Downtown Detroit: a steal of a deal

Taking advantage of a decade low point in price-per-square-foot costs, Dan Gilbert has purchased four downtown skyscrapers this year, amassing nearly two million square feet of building space near his Quicken Loans headquarters. The Wall Street Journal calls Dan Gilbert’s real estate spree the “Deal of the Week.” Will Gilbert’s plan to fill these empty high-rises with his own employees and thousands of young people broaden efforts to repopulate downtown? We have a hunch it will.

Excerpt:

Real-estate brokers bet Mr. Gilbert won’t follow the path of other
opportunistic buyers who have taken advantage of low prices to cut
rents, continuing what some see as a downward spiral of Detroit property
values. Rather, Jim Ketai, who co-founded Bedrock last year with Mr.
Gilbert, says he expects the company to invest millions of dollars into
modernizing the buildings.

Read what else WSJ has to say here.