Detroit's other assets

In this bankruptcy, great attention has been paid to the worth of the art in DIA and the value of the Water and Sewerage system. Do any of the assets listed below have substantial
value? I believe these are city assets but there may be
restrictions that prohibit their sale.
Chandler Park - It is difficult to see that real estate investors would want to build in this location. I have heard rumors that
the NFL is building a field for young players here.
Clark Park - The area around this park is one of the few in
Detroit that did not lose a great deal of population 2000 to 2010.
Detroit Historical Museum - Apparently the historic cars owned by the city have considerable value.
Detroit People Mover -Although it carries many passengers, it is costly to operate. Unlikely to become profitable.
Detroit Zoo and adjoining golf course
East Side Waterfront Parks - Henderson, Gaberiel Richard,
Maheras and Waterworks. The efforts to popularize Detroit's Gold Coast as a residential area have been somewhat successful. If Gilbert's efforts bring many highly paid IT
workers to downtown, I can see investors building on some
of this well situated parks.
Manoogian Mansion - You might expect this home would
sell for as much as the one on the same block that Kid Rock purchased last year.
Mistersky Power Plant. Detroit Lighting owns or control a power distribution system. I heard rumors that Orr has already spoken with DTE about their taking it over. I believe
that the power generation plants has been closed for some time since the city had no capital to invest in modern equipment.
Palmer Park - If Gilbert brings many high paying jobs to downtown and if Penske and his colleagues can get the light rail line extended to 8 mile, Palmer Park could be used for
upscale residences. I don't know if Thomas Palmer's will
precludes the sale of this part. There have been some
recent investments in rehabing units in the Palmer Park
Historic District.
River Rouge Park - Olympic sized swimming pools but too remote to have value for real estate speculators.
Charles Wright Museum of African American History-
This is a beautiful structure but the collection may have little commercial value.

People Mover: Once JLA moves unless there is something else to generate 20-30 percent of its ridership, it will become even more costly to operate.

People?

Personally, I think the creditors should just be given all the property tax delinquencies. Let them collect the back taxes or take over ownership

I think selling off commercial real estate is a helluva lot better than things like the art at the DIA. I can see the properties being developed into bigger and better jewels whereas once we sell off a piece of art, it's never coming back or it just might never see the light of day ever again. I know I know... some people will thoroughly disagree, but I see rb336's point of view here. Why just pick on the DIA if all things are equal? And if there are possible lawsuits from Oakland & Macomb counties from any sale of DIA art, is it worth the hassle whereas the property is a lot easier to sell off?

Quote:

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Originally Posted by Thruster315

I think selling off commercial real estate is a helluva lot better than things like the art at the DIA. I can see the properties being developed into bigger and better jewels whereas once we sell off a piece of art, it's never coming back or it just might never see the light of day ever again. I know I know... some people will thoroughly disagree, but I see rb336's point of view here. Why just pick on the DIA if all things are equal? And if there are possible lawsuits from Oakland & Macomb counties from any sale of DIA art, is it worth the hassle whereas the property is a lot easier to sell off?

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You'd have a point if anyone WANTED the real estate detroit had to offer. All things are not equal. The art has a target on it because it has value.

Quote:

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Originally Posted by rb336

Personally, I think the creditors should just be given all the property tax delinquencies. Let them collect the back taxes or take over ownership

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There you go. The banks are the creditors and they also own the mortgages.

Many of them have taken over ownership, kicked people out, and left the property open to tresspass [[only to be destroyed). Makes sense to me!

renf;
Each item of the Art has the added intrinsic value that after purchase it can be taken away. The Water and Sewerage System on the other hand cannot be moved yet and its intrinsic value is that it is vital to millions of people in the suburbs; so for the foreseeable future it's a very valuable bargaining asset. I see the others on your list as speculative assets which might or might not be worth their perceived value but I don't see one I would want to risk my own money on [[except maybe the Zoo).
http://www.freep.com/article/20130602/NEWS01/130530021

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Originally Posted by DetroitPlanner

There you go. The banks are the creditors and they also own the mortgages.

Many of them have taken over ownership, kicked people out, and left the property open to tresspass [[only to be destroyed). Makes sense to me!

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Now THIS is creative thinking. Plus the banks probably know some good collection agencies that they could have harass them over their unpaid taxes :)