Art Van Elslander, chairman and founder for Van Elslander Capital, today announced the investment company plans to break ground on an 11,000-square-foot office building at the corner of Woodward Avenue and Oak Street later this month. The building is projected to open next summer.
In addition, Elslander says his son, Gary Van Elslander, will be president of the investment firm, effective July 1.
Art Van Elslander, who opened Art Van Furniture in 1959, in January sold the company to Thomas H. Lee Partners, a private equity firm in Boston. At the time of the sale, Art Van operated more than 100 stores in five states. Terms of the deal were not disclosed.
“I can hardly remember a time when Gary and I haven’t worked together,” says Elslander, the 86-year-old entrepreneur and philanthropist.
For son Gary, the feeling is mutual. “I grew up working with my father,” he says. “I can’t think of anywhere I’d rather be than on his team as part of this exciting chapter.”
The company’s new headquarters was designed by Saroki Architecture in Birmingham, and will be built by Schuster Construction. Information about pre-leasing opportunities is currently available through Bailey Schmidt Inc.