Downtown Detroit’s Anchor Bar, a longtime hangout for journalists and Detroit Red Wings fans, is about to change hands, Deadline Detroit reports. The 59-year-old establishment is slated to be sold to the Elia Group, the developers behind Birmingham’s 220 Merrill, Parc in Campus Martius, and the Ford Building.
Vaughn Derderian, whose father Leo Derderian purchased the bar in 1959, tells Deadline that he plans to retire to his cottage up north with money from the sale. The money will also be split with his son, also named Vaughn, who helps run the business and plans to work on political campaigns. Zaid Elia, who helms the Elia Group, says he intends to maintain the history of the Anchor Bar while also updating some of the food offerings. Eater has reached out for more details on the plans.
Anchor Bar has relocated three times over the years and now rests at 450 W. Fort St. close to both the old Detroit Free Press and Detroit News buildings as well as the Joe Louis Arena. Since the Red Wings relocated to the Little Caesars Arena last year, fewer fans have visited the bar, according to the Derderians.
Although the financial specifics of the deal have not been disclosed, Deadline estimates the bar sale could reach roughly seven figures. The Derderians plan to give a portion of the profits from the sale to their employees in the form of a bonus. The sale is expected to close in late September.