Cadillac Tower, a Neo-Gothic skyscraper in downtown Detroit, has been acquired by Dan Gilbert, founder and chairman of Rocket Cos. Inc. The price for the 40-story structure, located at 65 Cadillac Boulevard (east of Campus Martius Park), was not disclosed.
The acquisition adds to Gilbert’s portfolio of more than 100 buildings and properties, most of which are in the central business district. Gilbert moved then Quicken Loans Inc. a decade ago and today his combined companies have more than 17,000 employees.
Like other structures in need of renovation, Gilbert’s team is expected to invest in restoring the historic building. Potential uses include offices, apartments, and retail offerings.
“I’ve long thought that under the right circumstances, given the strategic location of the Cadillac Tower within the downtown core and adjacent to our Monroe site, it would make sense for this property to become part of Bedrock’s continued commitment to making downtown a premier destination,” said Kofi Bonner, CEO of Bedrock, Gilbert’s real estate company, in a statement.
Bedrock is currently planning a mixed-use structure for the Monroe site east of Campus Martius Park, which today is a surface parking lot. The company also is building a tower and midrise on the Hudson’s block north of Campus Martius Park.
Zaid Elia, founder and CEO of Birmingham-based The Elia Group, a multi-faceted real estate and restaurant enterprise, was the seller.
“When we acquired Cadillac Tower, we knew it would play an important role in the future trajectory of downtown Detroit due to its rich history and prominent location adjacent to Campus Martius Park,” said Elia in a statement.
Cadillac Tower was built in 1927 and opened as Barium Tower. The brick and terra cotta building, which offers 425,000 square feet of space (close to 11,000 square feet per floor), is largely vacant. It does include retail spaces on the first floor.