Investor looking to buy in Detroit

3 Replies

Major reason's to invest in Detroit are as follows

1. An entity with ties to Carlos Slim Helú, the Mexican business mogul with a net worth Forbes magazine pegs as $77.1 billion, has purchased a downtown Detroit office building.

Real estate brokers are watching the deal closely and speculating that the purchase marks the beginning of an effort by Helú to scoop up other Detroit properties.

The 164,000-square-foot Marquette Building at West Congress Street and Washington Boulevard was sold to 243 Congress LLC, which is linked to Helú, late last year for $5.8 million.

December's purchase, documented in county records, of the 115-year-old vacant office building gives Helú an entry to a Detroit real estate landscape dominated by another billionaire, Dan Gilbert.

2. Once considered to be among downtown's most endangered buildings, the Metropolitan Building's escape from the wrecking ball just got a lot more real. The Downtown Development Authority (DDA) just green-lighted a plan to rehab the building into 71 market rate apartments, reports the Freep, with retail planned for the first two floors. It's the plan hinted at last summer, when a "potential developer" sunk $300K into stabilizing the brick-dropping facade.

3. the new home of the Detroit Red Wings is expected to be built and open in time for the team's 2017 season opener.

It only gets better from here people. With all the new money and attractions developing, people will be relocating and in 5 years it will be to late. If you need advice on this market let me help you.

Commercial & self serving posts belong the marketplace section. 

Matt Castle Thanks, I'm rather new to BP.

No worries. Welcome to BP. 

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here