Ziel Feldman - HFZ Capital Group Part 3
October 10, 2018
HFZ Capital Group Chairman and Founder Ziel Feldman discusses his current projects in Detroit with EisnerAmper Real Estate Services Group Partner Lisa Knee in Part 3 of this series.
LK: It is going on, it’s happening. You didn’t hear it here first, but it is happening.
ZF: And Dan Gilbert has single handedly, it’s definitely happening. I mean my son went to University of Michigan and a professor showed him these buildings a few years ago and he thought they would be coming up for sale because they would somewhat distress and four years ago I was afraid to get in the car to look at the baby frankly. Fast forward a couple years, it's changed dramatically. But what really attracted us was doing the buildings themselves. Again, we're all about architecture mixing old with new. Fisher Con buildings are recognized as one of the few leading national landmarks in the country. It's a building that has actually won all kinds of architecture awards. It's a home of Art Deco and Motown. So it really fits into our brand where we want to be the best in kind and in locations, but primarily the architecture and the herriman light. So taking a building and we, we were very lucky in which it sold on Auction.com and we got it for think a lot less than we anticipated. But our plan is essentially we've been renovating the building and renting up the Fisher building and now we're entertaining converting the Con building to residential. We have interest from many retailers. We have interests, we have one of the nicest theaters in the country. A lot of good things are happening there but it's part of the same program of identifying assets that are undervalued but have something very special about them.