Detroit’s land and building grab continues. This time it’s one of the city’s most historic landmarks – the Fisher and Albert Kahn buildings in Detroit’s New Center area.
Two years after the owner of the buildings defaulted on a $27 million mortgage, the buildings will go up for public sale. Both will be sold as a package at a public auction June 22-24.
As downtown and Midtown continue to thrive and go through a resurgence, the New Center neighborhood, where the M-1 Rail will end at West Grand Blvd, continues to struggle to find a niche. Many hope that it will be the beginning of good things for the area that General Motors headquarters once called home.
“Let’s hope that auction is a big spark,” said John LaTessa, senior managing director of CBRE, a commercial real estate firm, to the Detroit Free Press. “At this point, the area hasn’t seen the resurgence of Midtown and downtown.”
The Fisher Building, built in 1928, is known for its Art Deco style, and gold tower that can be seen for miles and miles throughout the city. It’s also been home to some of the city’s most wonderful theatre for almost a 100 years now. The Fisher Theatre, has the designation of national historic landmark.
The Fisher Building is 82 percent occupied and has 635,000 square feet of space. It’s also home to the WJR radio station, where they broadcast from the building’s golden tower. Other major tenants include the Girl Scouts of Southeastern Michigan and New Detroit Inc. In 2002, the Detroit Public Schools bought five floors of office condo space and about 7,000 square feet of concourse space in the Fisher Building for $24.1 million. On the other hand, the eight-story Albert Kahn Building, at 7430 Second, is 51 percent occupied. The building is named after the famous architect and the firm he established. Albert Kahn Associates, remains in the building.
New Center was once home to General Motors for most of the 20th Century, before relocating to the Renaissance Center in 1990s. Just as the city was undergoing massive changes. The old General Motors Building is presently occupied by the State of Michigan.
The two buildings will be sold on the website auction.com. A minimum bid has yet to set.
Zack Burgess is an award winning journalist. He is the Director/Owner of OFF WOODWARD MEDIA, LLC, where he works as a writer, editor and communications specialist. His work can be seen at zackburgess.com. Twitter: @zackburgess1
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