Dan Gilbert's latest acquisition at 1800 18th St. (Photo: Google)
Dan Gilbert's real estate company has bought an empty warehouse across the tracks from the old train depot to be rehabbed by Ford, The Detroit News reports.
The building is at 1800 18th St. in Mexicantown, just beyond the Corktown border. It's Bedrock's first purchase in the area.
The News' Louis Aguilar writes:
Bedrock confirmed it bought the building late last year. The purchase price hasn't been disclosed. The company issued this statement late Tuesday: “As investment ramps up in Detroit’s Corktown neighborhood, Bedrock is excited to have acquired the property at 1800 18th St., which we feel has great potential, especially given its proximity to Ford’s Michigan Central Station. We look forward to determining our development vision for the property.”
According to Crain's, the building was sold to Gilbert by the owner of Galapagos Art Space, a Brooklyn business that was to move to Detroit and Highland Park. Galapagos' owner, Robert Elmes, bought nine buildings here in 2013 and 2014, teasing grand plans for arts-related activities and even an indoor lake.
The vision has not come to fruition. Now the real estate is worth a lot more.
Crain's reports Elmes was trying to flip the 18th Street property for big money just two years after he bought it:
Bedrock did not disclose the purchase price, although the previous owner raised eyebrows exactly three years ago when it listed it for $6.25 million, more than 12 times the $500,000 that was paid for it in 2013. The listing price was $48.83 per square foot at that point; Ford paid $150 per square foot ($90 million) for the train station.
