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Gilbert snags properties in Capitol Park, East Riverfront

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Another Capitol Park building will be renovated

Photo courtesy of O’Connor Real Estate

A skinny Capitol Park building that went up for sale last summer was purchased late last year by Dan Gilbert’s Bedrock, according to Crain’s. O’Connor Real Estate listed the six-story Herman and Ben Marks Furs Building for $4,300,000 in June. It’s one of the last buildings that will be renovated in Capitol Park, which has completely transformed over the past six years. Crain’s reports that the building sold for $3.85 million

Bedrock also owns the neighboring Malcomson Building. It’s just down the block from the Farwell Building, currently undergoing a long-needed renovation.

Jim Ketai of Bedrock tells Crain’s that the building will likely be residential, like many of the other buildings in Capitol Park.

Also late last year, Bedrock landed another property to develop. Crain’s reports a “quiet” sale of $5 million to Bedrock for eight parcels near the east Riverfront. The parcels are located along Franklin, Atwater, and Guoin, and are part of a land deal involving the 2014 bankruptcy settlement.

Plans aren’t available yet for development of the land. In recent years, the east Riverfront has been a hot area for development, led by the Detroit RiverFront Conservancy. The riverfront itself will remain open to the public, while many mixed-use developments across Atwater have been hinted or announced.

This year, Atwater Beach will open near Chene Aretha Franklin Park. The state could be deciding on plans soon for upgrading Milliken Park. Expect the Riverwalk to eventually extend to Belle Isle, along the Uniroyal site.