Jerry Hamling, chief legal officer for Becker, confirmed the purchase. He says his firm will now do a feasibility study over the next 60 to 90 days to determine the best use of the property. The company is looking at making it offices, apartments, retail or a combination of uses. Hotel use has not been ruled out, Hamling told GlobeSt.com.

"We haven't made any commitments, and we won't until the study is completed," he says. The Whitney Hotel Group bought the building in April 1999, and investors planned a 298-room hotel. However, they could not secure a $21 million construction financing from local commercial banks. The building is seen as a key renovation project toward rebuilding Downtown Detroit.