Detroit-based Bedrock Real Estate Services today announced it has acquired the 38-story Book Tower, the attached 13-story Book Building, and the adjacent 2-story community center in downtown Detroit and plans to transform the buildings into a mixed-used development.
“This project is going to be one of the most exciting redevelopments in our entire Detroit real estate portfolio,” says Dan Gilbert, founding partner of Bedrock Real Estate Services, the real estate arm of Quicken Loans. “We will bring this beautiful, world-class iconic landmark back to life in a manner that will make all Detroiters and visitors proud.”
The three buildings, totaling about 517,000 square feet, are located at 1265, 1249, and 1201 Washington Boulevard. The Book Tower has been vacant since 2009. Bedrock now owns and manages more than 80 properties in downtown Detroit.
The Book Tower, built in 1926, was designed by renowned architect Louis Kamper in the Italian Renaissance style after first constructing the Book Building in 1917. Kamper also designed the Book Cadillac Hotel, which is down the street from the Book Tower.
The buildings were named for brothers J. Burgess, Frank, and Herbert Book, who were real estate entrepreneurs and developers and had a vision to turn Washington Boulevard into a popular destination.