Dan Gilbert is under contract to buy the Lothrop Garage, an unremarkable parking deck in New Center. It's almost a forgettable purchase by Gilbert standards, except for that it's right next door (and connected via skywalk) to the Albert Kahn Building. And the Kahn, ladies and gentlemen, is the smaller participant in this summer's real estate Lollapalooza: The Fisher-Kahn MegaAuction.
Gilbert snagging the Lothrop Garage supports the idea that he's planning a bid for the Fisher Building/Albert Kahn Building auction. The winner gets over 900,000 square feet of architectural glory and domination of New Center's office (and plenty of retail) space. As the Gilbert-backed M1 streetcar links New Center to downtown, this boring parking garage could mean something big is in the works.
· Fisher Building Heads to Auction This Summer [Curbed]
· Parking Lot Sale May Signal Interest in Fisher-Kahn Auctions [Crain's]