Originally Posted by
casscorridor
I think it is absolutely feasible if they are rental apartments and a reasonable rate. I'm talking a more affordable alternative to Merchant's Row, which are quite high for the city. If the rates were low enough for students/young people, I think many would want to live there. Maybe low enough by student standards isn't possible, but wouldn't a huge tower full of apartments paying rent and first floor retail paying rent provide huge revenue?
You might be able to explain why landlords keep empty storefronts while demanding outrageous rent in Downtown Detroit. I'm sure if they lowered their rent, there would many many businesses lining up to open. Not having affordable retail space in a city downtown with very little retail is plain stupid, I don't care what the motivation is for landlords charging so much.
Look around Downtown and see what parts have foot traffic, you'll see it is the places with businesses open... restaurants, cafes, shops, etc. The places with stark concrete buildings, abandoned storefronts or parking lots have very few people walking. You could say a business won't want to open because there isn't enough foot traffic, but the business itself creates foot traffic, thats why there are clusters, such as on East Grand River between Broadway and Harmonie Park. One store opens, another one opens next door and feets off the foot traffic brining even more traffic to the first store, and so on.
Obviously another generator of foot traffic is transit. Busses brining in the fewest. But a light-rail transit system will enable many more people to come in from outside Downtown without have to drive, enabling even more foot traffic.
I think the time when we have a vibrant Downtown is fast approaching. Smart investors realize this early, and work to help it along and take part, not just sit on land waiting for someone else to do something.