Long-vacant Executive Plaza in Detroit has possible buyer

**Airforceguy** · May-01-25, 06:37 AM

Long-vacant Executive Plaza in Detroit has possible buyer

On April 6, the receiver and that prospective buyer — Southfield-based Blackacre Management — entered into a $5 million tentative deal for Executive Plaza and the three parking lots, which are located across the street.
Todd Szymczak, an executive vice president at Farbman, noted in a letter attached to recent court documents that Blackacre is doing "a similar rehabilitation project" in downtown Pontiac. That project, now nearing completion, was to convert the old 15-story Oakland Towne Center office tower into 99 market-rate apartments, plus four floors of retail and commercial space. Dalen Hanna, founder and CEO of Blackacre Management, told the Free Press the week of April 28 that he and his business partner, Maha Banno, are indeed in the process of buying the Executive Plaza properties.He said full details of their "conversion plans" will be announced in the near future.

"We have a proven track record of transforming large-scale properties into successful mixed-use developments," Hanna said in an email. "The site spans nearly 10 acres of prime real estate, with unbeatable views of the Detroit skyline and riverfront."The buildings were originally constructed by the state, and they were built to last. It’s the kind of scale, structure, and location we look for, and exactly the type of project Blackacre is built to take on," he continued. "We’ve done this many times — breathing new life into legacy buildings through adaptive re-use conversions." Much more information about our conversion plans will be announced in the near future."

https://www.freep.com/story/money/bu...r/83371802007/

**Gistok** · May-01-25, 01:50 PM

Thank Airforceguy... you are always on top of things!!

If this get the nod and they convert the 2 OFFICE buildings into apartments... then why oh why can't they convert the RenCen office towers into apartments? Granted that one tower has to remain offices, to handle current office space leaseholders with long term leases. But they could take the 3 remaining tower... convert one to residential. They could mothball the other 2 towers, and convert them as the need arises.

What makes the residential conversion of the RenCen prohibitive, yet every other office building [old or new] viable [even with public subsidies] convertible to residential... and yet the RenCen... Not?

NOBODY wants to take public monies and pay for part of demolition!

**stasu1213** · May-01-25, 06:33 PM

Originally Posted by Gistok

Thank Airforceguy... you are always on top of things!!

If this get the nod and they convert the 2 OFFICE buildings into apartments... then why oh why can't they convert the RenCen office towers into apartments? Granted that one tower has to remain offices, to handle current office space leaseholders with long term leases. But they could take the 3 remaining tower... convert one to residential. They could mothball the other 2 towers, and convert them as the need arises.

What makes the residential conversion of the RenCen prohibitive, yet every other office building [old or new] viable [even with public subsidies] convertible to residential... and yet the RenCen... Not?

NOBODY wants to take public monies and pay for part of demolition!

I agree. Two of the towers should be mothballed until someone could come up with an idea for their uses or office space will be in demand again. Until then a company could be paid to do minor things to the towers such as continuing cleaning, running water and flushing toilets and the such