Leland House_Property for Sale
Leland House_Property for Sale
400 Bagley St, Detroit, MI, 48226, US

Leland House

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”), a licensed real estate broker, is pleased to present Leland House Detroit. This development opportunity is located in the heart of downtown Detroit. The Property is within walking distance of all three of Detroit’s professional sports stadiums: Comerica Park, Ford Field, and Little Caesars Arena. Additionally, a wide range of dining and shopping options are nearby, providing plenty of entertainment and amenities. The Property is located in a historic site, giving future ownership the potential to receive historic tax credits. Leland House offers the rare chance to acquire a development opportunity that is available free and clear. The Leland House presents potential investors with a unique chance to restore a historic property in downtown Detroit. Previously functioning as a hotel with over 700 rooms, The Leland House has now been transformed into a 400-unit apartment building, offering a variety of studio, 1-bedroom, and 2-bedroom units. This exciting opportunity allows future investors to revitalize this charming building and update its interiors. The redevelopment of The Leland could yield a high-end hotel featuring anywhere from 350 to over 700 rooms, depending on the reconfiguration of the original hotel rooms which ranged from 250 to 350 sq. ft. Alternatively, it could be developed into luxury apartments, encompassing 300 to 400 units. All of this potential lies in the vibrant heart of downtown Detroit

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Attributes

Building area gross
392,971 sf
Land area gross
0.66 acres

Media

Investment Highlights

Situated in Southeast Michigan, the Detroit MSA currently has over 4.9 million residents and is the second largest metropolitan area in the Midwest, trailing only Chicago. Known as “The Motor City,” Detroit is home to Stellantis, General Motors, and Ford Motor Company, the three (3) largest automotive manufacturers in the U.S. The city is located directly across the Detroit River from Canada, and its Ambassador Bridge is the busiest international border crossing between the U.S. and Canada. With four (4) major sports teams and the internationally recognized Detroit Institute of Arts, the city is a vibrant cultural destination which attracts nearly 16 million people a year. The city is also within 50 miles of 28 colleges and universities which educate over 242,000 students, making it one of the most educationally rich metropolitan areas in the U.S. and a premier destination for students. Detroit’s downtown business district has blossomed in recent years, with developments including the Shinola Hotel and the revitalized Michigan Central Station giving new life to the city’s iconic skyline.

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Last updated
7 Mar 2024