Dan Gilbert buys Detroit's Book Tower
38-story tower is currently vacant
Dan Gilbert is adding to his Detroit real estate book.
Gilbert's real estate company, Bedrock, announced Friday it had purchased the historic Book Tower in Detroit.
The 38-story skyscraper is attached to a 13-story building and a 2-story community center.
In a press release, Bedrock said it plans to "transform the buildings into a game-changing, mixed-use development that will bring jobs, energy and new life to these properties."
"This project is going to be one of the most exciting redevelopments in our entire Detroit real estate portfolio," Gilbert said. "We will bring this beautiful, world-class iconic landmark back to life in a manner that will make all Detroiters and visitors proud. We can't wait to get started."
The Book Tower dates back to 1926, designed by Louis Kamper. It was briefly the tallest building in Detroit until the Penobscot Building was built in 1928.
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