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

Development Midwest News Preservation Skyscrapers
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.

The latest in a series of acquisitions for Gilbert sizable portfolio under Bedrock Real Estate Services, the buildings will cost about $30 million total, to be paid to Vancouver-based AKNO Properties. That’s for the 1926 Book Tower, the 13-story Book Building and an adjacent 2-story community center.

Read our Q+A with Gilbert’s real estate partner Jim Ketai here.

The Detroit Free Press quoted Gilbert as saying he’s planning “a game-changing, mixed-use development.” The tower and the Book Building have been vacant since 2009, and renovations are expected to cost more than $100 million.

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