Dan Gilbert's Bedrock has added another high-rise to their portfolio. First reported in Crain's, Bedrock has bought Cadillac Tower downtown.
The 40-story tower stands right next to Cadillac Square, where Bedrock hosts Downtown Detroit Markets, and the Monroe Blocks development, where Bedrock held a groundbreaking ceremony in late 2018 but still haven't started construction. They have been activating the space with a drive-in movie theater and skating rink.
They bought the tower from Zaid Elia, who purchased the building at the end of 2018. Experts agree that the 400,000-square-foot building could be best used for hotel/hospitality or apartments, rather than offices.
The building dates back to 1926 and has been in use, but isn't in the best shape.
Bedrock has acquired and rehabbed many buildings across downtown in the past 10 years, including the nearby First National Building, the Compuware Building, One Detroit Center, One Woodward, Book Tower, and the Dime Building. They're currently building a high-rise and 11-story building at the old Hudson's site.
