China-Based Group Buys Ex-Detroit Free Press HQ
DETROIT (AP) - A development group from China has scooped up two downtown Detroit buildings, including the former home of the Detroit Free Press.
The newspaper and The Detroit News report Shanghai-based DDI Group paid $4.2 million for the Albert Kahn-designed former Free Press building and $9.4 million for the 38-story David Stott building. The purchases were finalized this week after an online auction.
Plans call for the former newspaper headquarters to be converted for residential use, with 150 units and retail on the ground floor. Renovations could cost $40 million to $50 million. Work also is planned at the David Stott building, which will be marketed as office space.
The former Free Press building has two six-story wings flanking a 13-story central tower.
The newspaper now is based nearby.
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