Dan Gilbert Gets $1 Million State Loan for Capitol Park Redevelopment

Quicken Loans and Bedrock Real Estate Services CEO Dan Gilbert received approval this week for a $1 million state loan to help with the development of a Bedrock-owned building into retail and residential space. The building, a Capitol Park structure, housed a variety of renters in loft-style units. After the building sold to Bedrock, the firm's strategy of converting the units to market-rate apartments led to residents receiving eviction notices in early 2014. The neighboring building's tenants, seniors, were also given the boot by another developer.

In exchange for the old tenants' displacement, Bedrock claims that the redevelopment project will create a whopping 16 jobs. Gilbert will cover most of the more-than $10 million cost of the project, but will net $1.65 million in tax credits from the federal government in part because he's "preserving" a historic building-and that's in addition to the $1 million loan. Gilbert bought the building in late 2013 for $325,000 from Dearborn developer Mousa Ahmad. Gilbert isn't the only one investing in this very hot part of midtown-developers just completed work on lofts in the old Detroit Savings Bank building, the city's oldest surviving highrise. Construction on Bedrock's Capitol Park building, located at 1215 Griswold, is expected to wrap up some time this fall.

·Gilbert Owns 1215 Griswold [Curbed Detroit]
·Bedrock to Evict Capitol Park Tenants [Curbed Detroit]
·Developers to Evict Capitol Park Seniors [Curbed Detroit]
·Gilbert gets $1 Million Loan [Deadline Detroit]
·Bedrock Gets $1 Million Loan [Crain's Detroit Business]
·Apartments on Sale in Detroit's Oldest Highrise [Curbed Detroit]