MACKINAC ISLAND — Less than 30 minutes after Crain's first reported Wednesday that the Michigan Central Station in Corktown has a new owner, reporter Kirk Pinho caught up with two of Dan Gilbert's top real estate deputies: Jim Ketai, CEO and co-founder of Bedrock LLC, and Dan Mullen, president and chief marketing officer for the Detroit-based company.

During the chat, the three touched on Ford Motor Co.'s expected move to Corktown, the billionaire's planned development spree in the downtown core and other Detroit-related real estate topics.

Here is a partial transcript of the conversation:

Kirk Pinho: We put out a story 20 minutes ago saying (Michigan Central Station) transferred ownership.

Jim Ketai: I couldn't be happier. Dan and I spent a lot of time with Ford convincing them they should be downtown.

Dan Mullen: I went and spoke to the CEO of Ford Land (Development Co.). We met Dave Dubensky (Ford Land's chairman and CEO) and spoke with him about Detroit and all the great things downtown. About a year ago, we were helping them get their eyes focused on downtown.

Ketai: I think they realized Detroit is the place they are going to attract the most talent. I think it's great. It didn't have to be in one of our buildings.

Does that change your strategy at all in terms of shifting westward along Michigan Avenue in terms of property acquisition?

Ketai: I would only say for our needs. If we have warehouse needs or something like that, we would absolutely look in Corktown.

What's the latest on the jail site project? Obviously you got it a couple months ago. How has the planning process been going along?

Ketai: We haven't planned anything yet, but yes we are moving full speed ahead with looking at what we want to do with it.

Mullen: It's going to be totally mixed-use — retail, office, residential, restaurant, etc. It's such a great location and it bleeds into the entertainment district, butting up to Ford Field and Greektown, so how does it look from a master planning standpoint and how all of that fits together in the fabric of the city? Obviously we have a few other mega projects that we are getting out of the ground, and understanding how the reception is going to be and what's working and what can we do better and how all that helps us figure out the Gratiot site.

Ketai: I have a feeling we are going to get some major user at that Gratiot site. Some user is going to come by and say, "Hey, we want to come downtown." What better than to have a blank slate?

Is there anyone you're trying to peel off specifically?

Ketai: Not that I can think of. There are big companies that are looking to be in Detroit right now.

Mullen: The tech sector, the autonomous vehicles sector. We don't have anyone we are talking with about it, but as the world is developing in those two sectors, why not try to find somebody who wants to do a build-to-suit and be part of a mixed-use?

Is the operating theory at Bedrock still that the city needs 10 million new square feet of office? That had been the talking point.

Ketai: I'm not going to put an actual number on it, but there does need to be more. We are at the point where we are full. We have to go vertical right now. There is just too much demand building up. It's the same thing with residential. There's got to thousands (of new units) every year that we keep adding. It's going to work if we continue to add thousands of residents.

What's the general thinking on retail strategy on Woodward these days? There are still some vacant spots there.

Mullen: We just left ICSC (International Council of Shopping Centers conference) a week ago. We met with so many retailers and restaurateurs interested in coming downtown. With the Shinola Hotel opening up and a lot of the other retailers doing so well ... for us, it's always been part of the same sort of philosophy, which is how do we blend the local entrepreneurs with the national and international tenants? For us, it's not about ROI; it's about creating timeless blocks. You might see some empty storefronts. That's because we put so much thought into who goes where.

Is there any update on the GM site next to the RenCen or any progress on Uniroyal or the other ones?

Ketai: No progress right now, but we think the riverfront is going to be a really attractive place, and we are excited to be a part of it, but nothing we can report right now.

What does this conference do for you guys? Are you participating in panels? Networking?

Mullen: Both. More relationships and the more folks you can meet help with a united, shared vision, along with panels and interviews.

Ketai: I think just being with all the city people and state people and all the other people in the business, it's a great way of talking about what lies ahead and how we can work together collaboratively and build momentum.

There have been quite a few different hotel projects kicked around. Andrew Lieber was saying at a conference that 1300 Beaubien, the old DPD building, is being considered for hotel. And then there was an article featuring (Hamilton Anderson Associates') Rainy Hamilton in which he said Hudson's was a mix of apartments and hotel. Could Hudson's have a mixture of hotel in it?

Ketai: It could.

Has the decision been made?

Ketai: Not definitively, but that's definitely something we are looking at.

How have the residential rents been doing? Have you guys been pro forma'ing $3 per square foot?

Ketai: We haven't on anything we've owned right now that's up and existing. But anything new that comes out new that's planned four years from now, I would say you got to have rents around there.