Wright-Kay Building Joins Dan Gilbert’s Portfolio; Aloft Boutique Hotel to Open in Detroit
- Dec 15, 2011
Bedrock Real Estate Service, one of Dan Gilbert’s companies, has just paid $575,000 for the vacant Wright-Kay Building, one of Detroit’s historic structures located at 1500 Woodward, reports The Detroit News. According to CBRE Inc. representatives involved in the sale, the six-story building was listed for sale three years ago and was in foreclosure.
Though no exact details have been disclosed yet by Bedrock officials, the company could invest around $4 million to convert the 22,500-square-foot facility into retail space with offices or apartments. With this purchase the number of buildings controlled by Dan Gilbert in the 1500 block of Woodward between John R and Grand Circus Park is four, notes The Detroit News.
In other real estate news, Model D reports that Starwood Hotels and Resorts Worldwide will open a boutique hotel in the David Whitney building which is currently being redeveloped by The Roxbury Group. The new Aloft-branded hotel is expected to open in July 2014 and will include 136 loft-like rooms, a bar area, banquet space and a 6,600-square-foot fitness center open 24 hours.
Apart from this boutique hotel—the first Aloft to open in the state of Michigan—the David Whitney building will feature 108 rental apartments on the top nine floors, as well as retail and office space on the lower floors.
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