Detroit Real Estate News
The winning bid for Detroit’s Fisher Building came quick, after a short auction that went to the HFZ Capital Group and Redico LLC. Between the Manhattan based enterprise and the Southfield business, both the Fisher Building and the Kahn Building, directly across from each other, sold for $12.2 million. This sale included thousands of parking areas, both in decks and on the street.
The bidding war for these two buildings went fast, and dropped nearly $20 million in asking price since the Fisher Building’s previous asking price of $31 million. Many were left wondering exactly who bought the Fisher Building and the Kahn Building, and soon learned that it would be months before news leaked of the owners. However, the following day, it was announced that HRZ Capital Group and Redico LLC were the proud winners of Detroit’s most prized possessions.
Nicknamed “Detroit’s greatest art treasure,” many are concerned about how this historic building will be kept up with its’ new owners. The HFZ Capital Group, based out of New York, has a long history of renovating historic buildings, just like the Kahn and Fisher Buildings. Additionally, with the partnership with Redico LLC, the Southfield based group is hoping to bring the modern era of shopping malls and office spaces, into the Fisher building. Both companies have outstanding reputations, which has given peace of mind to many Detroit officials.
The partnership between Redico and HFZ seems like a perfect fit, and their strengths compliment the necessary elements that the Fisher and Kahn Building’s need to step into the economic future. Restoration estimates for the Fisher ranged around $75 million, and both companies are prepared to handle a project of this magnitude.
HFZ is best known for creating residential spaces that have also transpired into live-work and mixed use environments. Some wonder if the HFZ has residential plans for the Fisher in the future, but at this time there is no word on bringing the building down that path. However, residential spaces in other HFZ owned properties have started as high as $15 million, which is well out of the scope of any Detroit condo, apartment, or loft property. While we don’t need to worry just yet about Detroit residential prices sky rocking in the financial district, many wonder just what is exactly in store for HFZ and the Fisher building.