Michigan Real Estate News

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Lafayette West Development Secures Loans

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Bedrock Purchases Former UAW-GM Site

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Dan Gilbert, billionaire founder and chairman of Rocket Companies Inc. has purchased the former UAW-GM Center for Human Resource building for an undisclosed price. Developers Dominic Moceri and Christos Moisides bought it a little more than a year ago, paying $34 million for it in November 2020. The purchase adds almost 1 million square feet of office space, in excess of 25 acres of land and 1,600 parking spots to his Detroit-area holdings. Earlier this year, Gilbert purchased the former Stroh family portfolio which gave him over 8.7 acres of developable land, 735 parking spaces and approximately 500,000 square feet of office building.

 

 

Historic Detroit Hotel Sold

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Hotel developer Oxford Capital Group LLC and hedge fund Taconic Capital Advisors LP purchased the Westin Book Cadillac hotel in downtown Detroit. They assumed the $77 million in commercial mortgage-backed securities debt owed by the Ferchill Group. They’ll complete the $16.5 million tower renovations over the next two years. The property will remain open throughout the renovation. According to the Detroit Economic Growth Corp., the PA 255 tax abatement is critical the project. It freezes the property taxes at pre-improvement levels after the building has been renovated. Without it, the project would not have gone through.