recently paid just $700,000 (U.S.) for a second Detroit architectural gem, the Beaux-Arts-style State Savings Bank
, but he
hopes to raze it, or strip it down to its stunning facade, to create a parking garage.
"I'd like to tear it down, but I have a lot of paperwork to do with the city first," Apostolopoulos
said in a telephone interview on Monday.
"I don't want to do anything that isn't good for the city, but we do need parking downtown."
The notion of losing another heritage monument to the car - dozens of derelict old buildings have been torn down in Detroit and turned into parking lots over the last decade - has mobilized preservationists who've been working to turn around the struggling downtown.
Apostolopoulos, founder of Triple Properties Group, is on a major acquisition spree, convinced that Detroit real estate prices can only go up.