(WXYZ) — A building next to the Guardian Building that has sat vacant along Woodward Ave. in downtown Detroit for years has a new owner.
The Elia Group, based in Birmingham, has bought the 511 Woodward Building and plans to do a redevelopment before welcoming the city's first Capital One Cafe.
“We are extremely excited to bring this project from concept to reality,” Founder Zaid Elia said in a release. “The property has been sitting vacant for well over 20 years and through a concerted, forward-thinking effort with our team, Wayne County, the City of Detroit, and many others, the iconic 511 Woodward building will once again be a vibrant part of the city’s landscape, growing workforce, and visitors.”
“This is another key piece of property identified in our Recovery Plan that we are putting back into productive use after it sat idle for years,” Wayne County Executive Warren Evans said. “There has been tremendous interest in the building and in Wayne County, and this deal reflects that. We are happy to help attract a national tenant like Capital One to the region. It shows that investing in Detroit and Wayne County continues to make a lot of sense.”
The Captial One Cafe will be more than 7,000 square feet in size, taking up two stories and will have a Peet's Coffee bar inside, as well as semi-private spaces and nooks and a community room.
“We believe strong communities and strong businesses go hand-in-hand, which is why we are thrilled to be opening this new location in Detroit,” said Ryan Laudenbach, Capital One Market Executive. “Our hope is that the Café will provide the community with the resources they need and more. What motivates us is that we have both the opportunity and responsibility to help our customers in their financial lives - to save them time, money, and to inspire a sense of optimism about the future, every day.”
Construction on the building is expected to begin right away and be completed late next year, when the cafe will open.
