Dan Gilbert's Bedrock LLC has bought one of the last vacant buildings along Detroit’s Woodward Avenue shopping corridor, according to a report by the Detroit News.
The acquisition of the Fowler building by Bedrock was completed on April 2 and work on the eight-story, 48,000-square-foot building began immediately, the paper reports. Retail spaces are planned for the ground floor while the upper floors are expected to be transformed to house office or residential apartments, according to Emporis.
Wayne County public records indicate that the property at 1225 Woodward Ave. was sold to Sequoia Property Partners in 2012 for $700,000. The building qualifies for historic tax credits, Bedrock Chairman and co-founder Jim Ketai told the Detroit News, adding that Bedrock had reached out to the company with the hope it would work to revitalize the building and secure tenants.