Amazing What One Can Still Buy for $830K - The Riker in Pontiac

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March-02-16, 10:36 AM
Lowell

Amazing What One Can Still Buy for $830K - The Riker in Pontiac

...oh and did we mention that includes a 5 story parking deck. Presenting he lovely Riker Building in downtown Pontiac.

http://detroityes.com/webisodes/2016/Riker-63404.jpg

Kirk Pinho of Crain's reports that it sold for that amount. Okay it has 20% occupancy and certainly other issues but, OMG, it is gorgeous. Imagine what it would cost to build something of that quality and detail.

Quote:

The Riker was one of the buildings targeted for millions of dollars of investment in the Indian Hill project planned for downtown.

The project plans, which I reported about 18 months ago, called for the Riker to be turned into a boutique hotel or mixed-use development with a significant multifamily component following $2.5 million to $4.8 million in investment.

http://www.crainsdetroit.com/article...lls-for-830000
March-02-16, 10:57 AM
Bham1982

It's beautiful, but what are you going to do with it? It's probably not worth anything unless you're given generous subsidies to promote some usage.

So I assume if someone paid 800k then there are some taxpayer-subsidized plans in the works.
March-02-16, 03:02 PM
softailrider

Quote:

Originally Posted by Lowell

...oh and did we mention that includes a 5 story parking deck. Presenting he lovely Riker Building in downtown Pontiac.

http://detroityes.com/webisodes/2016/Riker-63404.jpg

Kirk Pinho of Crain's reports that it sold for that amount. Okay it has 20% occupancy and certainly other issues but, OMG, it is gorgeous. Imagine what it would cost to build something of that quality and detail.

http://www.crainsdetroit.com/article...lls-for-830000

Yeah, that price seems really low, but so did the Silverdome sale. Don't want to sound like captain obvious but property values must not be very good up in Pontiac.
March-02-16, 03:59 PM
Baselinepunk

Quote:

Originally Posted by softailrider

Yeah, that price seems really low, but so did the Silverdome sale. Don't want to sound like captain obvious but property values must not be very good up in Pontiac.

What!?!?!

I thought after the cleansing of Snyder's wonderful Emergence Manager process, everything would be peaches and rainbows?

Better financial footing is supposed to be the way toward progress -- if you listen to the friendly neighborhood Tea Baggers out there.

Jeepers, I guess running government like a business is a dumbass idea after all, perhaps worse ever.

Nope; take that back -- The Detroit Free Press endorsing Snyder, twice, is about the dumbest ass idea, ever.
March-02-16, 04:25 PM
hybridy

http://www.detroitnews.com/story/new...ents/19411471/

older article mentioning a few projects...i see the riker is included so its not accurate now
March-03-16, 09:27 AM
Blueidone

I worked in that building for a time back in the early 90's. It really is a beautiful building! And having the convenience of indoor parking was terrific. I hope the new owners can restore it to its former glory.
March-03-16, 02:23 PM
michmina

I was shocked at what he got the building for. The owner's local, seems like he has some plans for the building - good for him!

http://www.theoaklandpress.com/gener...n-citys-future
March-04-16, 03:00 PM
deeman

Quote:

Originally Posted by Baselinepunk

What!?!?!

I thought after the cleansing of Snyder's wonderful Emergence Manager process, everything would be peaches and rainbows?

Better financial footing is supposed to be the way toward progress -- if you listen to the friendly neighborhood Tea Baggers out there.

Jeepers, I guess running government like a business is a dumbass idea after all, perhaps worse ever.

Nope; take that back -- The Detroit Free Press endorsing Snyder, twice, is about the dumbest ass idea, ever.

Oh my goodness, aren't you adorable!