Yikes! Parking Deck Next to RenCen Sells for $55 Million

Downtown Detroit's high office occupancy and popularity as a tourism and entertainment site helps propel surging real estate values.

The latest example is the sale of the Center Parking Garage at 414 Renaissance Drive West next to the Renaissance Center.

A San Diego real estate investment trust called MVP, which owns parking lots and decks around the nation, is expected to close this month on the purchase of the structure for $55 million, more than triple its previously estimated market value, reports John Gallagher of the Detroit Free Press.

 The new owners are expected to continue to operate the site as a garage.