Recently Spotted Detroit Label Clothing 6/2012

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No more Reflections in Detroit

Detroit, Mi

Gilbert company buys another historic Detroit building

• BY LOUIS AGUILAR
• THE DETROIT NEWS

• Detroit — Dan Gilbert’s real estate unit bought a sixth Woodward Avenue building in downtown — another historic structure that was being underused, according to the commercial real estate agent involved in the sale.

The 1500 Woodward building was bought for $575,000 by Bedrock Real Estate Service last week, said Robert Mihelich, first vice president of CBRE Inc. The six-story building, on the northeast corner of Woodward and John R, was in foreclosure, he said.

Gilbert’s Bedrock plans to invest up to $4 million to make a pedestrian-friendly retail space with offices or apartments, according to the company’s website. Bedrock is co-owned by Gilbert and Jim Ketai.

Bedrock officials and a spokeswoman for Gilbert had no comment Tuesday.

This recent purchase means that Gilbert — founder and chairman of Quicken Loans Inc. — now controls four buildings in the 1500 block of Woodward between John R and Grand Circus Park, through Bedrock. The others are the Lane Bryant building, 1520 Woodward; the Arts League building, 1528 Woodward; and the 1550 Woodward building.

Bedrock also seeks a 15-year extension of tax breaks from the city on the old Hudson’s department store site on Woodward to explore retail and residential development. Gilbert also owns the First National Building at 660 Woodward Ave.The 1500 Woodward structure was built in 1891 for F. J. Schwankovsky, a company that sold pianos, organs and musical merchandise. It later housed the Wright Kay jewelry firm.

The building has been for sale for at least three years, according to CoStar Group, a commercial real estate information service. Costar lists the 22,500-square-foot building as 100 percent vacant, but there is an operating nightclub in the building.

The nightclub’s lease will not be renewed, Mihelich said.

laguilar@detnews.com

(313) 222-2760

Other Gilbert buildings

Madison Theatre
1555 Broadway St.
Chase Tower Office Building
611 Woodward Ave.
The Dime Building
719 Griswold St.
Financial District Garage
730 Shelby St.

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