The Penobscot bldg would not have sold for 5$ a sq ft if things were OK. If real estate values were normally healthy, a multistory parking integrated to a development would be a given. For a lot of reasons, some owners and potential investors are not putting the value of buildings front and forward but rather lamely give priority to fast buck turnaround on parking structures. This is a universal problem in North American cities that needs to be addressed. But in Detroit where the automobile is king, and where transit is even less evident than in L.A. or Houston; the problem is exacerbated and land values plummet because of this insistence on fast in and outs to the suburbs.
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