Detroit DDA to buy $1.75M Capitol Park building

[MichMatters]

I didn't see this posted. I'm starting to be less leery of all of this purchases, as it now really does appear that they will probably be marketing these for renovation and not demolition:

Detroit DDA to buy $1.75M Capitol Park building
Louis Aguilar / The Detroit News

November 19. 2009 8:07PM

In another move to redevelop downtown Detroit's Capitol Park area, the city's Downtown Development Authority agreed to buy a $1.75 million building there Thursday.

The board of the DDA, part of the Detroit Economic Growth Corp., approved the purchase of 1212 Griswold, a building currently owned by the United Way for Southeastern Michigan.

The agency will begin soliciting requests for proposals for a redevelopment project in the first quarter of 2010, said Brian Holdwick, the DEGC's vice president of business development and finance. The DDA also recently purchased 1145 Griswold for $1.9 million. And the Michigan State Land Bank has taken steps to buy the Farwell Building at 1249 Griswold.

The DDA board also approved the use of up to $600,000 for maintenance and repair costs for the three buildings, as well as closing costs for the Farwell Building.

BTW, 1212 Griswold is the oldest [[built 1895) existing "high-rise" [[12 floors) in Detroit and is built directly adjacent to the Griswold Apartments. It was originally completed as the Detroit Savings Bank Building and then was the Chamber of Commerce Building for many years after that until becoming home to the United Way in 1987.