Detroit Developer Snaps up Executive Plaza for $5M, Plans Batman-Themed Hotel

In a bold move, Blackacre Management LLC purchased Detroit's Executive Office Plaza this summer. The Southfield firm paid $5 million for the site, with plans to create "Wayne Lofts" and "Gotham Hotel." Their vision? A mix of living spaces and movie-inspired stays.

The buildings at 1200 Sixth Street will split into 350 apartments and a 114-room hotel. To make this work, the team seeks a 12-year tax cut through Detroit's Obsolete Property program.

The purchase brings three key pieces: a towering 21-floor building, an 11-story structure, and space to grow. Movie buffs might spot the site from "Batman V. Superman" - it's where that big blast lit up the screen back in 2016.

Money woes hit the past owners hard. Papers filed in court tell the tale: 1200 Sixth Street LLC couldn't keep up with M360 Advisors on a $10.3 million loan. The bill shot up to $17.96 million - $14.93 million at its core, plus $2.7 million in interest as well as extra costs and other fees.

Late 2023 saw a deal slip away. A judge said yes to selling for $16.5 million to PMN Partners Holdings Co. LLC - linked to Denver's Paul Stann - but things fell flat.

The city still needs to weigh in on the tax break. No one knows the exact savings yet - that's still in the works as Blackacre Management talks with Detroit's leaders.