Auto supplier Lear sells downtown Detroit building for $13.2M
Auto supplier Lear Corp. has sold a downtown Detroit building for $13.2 million that it bought three years ago for $5.9 million, city property records show.
The 50,000 square-foot property called the Hemmetter Building is at the corner of East Grand River and Centre in a downtown area recently renamed the Paradise Valley and Cultural District.
The buyer is an entity, 230 E. Grand River LLC, linked to Linden Nelson, a local developer who was part of a group that recently spent $20 million to buy 11 Eastern Market properties, including the building that houses Bert's Warehouse and another that contains Supino Pizzeria and Russell Street Deli.
Neither buyer or seller could be reached for comment Wednesday.
Southfield-based Lear still owns the downtown Detroit Innovation Center in the area known as Capitol Park. The Hemmetter Building is several blocks east of that location.
The Hemmetter is in area targeted for a multimillion development that would highlight African-American arts and businesses.
The plan involves the simultaneous redevelopment of five buildings and three parking lots clustered around a small triangular public space often called Harmonie Park. The area is bordered by East Grand River, Centre and Randolph. The development idea was unveiled in 2016 and included plans for a boutique hotel ; a jazz club; an expanded Detroit Seafood Market restaurant; another restaurant possibly affiliated with the nearby Central Kitchen + Bar; luxury and affordable housing; a new 190,000-square-foot building; and a 150-space parking garage.