The David Stott building might be soggier than a microwaved burrito, but everyone knows Dan Gilbert is always hungry for more real estate near Capitol Park. Representatives for Gilbert's real estate company, Bedrock, just copped to purchasing the historic skyscraper from DDI Group, the Chinese corporation that paid $8.89M for the place in 2013. DDI's reign began with terrifying elevator issues, peaked with the eviction of all tenants, and began unraveling when two million gallons of water turned the tower into a 38-story popsicle. The flood damage forces Bedrock to completely rebuild a good portion of the interior, bringing us to the big question: Will Stott 2.0 contain apartments or office space?
The Stott's ultra-narrow footprint would make for a beautiful new apartment tower, but the purchase already comes with a side of residential: The Clark Lofts. Also bought and emptied of tenants by DDI, it comes with 32,000 square feet of dated residential space that's completely surrounded by Gilbert buildings. His new loft building is slated to go up directly across the street.
· Narrow, Ten-Story Apartment Tower Approved For Cap Park [Curbed]
· All David Stott Building Coverage [Curbed]