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Dearborn Atrium Back on the Sales Block

It appears the last auction for the Dearborn Atrium, formerly Adams Jr. High School, didn’t fetch an amount that was likeable to its owners. Read earlier story, HERE.

Sold in 2005 for $19 million, the Dearborn Atrium bidding begins at $390,000.

The Dearborn Atrium is again being offered through an online auction with REDC Commercial and CB Richard Ellis. Like the first auction, the starting bid is $390,000. You can submit a bid by clicking HERE.

There will be two open houses at renovated school on Friday, July 16 and July 23 from 10:00 a.m. to 2:00 p.m.

The auction itself will begin July 27 and is scheduled to end on July 29, 2010 at 1:05 p.m. (EST).

For those interested in scheduling a walk through the property, you can contact Christopher Conwell at 248-351-2049 or christopher.conwell@cbre.com

This entry was posted on Sunday, July 11th, 2010 at 7:55 am and is filed under Around Town. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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  • oldalldayschoolmom

    Does anyone know who paid $19 million for the Atrium in 2005?

  • cornerstore

    I certainly hope that who ever is in contact with the Artspace people have informed them that this property is once again for auction. Although I know that the East Dearborn Development Authority was the original, primary force behind the Artspace project, I also know that the Artspace people toured this property.

    Indoor and outdoor fountains, large windows, great views, great light, a campus atmosphere, a successful blend of both historic and modern architecture, plenty of parking for resident artists and customers, a perfect transition from the existing residential and commercial neighborhoods–all this in a very safe, easily accessible location–at a bargain basement price!!!!

  • Michael D. Albano

    I totally agree with you cornerstore!!!

  • 48124

    Who ever would end up purchasing this property hopefully will have done there homework. Yes the “minimum bid” is appealing, yet doesnt constitute an agreement with a large unpaid note with many zero’s to the right of it.

    Second, I can only imagine the monthly costs of utilities, insurance, tax etc.

    Ive wondered if UM/Dearborn has expressed interest or even aware of these properties???

    Or even CMU or WMU which have satelite campus’s.

    Im wondering how much marketing of this property that the city of Dearborn has done or more importantly coordinated with the owners on??

  • Michael D. Albano

    Good suggestions about CMU and WMU 48124. Perhaps since DPS Superintendent Whiston has stated DPS is looking for a reasonably priced school or building to house 900 Fordson freshmen, this may be what he is looking for, since he’s said despite the 2 story add on to Fordson a while back, it is still very overcrowded.

  • 48124

    I know we have heard the “UM student housing” BS for some time coming to that area, but the 2 could really go hand in hand.

    Anything that keeps people spending money in that area (aka foot traffic) on a consistent basis.

    What was the final # $$ from the last auction date??

    If this thing sold for 19 mil 5 yrs ago….the remaining note is the biggest factor.

    it has to be insane!

  • cornerstore

    I did not see the last hour of the auction the last time is property was offered. The last bid that I did see was $790,000. At that time the reserve was not met. 48124 please explain what you mean about the “note”. As far as I can tell from reading the material sent by REDC, the buyer is responsible for the purchase price and a buyer’s premium which is equal to the greater of 5% of the purchase price, or $20,000.

  • 48124

    the “note” meaning the remaining mortgage and/or balance…from what we read it was purchased for 19 million 5 yrs ago…its lender owned right now correct??

    Of course the buyer is responsible for the purchase price, but its wht the bank/banks will agree to let it go for….

    the remaining balance or short sale on this has to be a challenge in getting a sale here…..I mean 1 month ago they didnt break a million bid and 1 month later they are trying again??

    Unless im misinformed, the reserve price on a property of this nature is probably between 5 and 15 million

  • Michael D. Albano

    DPS Superintendent Whiston emailed me back and stated that DPS IS looking at this property to ease the overcrowding at Fordson. While I have not been inside these buildings for decades and do not know how many alterations were made by Plastech, since 2 of these buildings are the former, original Dearborn High School and then Adam’s Junior High, perhaps they wouldn’t need a lot of remodeling to reuse them as a school…

  • 48124

    that would an outstanding lunchtime boom of people to the area!