35-story Art Deco skyscraper and 10-story loft building to be renovated and fully restored
May 18, 2015 [DETROIT] – Bedrock Real Estate Services today announced the acquisition of two historic buildings – the landmark David Stott Building and Clark Lofts – in downtown Detroit’s Capitol Park. The two structures, which are currently vacant, will be fully renovated and managed by Bedrock in one of the city’s most exciting, up-and-coming neighborhoods. Capitol Park is a block-long triangle bounded by Shelby, Griswold and State Streets. The buildings were previously owned by Shanghai, China-based DDI Group.
“We look forward to bringing new life to these beautiful properties which are in need of substantial repairs,” said Jim Ketai, Managing Partner and CEO of Bedrock Real Estate Services. “As always, we will fully explore the best possible uses for these buildings that fit with all of the continued growth downtown. The Stott Building and Clark Lofts will no doubt play a vital role in the future of the Capitol Park neighborhood.”
The 35-story, 210,000 square foot Stott Building is located at 1150 Griswold Street at the corner of Griswold and State Streets. The ornate, multi-tiered brick tower was designed in the Art Deco style by the architectural firm of Donaldson and Meier and completed in 1929. Clark Lofts, a 10-story, 36,000 square foot building at 35 West Grand River Avenue between Woodward Avenue and Griswold Street, dates back to 1922.
Capitol Park is home to numerous projects currently under development. In addition, DIME (Detroit Institute of Music Education) inside Bedrock’s 1265 Griswold building, offers college-style courses in guitar, bass, vocals, drums, songwriting and music entrepreneurship, taught by industry experts. The area is a short distance from the M-1 Rail streetcar project, currently under construction on Woodward Avenue, slated for completion in 2016.
“With significant investment from a variety of sources, Capitol Park is quickly becoming one of the hottest, most sought-after neighborhoods downtown. These acquisitions will continue to help move the momentum forward,” Ketai said. “In addition, exciting evening and weekend programming geared toward downtown residents will take place in the coming months, adding new energy and activities in Capitol Park and helping build a strong community.”
The David Stott Building and Clark Lofts can be traced to two of Detroit’s early 20th century business giants. The family of David Stott, Detroit’s flour king, built the Stott Building. Clark Lofts was constructed on land leased by Sebastian S. Kresge, president of S.S. Kresge Co., which later became Kmart Corporation. Closings for both buildings took place Friday, May 8, 2015.
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About Bedrock Real Estate Services
Detroit-based Bedrock Real Estate Services is a full-service real estate firm specializing in acquiring, leasing, financing, developing and managing commercial and residential space. Since its founding in 2011, Bedrock has located more than 130 tenants in Detroit’s Central Business District into both office and retail spaces. In addition, Bedrock and its affiliates have invested more than $1.7 billion in more than 70 properties totaling approximately 11 million square feet in downtown Detroit. For more information, visit bedrockmgt.com or follow Bedrock on Facebook and Twitter: @BedrockRES. The Detroit engagement timeline and tenant list are available here.