Varvatos opening Detroit store
Detroit — Men's fashion designer John Varvatos is setting up a store downtown at 1500 Woodward Avenue.
Detroit-native Varvatos made the announcement on CNBC's "Squawk Box" Wednesday morning along with major downtown landowner Dan Gilbert, who wooed the international designer to Detroit.
The 4,000 square foot store is slated to open spring 2015. The store will offer John Varvatos' complete menswear, including the John Varvatos Collection, John Varvatos Star USA and Converse by John Varvatos.
Just after 7 a.m., Gilbert spoke with the show's hosts about the state of downtown Detroit — an area he has invested heavily in. Asked if the current comeback was sustainable, he responded enthusiastically.
"I really think it's possible," Gilbert said. "There is an overall macro trend driving this. The young people, the millennials, are moving back in droves... They're moving out of their homes and into urban corridors."
Gilbert is founder of online mortgage lender Quicken Loans Inc., which is based downtown. Entities affiliated with Gilbert control more than 60 downtown properties, ranging from historical skyscrapers to parking garages.