Dan Gilbert, founding partner of Bedrock Real Estate Services on Monday announced the sale of the
‘s Capitol Park to Lear Corporation.
Detroit Mayor Mike Duggan said Monday that while there was a time just five years ago when people thought downtown Detroit was “dead, ” the sale says otherwise.
The deal marks Bedrock’s first building sale. Since 2011, the full-service real estate firm and its affiliates have invested more than$1.8 billion in acquiring, renovating and developing 80+ properties, totaling 13 million square feet of real estate in downtown Detroit. Bedrock owns seven buildings and a surface lot in Capitol Park, a block-long triangular neighborhood bounded by Shelby, Griswold and State Streets.
Lear plans to create an innovation and design center “unlike anything the downtown area has ever seen”, to turn the six-story, 35, 000 square foot building at the corner of State and Shelby Streets into a hub for art, creativity, automotive advanced concept development and hands-on learning for Detroit college students.
“The sale of 119 State Street provides Lear with a prime location to launch this cool, unique initiative where brilliant ideas will be developed, nurtured and brought to life, ” said Dan Gilbert, “We are thrilled to play a role in making this groundbreaking project a reality, whether we are developing properties ourselves or holding buildings in inventory until we deliver them to a great owner with an effective and unique vision. Lear’s new Innovation and Design Center fits perfectly in the up-and-coming Capitol Park district and with all that is happening in downtown Detroit.
Capitol Park is rapidly becoming a center for art, restaurants, shops, galleries and residential lofts within walking distance of the future M-1 RAIL connecting Midtown and downtown. Other Bedrock properties in Capitol Park include: 28 West Grand River, 35 West Grand River (Clark Lofts) and 45 West Grand River, 1150 Griswold (David Stott Building), 1215 Griswold, 1250 Griswold, 1416 Griswold and 1265 Griswold, home of the Detroit Institute of Music Education (DIME) offering college courses in guitar, bass, vocals, drums, songwriting and music entrepreneurship, taught by industry experts.