X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DETROIT—Becker Ventures of Sterling Heights, MI, has purchased the 86-year-old David Whitney Building near Downtown Detroit’s Grand Circus Park. The 19-story, 300,000-sf building is a vacant medical office. It was touted as being a future hotel by previous owners Whitney Hotel Group, who sold the building for a reported $7 million.

Jerry Hamling, chief legal officer for Becker, confirmed the purchase. He says his firm will now do a feasibility study over the next 60 to 90 days to determine the best use of the property. The company is looking at making it offices, apartments, retail or a combination of uses. Hotel use has not been ruled out, Hamling told GlobeSt.com.

“We haven’t made any commitments, and we won’t until the study is completed,” he says. The Whitney Hotel Group bought the building in April 1999, and investors planned a 298-room hotel. However, they could not secure a $21 million construction financing from local commercial banks. The building is seen as a key renovation project toward rebuilding Downtown Detroit.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.