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Bedrock to Acquire and Develop Former Detroit Police Department Headquarters in Partnership with Pike Pointe Holdings

February 8, 2018

Bedrock to Acquire and Develop Former Detroit Police Department Headquarters in Partnership with Pike Pointe Holdings

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FEBRUARY 8, 2018 (DETROIT) – The Albert Kahn-designed building located at 1300 Beaubien in Detroit’s Greektown neighborhood, formerly the headquarters of the Detroit Police Department, is slated for redevelopment by Bedrock in partnership with Pike Pointe Holdings LLC, a subsidiary of Syncora Guarantee Inc.

While plans and programming for the approximately 240,000 square-foot building are still taking shape, and a development timeline for the site has yet to be finalized, the partners are committed to preserving the historic nature of this architectural gem.

“We are excited to work with Syncora to revive a priceless piece of Detroit architecture,” said Bedrock CEO Jim Ketai. “Greektown and its neighboring districts have experienced tremendous growth and have several new transformative developments coming out of the ground in the near future, making this the perfect opportunity to begin this building’s next chapter.”

Ground was broken on 1300 Beaubien in late 1921 and the Detroit Police Department’s traffic unit was the first to set up shop there on December 22, 1922. DPD vacated 1300 Beaubien and moved into the Detroit Public Safety Headquarters at the intersection of Third Avenue and Howard Street on June 28, 2013. The building has sat vacant since then.

“We are pleased to be able to steward the next phase of this iconic building through our partnership with Bedrock,” said Mary Jane Constant, Managing Director of Pike Pointe. “This building holds an important role in the city’s history and we are excited to have Bedrock’s commitment and expertise to guide its redevelopment.”

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About Bedrock

Detroit-based Bedrock is a full-service real estate firm specializing in acquiring, developing, leasing, financing, and managing commercial and residential buildings. Since its founding in 2011, Bedrock and its affiliates have committed more than $5.6 billion in acquiring and developing more than 100 properties in downtown Detroit and Cleveland totaling more than 16 million square feet. Bedrock’s real estate portfolio consists of more than 330 office and retail tenants in Detroit’s technology-centric downtown. For more information, visit bedrockdetroit.com or engage with us on Twitter @BedrockDetroit and Facebook.

About Pike Pointe Holdings LLC

Pike Pointe Holdings LLC (“Pike Pointe”) is a wholly owned holding company of Syncora, formed to own a number of operating subsidiaries which in turn own and operate, or plan to own and operate, toll roads, parking facilities and other infrastructure assets. Pike Pointe’s principal operating subsidiary, American Roads LLC, is headquartered in Detroit with all of its centralized management, finance, administrative and key IT personnel located downtown. Syncora Guarantee Inc. (“Syncora”) is a financial guaranty insurer. Syncora guarantees US municipal bonds, asset-back securities, debt backed by utilities and select infrastructure projects.