Auction of two Detroit properties

Guess the price was right for two properties.

http://www.crainsdetroit.com/article...ids-at-auction

You don't spend that much money on a parking lot unless you plan on doing something to it.

Quote:

---

Originally Posted by animatedmartian

You don't spend that much money on a parking lot unless you plan on doing something to it.

---

Got that right. On google earth I counted 60 spots give or take. At $81,666 per parking space you had better have a better idea than surface parking

Quote:

---

Originally Posted by ABetterDetroit

Got that right. On google earth I counted 60 spots give or take. At $81,666 per parking space you had better have a better idea than surface parking

---

According to Crain, there's also 35 spaces underground. But as you might notice on google, the entrance is blocked off and those spaces underground probably haven't been used for quite a while.

Not only that, but the two buildings next door, the Detroit Club [[which technically isn't sold yet) and Free Press Building, both went for $2.9 million and $4.2 million dollars respectively. Dan Gilbert didn't even want the Free Press building for $4 million dollars. This basic parking lot got almost $5 million.

The Crain article also mentions that just keeping the parking lot as it will usually generate $600,000 a year in revenue. But buying it at $5 million, it'd take at least several years to make back that money [[not factoring in taxes and whatever). So yea, it would be awfully odd if something was not going to be built here sooner rather than later.

BTW, the price wasn't right on the Detroit Club.

http://www.freep.com/article/2014073...Auction-Finale

The only price which was right yesterday was David Price to Tigers.

Quote:

---

Originally Posted by emu steve

BTW, the price wasn't right on the Detroit Club.

http://www.freep.com/article/2014073...Auction-Finale

The only price which was right yesterday was David Price to Tigers.

---

I wonder how "significant" the renovations Uralli made if $3 million wasn't enough. According to a previous Freep article, Uralli mostly did the flooring, bathrooms, and restaining. Otherwise, the building was seemingly in mostly good shape with he bought it for $1 million. Maybe he was a little too optimistic about the demand for the building? I mean he's already made bo-ku money selling other Detroit properties, maybe he's being a little greedy at this point. :eek: