Archive for November 12th, 2010

Group of Dearborn Buildings Sold for Reported $1.6M

Friday, November 12th, 2010

The Dearborn Atrium, formerly Adams Jr. High School, apparently has been sold for somewhere in the neighborhood of $1.6 million.

Sold in 2005 for $19 million, the Dearborn Atrium is said to have sold for about $1.6 million.

Several city officials have now confirmed to DeepsaidWhat.com that the three structures – the school, a parking deck and a third building (also formerly a school) – were fetched for the bargain basement price of $1.6 million. This is the same building that in 2005 traded for $19 million.

The big question on the table is who purchased the building and what will move into the building.

There has been much speculation that the building would be used for a charter school, but the property currently is not zoned for such a use. That at least means the city would have control on whether to approve such a use or not. As it stands now, city planners would not be in favor of such a use.

Dearborn Mayor John B. O’Reilly, Jr., says the city understands the buildings will be used as the primary operations for a business that wants to move into Dearborn. O’Reilly couldn’t provide any more detail beyond that as the city apparently does not know much about the purchaser yet.

A new business moving into that building would be great news for business owners that surround that area. Business owners near the school took a big financial hit when automotive supplier Plastech closed shop and filed for bankruptcy.

There are lots of possibilities for this building that was built in 1916. The former school was completely renovated to the shell in 1994.

The property consists of two three-story office buildings and a covered parking structure consisting of 90,774 square feet and 307 parking spaces. The two office buildings consist of 133,001 net rentable square feet and 154,104 square feet of gross building area and sit on 4.09 acres.