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Opportunity Zone
 

Classic Auction - Hospitality

International Riverfront Hotel or Redevelopment Opportunity

1000 River Place Drive, Detroit, MI 48207

  • Asset Type
  • Real Estate
  • Property Type
  • Hospitality
  • Land Area
  • 3.74 Acres
  • Year Built
  • 1904
  • Year Renovated
  • 2019
  • Number of Floors
  • 5
  • Number of Buildings
  • 3
  • Parking Count
  • 126
  • Hospitality Type
  • Full Service
  • Number of Rooms
  • 108 Rooms

Roberts Riverfront Hotel/Development Opportunity: 290 Feet of River Frontage (Detroit, MI)

Investment Highlights

  • International Riverfront – ±290 feet of frontage on the Detroit River and the Detroit Riverwalk.
  • East Detroit Riverfront Location – The East Detroit Riverfront area has seen significant investment in the past several years and boarded the Central Business District.
  • Low Basis Motivated Seller – Unique Opportunity to acquire a historic, well known landmark walking distance from Detroit’s Central Business District, and prices significantly below appraisal.
  • Re-Development Opportunity – The Property has flexibly zoning (PD) offering investors the option to continue existing hotel operations and develop excess land, or a full redevelop/conversion to Multifamily or Mixed-Use.
  • Historic Building with Strong Market Fundamentals – Developed in the 1870 the building has been an operation hotel since the late 1990’s. Ownership has undertaken several upgrades and renovation projects with several million dollars invested.


Investment Summary


Newmark, in partnership with RealINSIGHT Marketplace have been retained to market for sale 1000 River Place Drive, Detroit, MI (the “Property” or “Opportunity”). The Property includes a 112,000 SF historic building on 3.74 acres of waterfront land along Detroit’s East Riverfront. The Property offers excellent accessibility and exposure with unobstructed riverfront views, and is also located within walking distance of Detroit’s Central Business District. The existing hotel operation offers buyer the opportunity to acquire a tier 1 boutique business, with excess land for further development. The Property can also be fully re-developed or an adaptive re-use of the existing improvements with new development on excess land. The PD zoning allows for flexibility with a new use.

The building was originally developed in the 1870s by Parke Davis, one of America’s largest pharmaceutical companies. The building experienced multiple additions and renovations over time, including a conversion to multi-family in the late 1970’s and conversion to hotel in the late 1990’s. The Roberts family purchased the Property in 2010. Since that time they have undertaken several upgrades an renovation projects including the addition of a conference and banquet center, and in 2018 implementing the PACE program, a eco-friendly multi-million dollar investment in the property that included upgrades to the HVAC equipment, building lighting, individual building, plumbing and infrastructure.

The East Detroit Riverfront area has seen significant investment in the past several years including, street lighting, infrastructure upgrades, improvements, an added park, recreation space, and the Riverwalk. The East Detroit Riverfront borders the Central Business District. This is truly a once in a lifetime opportunity and a developers dream.

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Platform Fee

The platform fee for this transaction is the greater of 5.00% or a minimum of $25,000.

Need Help?

Have questions about Marketplace? You can reach us at 800.915.7015 or info@rimarketplace.com.

Auctioneer

  • Jerry Helmer

    c/o Fisher Auction Company Inc.

    License: 6504064915