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Gilbert Buys Three More Detroit Buildings

DETROIT-Rock Venture’s Dan Gilbert can be labeled as Detroit’s Man of the Year, as he will close 2011 having purchased about 1.8 million square feet downtown with plans for it all.

By Robert Carr | Updated on December 27, 2011

DETROIT-Dan Gilbert, chairman of Quicken Loans, has now closed on seven buildings in downtown Detroit and is negotiating for an eighth property in the CBD. The purchase price for all three properties was not disclosed, but it’s reported that Gilbert plans a $15 million redevelopment project to bring in offices and retail.

In a statement today, Rock Ventures, Gilbert’s umbrella group for a number of companies, announced that it has acquired the vacant properties at 1500, 1520 and 1528 Woodward Ave. The addresses are known as the Wright-Kay, the Lane Bryant and the Arts League of Michigan buildings, respectively. Detroit’s Downtown Development Authority reportedly sold the latter two buildings to Gilbert for about $675,000, with a penalty of up to $1.3 million if the properties are not redeveloped.

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