Gilbert redevelopment binge continues with deal for former Detroit police HQ

Posted on February 8, 2018

  • Bedrock to redevelop former DPD headquarters building
  • Bondholder Syncora received Albert Kahn-designed property during Detorit’s bankruptcy
  • Redevelopment plans and timeline not known

The former Detroit Police Department headquarters in Greektown is slated for redevelopment under an agreement struck between Dan Gilbert’s Bedrock LLC and a key holdout creditor during Detroit’s Chapter 9 municipal bankruptcy case.

It’s the latest deal by the billionaire real estate and mortgage giant, whose acquisitions and projects in and around downtown Detroit have come forward at a more rapid pace the last few months.

Gilbert has amassed a massive portfolio since his buying and development spree started seven years ago with what was then known as the Madison Theatre Building and completion of his Quicken Loans Inc.’s relocation to the central business district from the suburbs.

The Albert Kahn-designed former police department building, 1300 Beaubien St. between Clinton and Macomb streets, is 261,000 square feet and has been vacant since 2013.

Continue reading full article on Crain’s Detroit Business.