Bedrock CEO: David Stott to become apartments; hints at several retail announcements

on retail:
As for what's in the works, Ketai would only hint at several announcements coming soon.
"You're going to start seeing a lot coming," he said. "I can't wait to announce it."

on the david stott:

"In my opinion, it'll be the nicest place to live [[downtown)," he said.

on the hudson:
""It will be mixed use," Ketai said. "It will definitely have some residential, definitely some retail, and likely some public space, whether it's a museum or something like that. And parking underneath."

http://www.mlive.com/business/detroi...lling_dan.html

Density is building! I have a feeling it will take at least a year [[probably more) to transform the David Stott, but it will be awesome to have residential density.

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Originally Posted by 48307

Density is building! I have a feeling it will take at least a year [[probably more) to transform the David Stott, but it will be awesome to have residential density.

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i have no doubt bedrock will do a STUNNING renovation into apartments. their track record speaks for themselves.

hope they reserve some for condo sales as well... the condo market downtown is atrocious.. with there only being the riverfront towers selling some units [[hate the location being secluded), and there are a few [[2 or 3?) 300/400K+ units selling in the book cadillac..

other than that if you want to buy in greater downtown it's only midtown, lafayette park, or corktown really at this point

The transformation of Capitol Park from where it was a few years ago to where it will be a few years from now is going to be incredible. It wont be long before the empty lots around the park are filled with new construction.

I wonder if Gilbert still wants to completely revamp the park like he proposed a few years ago.

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Originally Posted by southen

The transformation of Capitol Park from where it was a few years ago to where it will be a few years from now is going to be incredible. It wont be long before the empty lots around the park are filled with new construction.

I wonder if Gilbert still wants to completely revamp the park like he proposed a few years ago.

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what did he want to do to it?

i think it has been completely revamped... if you go check it out now it is an absolutely stunning public park.. trees, benches, very clean & landscaped, etc.

the only thing holding it back was all the empty buildings haha.. it seems that every building around capitol park is now full or under renovation, no?

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Originally Posted by SpartanDawg

i have no doubt bedrock will do a STUNNING renovation into apartments. their track record speaks for themselves.

hope they reserve some for condo sales as well... the condo market downtown is atrocious.. with there only being the riverfront towers selling some units [[hate the location being secluded), and there are a few [[2 or 3?) 300/400K+ units selling in the book cadillac..

other than that if you want to buy in greater downtown it's only midtown, lafayette park, or corktown really at this point

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I agree. I'm surprised that there are so few condos in some very desirable residential locations.

If an empty nester wants to move 'closer to the action' they most likely would want to buy and not rent. Most owners would hate to become a renter.

I'm surprised we haven't seen much planned for condos in Brush Park [[Condos and PUDs, are complicated legal structures, compared to rental apartments, though. A townhome community, PUD, of a few hundred homes is almost like a very small city, sans fire and police.).

Don't the building renos have to remain rental for 5 yrs. to take advantage of tax credits?

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Originally Posted by SpartanDawg

what did he want to do to it?

i think it has been completely revamped... if you go check it out now it is an absolutely stunning public park.. trees, benches, very clean & landscaped, etc.

the only thing holding it back was all the empty buildings haha.. it seems that every building around capitol park is now full or under renovation, no?

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When Dan Gilbert first talked about targeting Capitol Park he stated he wanted it to be more "artistic" and a better place for people to gather. These images are what he put out.

Capitol Park is nice, but I feel like there is still too much concrete. I wouldnt mind seeing more grass and a more interesting layout.

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Originally Posted by 401don

Don't the building renos have to remain rental for 5 yrs. to take advantage of tax credits?

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Yes. Kind of. The IRS rules require that an owner that claims the tax credits must retain ownership of the property for five years. Under that restriction, an owner can either use the whole property itself or rent it out. Can't sell it to someone else.

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Originally Posted by swingline

Yes. Kind of. The IRS rules require that an owner that claims the tax credits must retain ownership of the property for five years. Under that restriction, an owner can either use the whole property itself or rent it out. Can't sell it to someone else.

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Excellent answer. These can't be condominium ownership as the developer is 'out of there' when the condominium is turned over to the owners and their board of directors.

Legally that is very clear.

I can understand why. You'd have more flipping than pancakes flipped at an iHop.

One of the problem with selling condos in the CBD and Midtown is that it is difficult to get them to appraise at a number the Seller will sell and the Purchaser can finance. Currently there is more money to be made in rentals.

I walk through the park at least once a week - its good, but not great. Too much concrete, and the layout is a bit funky. That whole half closed off street on the west side of the park is weird, too, btw.

So what's happening with the ol' burnt out strip club with the missing roof at 1416 Griswold? I thought Gilbert's company announced back in February that they were gonna demolish it and build a 175 unit apartment building on the site. It's a few months now. Yet, I was in downtown last week and I saw no cranes or construction vehicles, cars still parking in the parking lot instead of it being blocked off, the missing roof through the missing windows... Nuthin' happenin. Is all his resources being tied up with the Vinton now? [[Did see some scaffolding at the Vinton).

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Originally Posted by GPCharles

One of the problem with selling condos in the CBD and Midtown is that it is difficult to get them to appraise at a number the Seller will sell and the Purchaser can finance. Currently there is more money to be made in rentals.

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One would think the Hudson Site would be the ideal location to sell condos - no historic tax credits, the best location in the city, new construction allows the builder to modify individual suites to buyers' wishes and Gilbert's ability to provide mortgages.

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Originally Posted by 401don

One would think the Hudson Site would be the ideal location to sell condos - no historic tax credits, the best location in the city, new construction allows the builder to modify individual suites to buyers' wishes and Gilbert's ability to provide mortgages.

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A $1M penthouse?

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Originally Posted by SpartanDawg

i have no doubt bedrock will do a STUNNING renovation into apartments. their track record speaks for themselves.

hope they reserve some for condo sales as well... the condo market downtown is atrocious.. with there only being the riverfront towers selling some units [[hate the location being secluded), and there are a few [[2 or 3?) 300/400K+ units selling in the book cadillac..

other than that if you want to buy in greater downtown it's only midtown, lafayette park, or corktown really at this point

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Given how the real estate crash totally destroyed Detroit housing values, I'm not surprised that few condos have been built. But now that things are turning around, I would think the market might be able to support some condos in addition to all the new apartments.

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Originally Posted by DetroiterOnTheWestCoast

Given how the real estate crash totally destroyed Detroit housing values, I'm not surprised that few condos have been built. But now that things are turning around, I would think the market might be able to support some condos in addition to all the new apartments.

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I'm a former condo owner. "New" condos [[new construction or conversion of an existing apartment building - establishing the condominium and its governing board of directors and property management) is very complex legal, financial and management process.

Financing is much, much more complicated that for fee simple real estate.