With plans in the works for a billion dollar overhaul of the General Motors Technical Center in Warren, Prestige Automotive and its astute CEO Greg Jackson are poised to capitalize on the new activity at the Van Dyke Ave facility with a brand-new Cadillac dealership. Prestige, an umbrella group that also operates Mercedes-Benz, Ford and Toyota dealerships, will close its existing Warren Caddie dealership and move into a newly built Tech Center-adjacent property slated to open in 2016.
Jackson has made real estate investments in Detroit as well as in the suburbs. In 2012, he purchased Lafayette Towers from the city for $5.8 million. In the early 1960s, when construction on this housing development was complete, the structures became home to members of Detroit's flourishing African American middle class. Jackson has plans to renovate these buildings, originally designed by internationally renowned architect Mies van der Rohe, as tenants in the 90 percent-occupied buildings move out.
Jackson is investing $8 million in the new Cadillac dealership, which Warren officials see as the linchpin for the suburb's resurgent downtown.- Rebecca Golden
·Jackson Purchases Lafayette Towers [Fourmidable]
·GM to Invest $1 Billion in Tech Center [Detroit Free Press]
·Prestige Breaks Ground on New Dealership [Macomb Daily]
·Lafayette Towers [Lafayette Towers]