It’s been a busy end of 2018 for the Elia Group. Last week, they took ownership of the building with the Anchor Bar. Two weeks ago, it was announced that they’re purchasing 511 Woodward, the “footstool” of the Guardian Building. Today, Crain’s reports that they just bought the 40-story Cadillac Tower downtown.
The development group also owns the Parc restaurant in Campus Martius, along with the Ford Building downtown.
Elia just closed on the building on Friday, according to the report. It’s only 18 percent occupied, and could be redeveloped into a hotel and/or apartments. Not many details about the sale have been revealed yet. The previous owner was Brooklyn-based Capital Invest Alliance, according to Crain’s.
A recent Free Press profile on Zaid Elia details his approach to real estate:
“Everything that I invest in is something that means something in a community that you can feel, touch and smell,” Elia recently said over lunch at Parc. “It’s not something that is a new restaurant in a shopping center. A new condo development here. That’s not my business. My business is picking Main and Main locations, looking at the operational side of the business and how do I maximize value on the deal.”
The highly-visible downtown skyscraper sits near Campus Martius, the First National Building, and the soon-to-break-ground Monroe Blocks, which will bring new office and residential architecture to the downtown core.