The mystery buyer behind the purchase of more than 6,000 Detroit foreclosed homes was revealed on Tuesday, according to an article in Businessweek. Herb Strather, a local casino and real estate developer, won the lot for just under $3.2 million.
To him, it wasn’t just a real estate transaction.
“This is more than just an acquisition of parcels. It’s an opportunity to redevelop the city I was born in and I plan to die in,” Strather said in an interview.Sponsor Content
The article explained that no one was expected to bid on the bundle, which was a grouping together of about 6,000 thousand properties in good shape with roughly 2,000 vacant lots and another 3,000 properties that must be demolished. The wrecking work, which by the terms of the auction must be completed in six months, could cost more than $24 million.
Strather and his firm Eco Solutions surprised the county by bidding at all. Now that he’s the buyer, he must develop a plan for the bundle. He says he wants to work with “dozens” of community organizations to finance and develop projects, particularly with the larger lots. He plans to keep some of the best properties for his investment group.