Sterling Group sells Joe Louis Arena parking lot to new owner of downtown skyscraper, Foster Financial

Sterling Group sells Joe Louis Arena parking lot to new owner of downtown skyscraper, Foster Financial

The recent buyer of the tower now known as 211 Tower solved their parking problem by purchasing the Joe Louis Arena parking platform for an undisclosed price.

Foster Financial Co., based in Grosse Pointe, states on its site Web that she owns the more of over 3,000 parking spaces, which is located at 900 W. Jefferson Ave. across from the now demolished former Detroit Red Wings home.

It was owned by 900 Associates LLC, a subsidiary of Detroit-based real estate company The Sterling Group, which paid the city $ 14.1 million for it and the Joe Louis Arena property, according to Detroit Land Records and previous Crain reports.

The site Foster Financial’s web says the company has millions of dollars in renovations planned for the garage, including new LED lighting, electric vehicle charging stations, a car wash facility, and pickup and drop-off services. dry cleaning as well as a shuttle.

The company declined further comments.

The purchase price is not known.

Nearby, in 2017, the 1,275-space parking platform just west of downtown Renaissance Center sold for $ 55 million, or $ 43,137.25 per space. In July 2019, a subsidiary of Sterling Group paid $ 18.5 million for the 600-seat Millennium Garage at 450 W. Congress St., a rate of $ 30,833.33 per space. In March 2018, the Metro Garage at 1009 Cass Ave. sold for $ 7.7 million to Detroit-based Basco of Michigan, run by developer Roger Basmajian.

In October, a joint venture between Foster Financial and Tribus LLC, a family …

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