October 28, 2016
While its Midwest neighbors in Chicago and Cleveland are playing in the World Series, Detroit is ‘motoring’ to a different championship. Emerging from bankruptcy, the city has seen its downtown roaring back. Major developers are snatching up many of the still-standing iconic buildings still standing. Led by Dan Gilbert’s Rock Ventures LLC.
One building not headed to the Rock Ventures portfolio is the Detroit Free Press building at 321 W. Lafayette, which has been vacant since 1988. Earlier this year, the Shanghai-based DongDu International Group accepted an offer to sell for an undisclosed price. The building is “under contract,” according to CoStar.
The potential buyer is a local entrepreneur who has the backing of several other investors. The total number of downtown buildings of any size on the market is a dozen, according to CoStar.
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