June 5, 2014 at 1:00 am

Gilbert plans to buy four more downtown properties

Gilbert (Daniel Mears / The Detroit News)

The $1 billion-plus buying spree of downtown properties by Quicken Loans Inc. founder Dan Gilbert continues with plans to buy four more properties located between Quicken headquarters and Greektown.

The latest proposed acquisitions likely pushes the total number of downtown properties owned by Gilbert’s Rock Ventures to more than 50. The properties range from vacant lots to skyscrapers and other historical buildings. He and his partners started to buy properties about four years ago, around the time he relocated Quicken headquarters from the suburbs to downtown.

The latest planned purchases include a cleared corner at Monroe Street and Randolph street, which is the site of the former Bates Garage that was recently razed. The other three are nearby on Broadway — 1322, 1326 and 1332 — between Gratiot and E. Grand River. The Broadway buildings are not large — each are about four stories or smaller.

The total sales price for the properties is $2 million.

All of the buildings are owned by the city’s Downtown Development Authority, a quasi-public agency that is part of the Detroit Economic Growth Corp. On Wednesday, the board of the DDA approved selling the buildings.

“The DDA did approve the sale of those properties, but the properties have not yet been closed on,” said Laura Biehl, a Rock Ventures spokeswoman, in an Thursday email.

The former Bates Garage property will be sold for $1.5 million and the three Broadway buildings will be sold for a total of $500,000, according to DDA documents. The Broadway buildings may become lofts and the vacant Monroe property may become a parking deck with ground floor retail, according to the board documents.