Miami-based real estate investor and developer Spider bought a building at 4264 Grand River Ave. and five surrounding vacant lots. It aims to redevelop the building for a new Detroit office.
A Miami-based international real estate investment firm purchased a building and a handful of properties near Detroit's Woodbridge neighborhood, planning to locate an office and co-working space there.
Spider, a group that oversees companies including Spider Investments and Spider Ventures, controls around 200 units in Detroit, in single family and multifamily properties. Now it's looking to make its presence more public, aiming to renovate a building at 4264 Grand River Ave. and house a small office there, said Alejandro Eskenazi, corporate vice president.
Generally Spider buys properties, redevelops them and then takes on investors, many of whom are based in Latin America. Its portfolio in Miami is larger, with bigger multifamily projects, Eskenazi said.
Spider bought the Grand River property west of Midtown through Real Estate One and Detroit-based O'Connor Real Estate.O'Connor represented the seller, listed in Detroit records as 4731 Group LLC, registered to Derek Weaver, who worked in the past on the Grand River Creative Corridor art and revitalization project that launched in 2012.
Spider bought the properties for $425,000 total, according to Detroit property records and O'Connor agent Vincent Mazzola. The other five properties, a total of nearly 20,000 square feet of vacant land, are at 2035 Calumet St., 2036 Calumet St., 2027 Calumet St., 2041 Calumet St. and 4243 Vermont St.
Extensive renovation work would ideally start in the beginning of next year, with a yet-to-be-determined team of Spider staff moving in after. It will open alongside co-working space, but details weren't yet available. The mural-covered building will likely still have art across it after the renovation, but Eskenazi said Spider hasn't yet decided if it'll keep the current art or change it.