Riverfront Conservancy looks west, acquires Freep plant

Great news for the West Riverfront vision: the Detroit Riverfront Conservancy has purchased the 26-acre site of the former Free Press printing plant, a significant piece of property in their goal to extend the RiverWalk to the Ambassador Bridge.

Excerpt:

The asking price on the parcel was $20 million, and [Grubb & Ellis' Geoff] Hill said the sale was less than that. Gannett will be considering a portion of the sale as a donation to the conservancy, he said. He would not disclose the sale price.

Other parties were interested in the property, he said, but the conservancy sale will have a positive impact.

“This was a win-win,” he said. “It helps the downtown, and it was a good deal for the partnership.”

"We were very pleased that this came together," said Dave Hunke, CEO of the Detroit Media Partnership. "There were other opportunities, but this is exactly what we wanted to have happen."

Read the entire article here.

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