Quicken’s Dan Gilbert snaps up Detroit’s landmark Book Tower

Detroit's Book Tower and Book Building were recently purchased by Dan Gilbert. (Wayne Hsieh)

Detroit’s Book Tower and Book Building were recently purchased by Dan Gilbert. (Wayne Hsieh / Flickr)

Dan Gilbert, billionaire founder of Quicken Loans and champion of downtown Detroit commercial real estate, last week announced he will buy the long-vacant 38-story Book Tower skyscraper and two other adjacent buildings on Washington Boulevard.

More after the jump.

Design Competition Reimagines Detroit’s Hudson’s Department Store Site

Midwest
Thursday, July 25, 2013
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First place winner, “MINICITY Detroit,” by Davide Marchetti and Erin Pellegrino.

First place winner, “MINICITY Detroit,” by Davide Marchetti and Erin Pellegrino.

Submissions to the “Redesigning Detroit” competition matched the enthusiasm of its sponsor, Rock Ventures / Quicken Loans, in envisioning a future for the once iconic J.L. Hudson’s department store on Woodward Avenue downtown. Demolished 15 years ago, the 25-story tower left a physical and symbolic gap in the city’s urban fabric that the competition asked its entrants to repair.

“You couldn’t ask for a more exciting piece of property to redevelop, and one that can have such a profound impact on how Detroit feels about itself and sees itself,” said Reed Kroloff, outgoing director of the Cranbrook Academy of Art and advisor on the competition.

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Dan Gilbert Adds Two Towers to Detroit Real Estate Portfolio.  1001 Woodward, on right Dan Gilbert, Quicken Loans founder and perennial champion of Detroit’s downtown real estate market, recently added two skyscrapers to his collection. The two towers are on Detroit’s Woodward Avenue. He acquired the 1916 Albert Kahn-designed Vinton Building (left) in December and scooper up the 1001 Woodward tower (right), built in 1965, this month. For more insight on the company’s real estate enterprise, which now totals 2.8 million square feet of commercial and residential space in Detroit, read our Q&A with Gilbert’s real estate partner Jim Ketai here.

 

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