Detroit — Dan Gilbert’s Bedrock plans to acquire and develop the former Detroit Police Department headquarters on Beaubien, officials announced Thursday.
The redevelopment effort for the vacant building will be done through a partnership between Bedrock and Pike Pointe Holdings LLC, a subsidiary of bond insurer Syncora Guarantee Inc., a key creditor during Detroit’s bankruptcy case.
“We are excited to work with Syncora to revive a priceless piece of Detroit architecture,” Bedrock CEO Jim Ketai said in a statement. “Greektown and its neighboring districts have experienced tremendous growth and have several new transformative developments coming out of the ground in the near future, making this the perfect opportunity to begin this building’s next chapter.”
Plans and a development timeline have not yet been determined for the 240,000-square-foot Albert Kahn-designed building in Greektown, officials said. The developers say they are committed to preserving the building’s historic nature.
“This building holds an important role in the city’s history, and we are excited to have Bedrock’s commitment and expertise to guide its redevelopment,” said Mary Jane Constant, managing director of Pike Pointe.
The former police headquarters is within blocks of the Gilbert’s Greektown Casino Hotel. It’s also near the site of Wayne County’s failed jail project on Gratiot which Gilbert’s Rock Ventures has expressed interest in developing into a mixed-use development at the gateway to downtown. The firm previously wanted the land for a Major League Soccer stadium. A land deal with the county is still under negotiation.
The announcement is the latest development news Gilbert’s firms have released this week. A firm linked to Gilbert purchased Comerica’s downtown Detroit banking center for $5 million. Since its founding in 2011, Bedrock has controlled more than 90 properties in downtown Detroit.
Pike Pointe is a wholly owned holding company of Syncora. Syncora received the property as part of a settlement in Detroit’s bankruptcy case. The Bermuda-based bond insurer had claims to about $400 million when it struck a deal that gave a subsidiary of the bond insurer the option to acquire the old headquarters along with a lease of the Detroit-Windsor Tunnel and other property.
Pike Pointe’s principal operating subsidiary, American Roads LLC, is based in Detroit.
Detroit Police Department’s traffic unit was the first to move into the building on Dec. 22, 1922. The building has been vacant since June 2013 when the police department moved into its Detroit Public Safety Headquarters to a former casino building at Third Avenue and Howard Street.