Bedrock, a full-service real estate firm in Detroit and Cleveland, has closed on its acquisition of the Roberts Riverwalk Hotel located at 1000 River Place in Detroit’s East Riverfront neighborhood. Financial details were not disclosed.
The total footprint incorporates 108 hotel rooms, 5,500-square-feet of banquet and event space, and 126 parking spaces. It also features 290 square feet of space along the Detroit River and is slightly more than a mile away from Detroit’s Central Business District.
“Bedrock’s acquisition of the Roberts Riverwalk Hotel further emphasizes our investment in the redevelopment of Detroit’s East Riverfront,” says Cathy Clark, chief investment officer at Bedrock. “Strategically located along our evolving riverfront footprint, this historic hotel provides increased access to parking and public amenities, all strategically located directly along Detroit’s international riverwalk.”
Bedrock’s acquisition of 1000 River Place enhances its ability to continue to pilot and deploy urban design systems to enhance the overall neighborhood landscape and augment inclusivity along the riverfront.
This acquisition aligns with Bedrock’s mission to further position the riverfront as an ideal site for sustainable urban development. Additional updates will be announced in 2023.
The deal also complements Bedrock’s acquisition of 300 River Place from The Stroh Cos. Inc. last year. The River Place portfolio acquisition included 500,000 square feet of office space, 735 parking spaces, and approximately 4.4 acres of developable land. The sales price was not disclosed.
In addition, Bedrock last year acquired The Icon, a 420,000-square-foot multi-purpose development located at 200 Walker St. along Detroit’s riverfront that was the former home to the United Auto Workers – General Motors training center. Terms of the transaction were not disclosed.
The acquisition added more than 18 acres and 880 parking spaces to Bedrock’s real estate portfolio.
