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Old Posted Jan 16, 2019, 10:31 PM
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Location: Detroit
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Bedrock grows Capitol Park presence with $3.85 million building purchase

Dan Gilbert's real estate company bought the Herman and Ben Marks Furs building Nov. 13 for $3.85 million.

Bedrock Chairman Jim Ketai confirmed the 1211 Griswold St. sale to Crain's, but declined to comment on the purchase price, which was listed in public record.

The seller was Griswold Lofts LLC, an entity registered to Scott Housley, according to Detroit public records.

Plans for the Herman building haven't been solidified, but it will likely require improvements, Ketai said. He could see the finished product as residential, "because that's what fits best in Capitol Park," but the decision on usage hasn't been made.

It neighbors the Bedrock-owned and renovated Malcomson Building to the north. Bedrock is studying the option of connecting corridors in the two buildings so they could share some stairs and elevators, Ketai said.

Gilbert gets Detroit riverfront land with bankruptcy creditor in quiet $5 million sale

Dan Gilbert is on tap to develop 2.75 acres of east Detroit riverfront land after a quiet $5 million sale involving one of the city's most vociferous bankruptcy creditors, Bermuda-based Syncora Guarantee Inc.

The sale of eight parcels on Franklin, Atwater and Guoin streets to Atwater Owner LLC for $1.82 million per acre was recorded with the city in November. The Economic Development Corp. was the seller.

Those parcels — 1303 East Atwater; 1325 East Atwater; 1365 East Atwater; 1399 East Atwater; 1310 Franklin; 1340 Franklin; 1364 Franklin; and 1370 Guoin — are identified in an offering memorandum obtained by Crain's in March 2017 as being about one-quarter of the 11.65 acres of east riverfront land a subsidiary of Syncora, Pike Pointe Holdings LLC, received development rights to as part of its 2014 bankruptcy settlement with the city.

A spokeswoman for Gilbert's Detroit-based Bedrock LLC real estate development, management, ownership and leasing company confirmed that Atwater Owner is a subsidiary.

Community meetings set for Joe Louis Greenway planning

Over the next few years, a 31.5-mile bike and pedestrian greenway will connect many neighborhoods in the city, including Highland Park and Hamtramck. Named after boxing legend Joe Louis, the greenway will include existing paths and bike lanes, along with new greenways.

This Saturday, January 19, two community meetings are scheduled at Palmer Park so residents can learn more about the design process and provide input to the city. The meetings will be at the Palmer Park Community Building from 11 a.m. to 1 p.m. and from 2-4 p.m.
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