Two Downtown Giants Are Headed To Auction Next Month

Just in time for the annual tax foreclosure auction, we'll have two downtown heavyweights joining the bidding hysteria: The Free Press and the David Stott buildings will both head to the online auction block (Auction.com) come September 9, reports the Detroit News. Both properties are at least partially owned by Ft. Lauderdale investor Emre Uralli, who has been trying to attract developers/buyers for years. Feeling a tinge of deja vu? That's because the Free Press Building has already taken a spin on the auction block, while the Stott has had an extended stay on the market. BUT: Should these unique buildings land in capable hands, both are positioned to be among the most dramatic downtown renovations we've seen yet.

? Free Press Building: Vacant since 1998, the Albert Kahn-designed gem would make an amazing apartment building, but there's massive amount of work to be done. The ownership tried to sell the property last November in the exact same manner happening today: online auction. When the dust settled, the highest bid of $4.15M was said to be too low, as it was below an undisclosed reserve price. The building comes with tax credits galore already secured by the previous ownership, so a buyer would have a jump start on renovations. TAKE THE TOUR >>

? David Stott Building: This 41-story skyscraper has been on the market for a long time and is said to have attracted a lot of interest. The Stott was asking $10.4M last time we checked in, though broker Ryan Snoek is suggesting a starting bid of $3.5M for the upcoming auction. Sounds like a potential deal to us. Aside from the SkyBar on the first and 33rd floors, the Stott mostly empty. Its narrow footprint is perfectly suited for a residential conversion, and the views are among the best in the city. TAKE THE TOUR >>

David Stott Building

, , MI 48226