DETROIT—REDICO, a Southfield, MI-based company, and several partners just won this week's auction by Auction.com of the historic Fisher and Albert Kahn buildings with a bid of $12.2 million. The online auction, which started on June 22 and closed on June 24, attracted nearly 50 registered bidders to the Auction.com platform.
The two Art Deco buildings have a total of 776,502 square feet and are located in the city's New Center district several miles north of downtown. REDICO officials say it's time to launch a significant renovation project in this neighborhood, long overshadowed by all of the development activity in the CBD and nearby Midtown.
“The downtown along Woodward Ave. and Midtown around Wayne State University have really been the focus of development over the last three to four years,” Dietrich Knoer, chief investment officer, REDICO, tells GlobeSt.com. “But with the imminent arrival of the M-1 rail, New Center development is the next step in Detroit's comeback.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
