Cleveland Cavaliers owner, Dan Gilbert, said in Friday that he's purchasing AKNO's Properties, the 38-story Book Tower skyscraper and two other adjacent buildings on Washington Boulevard.
With an undisclosed purchased amount, the buildings with an estimated 517, 000 square feet total is said to be transform into "a game-changing, mixed-use development" of offices, retail and housing, according to The Detroit News.
Although the Gilbert's Bedrock Real Estate Services kept the purchased amount confidential, many developers, including a former owner of the Book buildings said that the billionaire will be dropping out $30 million for the real estate properties.
In a written statement released in Friday Mr. Gilbert said, "This project is going to be one of the most exciting redevelopments in our entire Detroit real estate portfolio. We will bring this beautiful, world-class iconic landmark back to life in a manner that will make all Detroiters and visitors proud. We can't wait to get started."
For the past five years, Mr. Gilbert is said to be acquiring real estate properties in the greater downtown area of Detroit. The latest acquisition will bring to a total of 80 buildings that the Bedrock Real Estate Services owns in the city, according to STARMINENEWS.
Mr. Gilbert's company has invested more than $1.8 billion for the purchase, renovation and development of its Detroit portfolio. Some properties that Bedrock's manages, include Greektown Casino Hotel, David Stott Building and Clark Lofts, which he spent $18 million for the two building in May this year.
Now, with the Bedrock's latest purchased, they might be spending a lot of fortune to refurbish the Book Tower and Book Building, which span the entire 1200 blocks of Washington between Grand River Avenue and State Street. For the structures have been empty for six years.
The whole structures of the buildings show signs of the time it has been unoccupied.
