Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DETROIT-The chairman of the Detroit Institute of Arts (DIA) board of directors has purchased a warehouse building in the city’s culture corridor for possible use as an art gallery. Richard Manoogian, chairman and CEO of the Masco Corp. in Taylor, purchased the building through the Richard and Jane Manoogian Foundation. He is a well-known art collector.

The purchase price was $348,000, said Lillian Bauder, Masco’s vice president for corporate affairs and vice chairman of the DIA. “The building was purchased with the hope that over time it could be used for some broadly defined art purposes,” she told GlobeSt.com.

The Woodward Avenue building measures about 20,000 sf, and has high ceilings and wide areas. “It’s ideal for more contemporary art work and uses,” Bauder said.

However, she said the decision about what to do with the building is at least six months to a year off. “We would probably want to work out with many nonprofits that would use the building what to do, and that has to be done in private first,” she said. “We don’t want to discuss it publicly until it’s been approved through each one of the board of directors.”

The Woodward Corridor in Downtown Detroit is best known as a place for culture and entertainment. Along the corridor are the C-Pop, G.R.N‚ Namdi and Detroit Artist Market galleries, the DIA, the Detroit Historical Museum, the Detroit Symphony Orchestra’s facility Orchestra Hall, the Detroit Science Center and the Detroit Library, to name a few.

“We have an interesting convergence of art-related galleries and institutions, just a whole corridor culture,” Bauder said. “This new gallery would be a natural development for the area. This is one of the avenues to watch,” she added.

Manoogian’s purchase is a small part of a plan by local culture lovers to buy up buildings in the area and redevelop them. The DIA is also working on a capital campaign to raise money for art, operations and redevelopment. The campaign is the most aggressive in the museum’s 116-year history, with a $331 million goal. Included in the building improvements is a 35,000-sf expansion to the museum’s South Wing, which the DIA broke ground for last year.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.