Southfield-based developer Blackacre Management has announced it has acquired the 10-acre Detroit Executive Plaza campus at 1200 Sixth St. in Corktown (Lodge Freeway and Howard Street exit, just north of the Greyhound Bus Terminal).
Blackacre Management states it plans to transform more than 613,000 square feet of former State of Michigan vacant office space into a resort-style luxury residential community.
The site consists of two towers and nearly 1,000 parking spaces with direct on/off ramp access from the Lodge Freeway. The entire property sits within an Opportunity Zone and offers what the developers call “unmatched scale and visibility.”
The project, now dubbed Wayne Lofts, is expected to be one of Detroit’s most ambitious and luxurious mixed-use development that will include curated retail, high-end amenities, views of the Detroit River, the Ambassador Bridge, and the downtown skyline.
Once complete, the development is expected to include Wayne Residences, Office/Co. Elevated Workplaces, a Gotham Hotel, and Vanity Salon Suites.
The property, formerly listed for as much as $35 million, and appraised for $42 million in 2019 by Colliers International, was secured by Blackacre for $5 million after the firm took it off the auction block, reassembled its fractured parcels, and reportedly outmaneuvered dozens of competing developers — some from as far away as Denver and Saudi Arabia.
“This is the most premier assemblage of land anywhere in Detroit,” says Dalen Hanna, CEO of Blackacre. “We weren’t just the winning bidder, we were the most committed to seeing this project through.
“Dozens of groups looked at this site and walked away. We locked it down, reassembled all 10 acres, and paid a price that reflects our ability to uncover value where others see risk. We’ve already received offers to flip pieces of it, including one for $9 million to sell the entire site, but we’re not here for a quick flip. We’re here to make a generational investment in Detroit.”
Maha Banno, Blackacre’s president, led much of the deal execution and will spearhead the financial and operational side of the redevelopment.
“At one point, the property was headed toward potential demolition,” Banno says. “That would’ve been a huge loss for the city given its visibility as part of Detroit’s skyline. It deserves to be reimagined, not erased. We’re excited about reactivating the entire property.
“The future of Detroit lies in bold and well-designed development, and that’s exactly what this project will be. We’re actively laying the groundwork for community engagement and stakeholder input to help shape the future of the project and ensure it complements the energy and momentum already thriving in Corktown.”
Wayne Lofts is being developed by Wayne Tower, an affiliate of Blackacre Management. Phased redevelopment is expected to begin next summer with initial openings projected as early as 2028.
Blackacre also credited the Farbman Group in Farmington Hills and the Michigan Schools and Government Credit Union for making the deal possible.
For more information, visit WayneLofts.com.
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