November 11, 2020, 10:00 AM
Newmark announces the for-sale opportunity of The Roberts Riverwalk Hotel, located at 1000 River Place Drive in Detroit, Michigan. Located on 3.74 acres of waterfront land on the Detroit River, the 112,000-square-foot Roberts Riverwalk Hotel is in the heart of the new Detroit Riverwalk District and within walking distance to downtown Detroit. The additional developable acreage of land at the property makes this a prime redevelopment opportunity for mixed-use or multifamily. Newmark Senior Managing Directors Larry Emmons and Patrick Shannon are representing the seller, Roberts Hotels Detroit, LLC, in the listing.
With a storied history in the city; in 2010, Roberts Hotels Detroit, LLC purchased the building, implemented necessary renovations for full operationality and renamed the property The Roberts Riverwalk Hotel. Michael V. Roberts, one of the largest mixed-use redevelopers in St. Louis, one of the largest residential developers in The Bahamas and one of the largest minority hotel chain owners in the country, is now offering the 3.74-acre site with 290 feet of frontage on the Detroit River as a re-development joint venture or as a sale to a new developer.
The hotel itself features 108 guest rooms, three meeting rooms, a restaurant, lounge and bar and a 5,500-square-foot multi-service facility used for banquet and meeting purposes. The Roberts Riverwalk Hotel offers scenic views of Detroit’s International Waterfront and is in proximity to the downtown entertainment district.
The PACE Program, which promotes energy efficiency-related improvements and is secured by an annual special assessment on the property, was recently utilized at the property. The scope of work included upgrades to the HVAC system, building lighting system, building control system, building envelope, stormwater system and plumbing system. The Roberts Riverwalk Hotel is currently the only green hotel in Detroit, Michigan.
“The prospect to acquire an established landmark along with coveted waterfront land is rare, and equally compelling is the opportunity zone with unlimited potential to create maximum value for an investor or developer,” commented Emmons.
The hotel is in the heart of The Detroit RiverFront Conservancy’s $200 million Riverfront District investment and within walking distance from the burgeoning Detroit Central Business District. 1000 River Place Drive is positively impacted by the City of Detroit and the Detroit Riverfront Conservancy’s strategic plan for the East Riverfront, which includes an additional eight acres of the park including Atwater Beach and the renovation of Chene Park (now Aretha Franklin Amphitheatre), a 6,000-person capacity amphitheater. In addition to the parks, the District is receiving connective greenways, enhanced streetscapes and architecturally significant developments.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc., together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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