By Edward Cardenas
DETROIT (CBS Detroit) – Bedrock Real Estate Services announced Monday it has added two building in Detroit’s Capitol Park to its portfolio.READ MORE: Jalen Rose Brings COVID Vaccine Clinic To Detroit Academy
The Dan Gilbert-owned company purchased the vacant David Stott Building and Clark Lofts, and plans to renovate both structures.
“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, in a release. “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 buildings were previously owned by Shanghai, China-based DDI Group, and will be fully restored the company stated. Closings for both buildings took place May 8.READ MORE: Stimulus Check Update: Is A Fourth Relief Payment In Your Future?
Both buildings have had a long-presence in the city’s skyline. The 35-story, 210,000 square foot Stott Building at 1150 Griswold Street is an ornate, multi-tiered brick tower was designed in the Art Deco style by the architectural firm of Donaldson and Meier. It was completed in 1929.
Clark Lofts, a 10-story, 36,000 square foot building at 35 West Grand River Avenue was built-in 1922.
There are a number of projects currently underway, and recently completed, in Capitol Park. DIME (Detroit Institute of Music Education) is located inside Bedrock’s 1265 Griswold building which offers college-style courses in guitar, bass, vocals, drums, songwriting and music entrepreneurship.
Additionally, JPMorgan Chase and Detroit city official announced Monday the renovation of the Capitol Park Lofts and the completion of the renovation of the former Detroit Savings Bank in Capitol Park.MORE NEWS: American Heart Foundation To Host 2021 Detroit Heart Walk On May 15
“Capitol Park is quickly becoming one of the hottest, most sought-after neighborhoods downtown,” Ketai said. “These acquisitions will continue to help move the momentum forward.”