Cavs' owner Dan Gilbert buys building in Detroit

DETROIT - Quicken Loans founder and chairman Dan Gilbert says he's bought a five-story building near the mortgage lender's downtown Detroit headquarters.

The company said Wednesday that Gilbert formed a partnership to purchase the Madison Building on Broadway Street. It was built in 1917 as part of the now-razed Madison Theatre complex.

The price of the purchase from Clinton Township-based Broadway Property Partners LLC wasn't disclosed.

The new owners will keep the building's street-level tenants -- Angelina Italian Bistro and Stub Hub. Upper floors will be renovated for "entrepreneurial enterprises."

It's not immediately clear if businesses affiliated with Quicken will move in. Quicken last year moved its headquarters and 1,700 employees to the Compuware Building.

The renovation is expected to be completed by fall.

Gilbert also owns the Cleveland Cavaliers.

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