Bedrock Real Estate buys Lofts @ Woodward
Bedrock Real Estate Services — the development arm of Quicken Loans CEO Dan Gilbert’s operations — announced Tuesday evening it has bought the Lofts @ Woodward Center.
Built between 1896-1910, the three historic buildings next to each other on the east side of Woodward between Grand River and John R are listed on the National Register of Historic Places.
The acquisition includes 15,000 square feet of first-floor retail, along with 61 residential units covering about 105,000 square feet, as well as a 28-space surface parking lot on Farmer Street behind the buildings.
In less than five years, Bedrock has located more than 150 office and retail tenants to Detroit’s technology-centric downtown. In addition, Bedrock and its affiliates have invested nearly $2.2 billion in acquiring, renovating and developing more than 85 properties in downtown Detroit totaling nearly 14 million square feet.
The three buildings were originally known as the Ferguson Building, the D.J. Healy Building and the Beck Building, according to a post on the Lofts @ Woodward web site.
The Ferguson Building was built in 1896 at six stories according to a stipulation in the will of Eralsey Ferguson. Completed in 1897 at a cost of nearly $100,000. Winkelman’s leased the building from 1956-87. Earlier tenants included Russek’s Ladies Wear, I Miller Salon, Goetz & Mittleman, Sol Lachman and the Meyer Jewelry Co.
The D.J. Healy building was built by Daniel J. Healy in 1910 for his business involved in the sale of ostrich feathers and dry goods. The store closed in 1962.
The Beck building was built around 1905. In 1936 it was renovated as the A.S. Beck Shoe Store.