DETROIT—REDICO, a Southfield, MI-based company, and several partners just won this week’s auction by of the historic Fisher and Albert Kahn buildings with a bid of $12.2 million. The online auction, which started on June 22 and closed on June 24, attracted nearly 50 registered bidders to the platform.

The two Art Deco buildings have a total of 776,502 square feet and are located in the city’s New Center district several miles north of downtown. REDICO officials say it’s time to launch a significant renovation project in this neighborhood, long overshadowed by all of the development activity in the CBD and nearby Midtown.

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