The man who bought the Pontiac Silverdome for the bargain price of $583,000 has picked up another Detroit landmark that was in foreclosure.
The Penobscot Building, which is on the National Register of Historic Places, had lapsed into foreclosure. Toronto-based businessman Andreas Apostolopoulos bought the 1905 Beaux-Arts style building for $4 per square foot.
"We’re here to fix it," said Apostolopoulos.
The building has been looking very tired for several years. Apostolopoulos already has workers scheduled to go in and start sprucing up the property starting next week. He said he wants to revitalize the Penobscot and has his eye on other downtown properties as well.
Since buying the Silverdome, he has cleaned up the property and has been holding various events there, but says he is close to revealing his long-term development plan for that space.
He sees a return to upscale office space for the Penobscot Building.
"I like Detroit. Detroit is a very good city. I always wanted to own something downtown and now I have the opportunity to own something here," he said.
The Canadian millionaire is the chairman of the Triple Group of Companies. He is known for revitalizing commercial properties.
The Penobscot was sold for just less than $5 million.