Dan Gilbert's Bedrock buys Stott building, Clark lofts

DETROIT – Dan Gilbert's Bedrock Real Estate has acquired two historic buildings in downtown Detroit -- the David Stott building and Clark Lofts.

Both buildings are located in Detroit's Capitol Park, and both are vacant. Bedrock promises to renovate and manage both, which were purchased from China-based DDI Group.

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In February a water pipe burst inside the historic Stott building, flooding the bottom two floors. Tenants, including the popular SkyBar restaurant, were forced out. The 35-story, Art Deco-style tower was completed in 1929.

Clark Lofts, a 10-story, 36,000 square foot building opened in 1922.

"We look forward to bringing new life to these beautiful properties which are in need of substantial repairs," said Jim Ketai, managing partner and CEO of Bedrock Real Estate Services. "As always, we will fully explore the best possible uses for these buildings that fit with all of the continued growth downtown. The Stott Building and Clark Lofts will no doubt play a vital role in the future of the Capitol Park neighborhood."