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Library Street Looks Destined to Become a Hot Block

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Library Street is just one block long, but it certainly isn't a street to be overlooked. Earlier this month, the Z Lot announced three new retailers destined for the block. And yesterday, Crain's reported that 1260 Library—the street's smallest commercial building—just sold for an amount between $1.6M and $2M.

The buyers haven't revealed any exciting plans, but really--what could we expect? Solid tenants are already in place, with a florist and an art gallery on the ground floor. On the renovation front, there's literally nothing else that needs doing.

The building debuted in 1926, but was completely renovated in 2011. But the most interesting transformation happened sometime in-between. During the 1950s, the original facade was ripped off in favor of a modern, minimal look. That one survived until a few years ago, when it was erased in favor of the current exterior. The building was asking just $559K in 2010, when the bluish facade was still intact.

· Investors buy Library Street building in downtown Detroit [Crains]