Broderick Tower Official Thread

**esp1986** · April-18-11, 03:55 PM

Originally Posted by Rocko

As a side note, this project would NOT be moving forward if not for the State Historic Preservation tax credits Gov. Snyder hopes to derail. The Broderick gets them because they were awarded before he took office. If he gets his way and the credits disappear, how many other valuable historic properties in Detroit [[and outstate) with real potential for rehabilitation will never be viable?

There was an article a week or two ago that said Snyder had loosened his stance on the Historic and Brownfield credits. I can't remember where I read it, MLive maybe, but after prodding from local leaders such as Detroit Mayor Dave Bing and others around the state, Snyder said the credits will make it back. Individuals such as The Broderick Tower project leader, Fred Beal had been very publicly vocal about the importance of the credits, asked if the Broderick project would happen without the credits, he replied, absolutely not. I will do my best to find the article.

**adamjab19** · April-18-11, 04:43 PM

Originally Posted by Rocko

As a side note, this project would NOT be moving forward if not for the State Historic Preservation tax credits Gov. Snyder hopes to derail. The Broderick gets them because they were awarded before he took office. If he gets his way and the credits disappear, how many other valuable historic properties in Detroit [[and outstate) with real potential for rehabilitation will never be viable?

time for public and prvate moneys to come together for such projects. Let the market speak for renovations now. Time to stop depending on the government. They have set a lot of people and business up for failure by giving them their tit and now someone is taking it away. The government has failed us before and it is really failing now, it's time to not depend on them at all!

Very excited about this development though!

**SpartanTom** · April-18-11, 08:19 PM

Originally Posted by adamjab19

time for public and prvate moneys to come together for such projects. Let the market speak for renovations now. Time to stop depending on the government. They have set a lot of people and business up for failure by giving them their tit and now someone is taking it away. The government has failed us before and it is really failing now, it's time to not depend on them at all!

Very excited about this development though!

Historic preservation credits bring in $11.37 for every dollar spent. And there are many other benefits. Here is a good article detailing them: Freep

**adamjab19** · April-19-11, 08:24 AM

Originally Posted by SpartanTom

Historic preservation credits bring in $11.37 for every dollar spent. And there are many other benefits. Here is a good article detailing them: Freep

Thank you for the article. I was not aware of the numbers involved with rehabbing a building.

I guess, I hope, that if these credits decrease or do go away that people do not stop trying to find funding for these projects from different avenues.

**Det_ard** · April-19-11, 12:46 PM

Originally Posted by SpartanTom

Historic preservation credits bring in $11.37 for every dollar spent. And there are many other benefits. Here is a good article detailing them: Freep

While I haven't analyzed the quoted numbers for preservation in depth like I have with the film tax credits, it sounds like historic preservation has a lot better bang for the buck, with more permanence. The Book-Cadillac isn't going to move to another state.

bartock · April-19-11, 01:05 PM

Originally Posted by Det_ard

While I haven't analyzed the quoted numbers for preservation in depth like I have with the film tax credits, it sounds like historic preservation has a lot better bang for the buck, with more permanence. The Book-Cadillac isn't going to move to another state.

If it DID move to another state, that would suck because having a walking 30 story building would be a huge tourist attraction, though probably a burden on the infrastructure.

**esp1986** · April-19-11, 01:21 PM

Originally Posted by Det_ard

While I haven't analyzed the quoted numbers for preservation in depth like I have with the film tax credits, it sounds like historic preservation has a lot better bang for the buck, with more permanence. The Book-Cadillac isn't going to move to another state.

The historic preservation credits are significantly different from the film credits... The film industry is going to go where ever they get the most money... Some of these productions are metaphorically printing money by the time it's all said and done and yet they continue to say they want money from the government in the form of tax credits... a 42% credit is astronomical, especially when most films are viable on their own.

The historic preservation credits are merely a gap-filler. When there is a project like the Book Cadillac or Broderick Tower where the developers are a few million short with no way to recoup that cost, that is where they use the credits. None of these developments will ever be swimming in cash the way the film industry is. Granted the BC and BT are two extreme cases that got more credits than most, but with the relatively low value of the property in Detroit, no project to restore an abandoned building can be viable by itself, and at the end of the day, we at least have a piece of infrastructure here that we got out of the deal.

**Dan** · April-18-11, 07:28 PM

Projects like this will not happen without the tax credits.

**mikeg19** · April-21-11, 07:54 PM

Have they released rent pricing yet for the units? I can't find anything on the website.

**adamjab19** · April-21-11, 10:37 PM

Originally Posted by mikeg19

Have they released rent pricing yet for the units? I can't find anything on the website.

I thought I read somewhere $600 for studios on up to $2700 for huge units.

**gthomas** · April-21-11, 08:34 PM

I wonder what type of retail and/or restaurant will occupy the ground level...have any interest floated through yet? Walking pass today on Woodward behind where the collasp building was, there pouring the foundation of what..?..to replace what was there before?

**rbdetsport** · April-21-11, 09:56 PM

In the current plans, the building next door is to be replaced. I am guessing they are already pouring cement there to use it for construction vehicles so they do not block Woodward. Unless they were pouring footings as well?

**gthomas** · April-22-11, 11:53 AM

Interesting right...I'm going to ask one of those construction crew when i get a chance to walk by...

Originally Posted by rbdetsport

In the current plans, the building next door is to be replaced. I am guessing they are already pouring cement there to use it for construction vehicles so they do not block Woodward. Unless they were pouring footings as well?

**rjlj** · April-22-11, 01:18 PM

Originally Posted by rbdetsport

In the current plans, the building next door is to be replaced. I am guessing they are already pouring cement there to use it for construction vehicles so they do not block Woodward. Unless they were pouring footings as well?

Currently, a new stairwell is being constructed on that side of the building. The hole will eventually be filled with dirt and a pad will be constructed for the buckhoise which you should see sometime in May.

**adamjab19** · April-21-11, 10:40 PM

http://detnews.com/article/20110418/...ers-renovation

here is an articale about rent prices and businesses planned.

**Jason** · April-21-11, 11:50 PM

Good, I'm glad they're not charging a ton of money for the units.

**Gistok** · April-22-11, 12:46 AM

I would love to have one of those 4 penthouses with the small corner triangular balconies. I also like the spiral staircases those units have.

And rather than the Weyland Whales on the east wall... I think some creative Tromphe O'eil [[fool the eye) paintings with fake architecture painted on it... including some creative ads in frames down the slender wall would be an eye catcher, as well as a revenue generator.

Some folks don't like billboards and signage on downtown buildings... but in the 1st half of the 20th century downtown Detroit was covered in signs.

**Planner3357** · April-22-11, 07:16 AM

Originally Posted by Gistok

I would love to have one of those 4 penthouses with the small corner triangular balconies. I also like the spiral staircases those units have.

And rather than the Weyland Whales on the east wall... I think some creative Tromphe O'eil [[fool the eye) paintings with fake architecture painted on it... including some creative ads in frames down the slender wall would be an eye catcher, as well as a revenue generator.

Some folks don't like billboards and signage on downtown buildings... but in the 1st half of the 20th century downtown Detroit was covered in signs.

I agree, you look at earlier pics of Detroit and every building is a billboard. I think like you said, do it classy and it can still generate revenue...plus, that whole side of the building is windowless for the most part. May as well put it to good use.

BTW, if the Broderick units are nicer than my current building [[Kales), I may have to leave. I do like my view though....at least I have a year and a half to figure it out.

**staticstate** · April-22-11, 12:19 PM

Originally Posted by Planner3357

I agree, you look at earlier pics of Detroit and every building is a billboard. I think like you said, do it classy and it can still generate revenue...plus, that whole side of the building is windowless for the most part. May as well put it to good use.

BTW, if the Broderick units are nicer than my current building [[Kales), I may have to leave. I do like my view though....at least I have a year and a half to figure it out.

maybe they can paint the old hudson's building streetscape on the side. that would be awesome.

**gthomas** · April-22-11, 01:47 PM

thankz...how you found that out?

**esp1986** · April-22-11, 08:14 PM

Kraemer Design Group, the project designer/architect posted on this forum a couple months ago telling us about this. They said the space would be reserved for retail. During construction they would use that space for equipment and construction of the buckhoist, the external construction elevator. Later, a stairwell dedicated to the office space would be built off that side of the building and the retail space would be constructed last.

**gthomas** · April-23-11, 02:31 PM

oh ok, kool..

**esp1986** · April-27-11, 05:56 PM

http://www.modeldmedia.com/devnews/b...ion042611.aspx

Here is a new article on the renovation. It tells a little bit more about some of the changes taking place in restoration. I know Gistok wanted to see the decorative cornice restored, and they already said they won't do that, but they did say they will be restoring the granite at street level, it was replaced or covered with brick during an earlier renovation.