Private Partnership Brings New Life to Industrial Property in Corktown
- Jan 26, 2012
After spending $270,000 to purchase a Corktown industrial property in September last year, two ambitious investors decided to transform the building into creative office space.
Native Detroiter Angel Gambino, a media and Web business development expert, and Scott Griffin, a New York-based theater producer and investor, will invest around $20 million in a renovation project that is estimated to span over the next couple of years. In an interview for Crain’s Detroit Business, the two investors said that they have already received more than 50 inquiries from prospective tenants such as Dave Mancini, who owns Supino Pizzeria, and Chris and Tiffany Best, owners of The Rust Belt Market.
While the final list of tenants is yet to be reviewed and approved by the partnership, nine creative businesses have already leased space in the building. These include the Detroit office of Huffpost Detroit, Loveland Technologies, Detroit Soup, and Corktown Cinema in the rear of the building. Lease contracts would be signed for one year, with tariffs starting at $12 per square foot. Existing tenants such as a New Horizons Learning Centers branch and a Head Start office will not have to leave the property.
Apart from leasing office space, the investors also plan to expand the 100,000-square-foot building by adding a boutique hotel and a café that would have stairs leading to the roof which would open into an outdoor event area delineated by glass walls.
Photo courtesy of Curbed Detroit