(Photo: LoopNet)
Mortgage mogul and developer Dan Gilbert has purchased 4.32 acres of Detroit riverfront land from the Stroh family, Crain's Detroit Business reports. The land is next to the Detroit Riverfront Conservancy's Robert C. Valade Park.
The property, bought by Gilbert's real estate firm Bedrock, is primarily surface parking at Atwater and Joseph Campau. Crain's Kirk Pinho estimates the price at $7.15 million.
"We see significant growth opportunity along the Detroit riverfront, in part because of the tremendous work of the Detroit Riverfront Conservancy and the strategic location to the downtown," Kofi Bonner, Bedrock's CEO, said in a statement.
"We believe in building on this success to enable and enhance greater access to the water for the city. A future riverfront should be more pedestrian and transit friendly with a low carbon footprint, with more parks, plazas, entertainment and mixed-income residential."
