The building operated for years as a discount/off price store called "Colonial Department Store"and wraps around the Stott Bldg. to the frontage on Griswold. At one point there was a entrance to the store that ran thru the building to the State Street side [[pictured) but that space was later sub divided into Griswold Sporting Goods and eventually a CVS. The same buff stone faced the Griswold frontage. I've always admired the State Street frontage of this interesting building.

[mikeg19]

Capitol Park is going to be HOT. Man, within such a short timeframe, almost every single building on the park [[and the addition on the new structure Gilbert is building) will be renovated and occupied. Yes, I too would like to see other big players investing in rehabs and new construction in Detroit, but you know with Dan, when he gets a property, work is going to get moving immediately.

The next headline I want to see is "Gilbert Buys Book Tower, rehab to begin shortly"

[scooter]

Now he should buy the Old city county building from the New York firm that bought it last year nothings going on at that sitesince they filmed the batman movie there.

[FormerEastsider]

Great news!!!My first job after college was in the David Stott Bldg.Over the years it was sad watching the slow deterioration of a once magnificent building.I haven’t been back to Detroit since I left three years ago.It will be exciting to see everything that’s been happening when I visit this summer

[preserve]

Hope he reopens the Sky Bar - the views from there were terrific. Loved bring folks down there for a drink or two.