The mega-corporations of Detroit can't resist occasionally binge shopping for nearby real estate. Today it's Riverfront Holdings, the real estate arm of General Motors. According to Crain's, the GM subsidiary bought three of the only buildings tainting its vast parking desert. And some more parking, too.
GM's broker told Crain's that the properties were purchased "for future improvement," and GM hasn't decided if demolition is the plan quite yet. But let's be realistic here. Unless GM is having some sort of mid-life crisis, the company didn't impulsively buy a couple old bars by the river just to fix 'em up.
If everything was torn down, GM would be left with roughly two acres of empty, developable land bisected by Schweizers Place. Also, has anyone ever noticed Schweizers Place before? An odd street name in an old part of Detroit. There has to be a story there.
· GM subsidiary buys 4 Detroit riverfront properties [Crains]