The second largest overall retail lender in the United States, Quicken Loans, reportedly acquired the Book Tower skyscraper along with two other buildings in downtown Detroit. The lender's newest acquisition is part of its revitalization plans for Detroit.
Quicken Loans founder and billionaire businessman Dan Gilbert announced on Friday that he's buying the long-vacant three-building complex including 38-story Book Tower, the 17-story Book Building and another two-story building on Washington Boulevard for $30 million. According to Fortune, the two buildings have been vacant since 2009.
"This project is going to be one of the most exciting redevelopments in our entire Detroit real estate portfolio," Quicken Loans chairman Gilbert said in a press release Friday, as per The Charlotte Observer. "We will bring this beautiful, world-class iconic landmark back to life in a manner that will make all Detroiters and visitors proud. We can't wait to get started."
Currently, Bedrock, Gilbert's real estate firm, owns and manages 80 buildings in downtown Detroit. It was also reported that the Quicken Loans founder has invested more than $1.7 billion in the city. And Gilbert's latest acquisitions are part of his five-year shopping spree of major real estate in greater downtown, Detroit Free Press noted. Almost four months ago, he also bought the 35-story, 210,000-square-foot David Stott Building and the 10-story Clark Lofts.
The renovation of Quicken Loans' latest acquisition could play a significant role in the ongoing redevelopment of Washington Boulevard since Detroit is still recovering from the largest municipal bankruptcy in U.S. history, accruing a debt of around $20 billion. Fortunately, the city has recently received some encouraging news regarding their recovery from rating agencies Moody's and Standard & Poor's, which upgraded the city's credit status and image.
Meanwhile, built in 1926 and designed by architect Louis Kamper, the Book Tower is remarkable both for its façade and its history. The Renaissance-style architecture of the limestone building and intricate top has been compared to a wedding cake. The Book Building, on the other hand, was originally designed as an 81-story tower and to be the world's tallest office building. Unfortunately, those dreams were laid to rest before the Great Depression.
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