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Gilbert Keeps Up Detroit Buying with Fed Reserve Building

DETROIT-After Quicken Loans moved downtown last year, chairman Dan Gilbert hasn’t wasted time in his promise to invest here, buying up nine properties with redevelopment plans.

By Robert Carr | Updated on January 30, 2012

DETROIT-Dan Gilbert, the chairman and founder of locally based Quicken Loans, showed again today how he’s ready to take over the city. Gilbert announced during a grand opening of a renovated building that he is about to purchase the city’s historic Federal Reserve Bank Building at 160 W. Fort St.

The Fed building was built in 1927 and used by the government all the way up until 2004, when the bank moved to another building in the city. The Fort Street site was left empty, with a number of projects suggested but never followed through. In 2008, the state approved a $1.3 million tax credit for developer FRBD LLC on a $20.2 million plan convert the building into 84 apartments with retail, but this also fell through.

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