Broderick Tower Official Thread

**esp1986** · September-17-10, 01:24 PM

Originally Posted by BrushStart

Does anyone know what is going on with the Broderick? I coulda swore something was supposed to happen with it this summer. Now, it's mid-September, and still, nothing... This building is the biggest shame in all of downtown. I walk by the Broderick nearly everyday and I can't believe that amongst all of the new life sprouting around it, this building has not been redeveloped. Apartments and condos in the Broderick could look right into Comerica Park's infield and residents would be at eye-level with the Freedom Fesitival fireworks. Yet, it sits there and rots; right up in your face. It is like a pillar of failure for all to see. Even as Woodward Avenue progresses and Park Avenue is populated with people, the Broderick stands as an ode to Detroit's continuing struggle, overlooking the people below.

You are right, something WAS supposed to happen. Fred Beal, of Beal Construction, said in a letter to the Michigan House, that construction could begin within 90 days of receiving another tax credit. That tax credit, was approved by the legislature, and signed into law by Michigan's "Governor" last December. 90 Days came and went, and now here we are. However, I did read back in July, an article in which the writer spoke with Fred Beal about the construction market and his outlook for it. I can't remember, nor find, the exact quote, but it was something to the tune of 'they are in the final stages of securing financing for the project, and hopeful construction will begin in 2010.' But considering that this project was supposed to start in mid-2007 [[according to JC Beal's website), before the market really even tanked, I have lost all hope. I myself have actually been looking at relocating downtown, and this is one of the buildings I was hoping I would be able to consider, so much for that idea.

lincoln8740 · September-17-10, 08:16 PM

Originally Posted by esp1986

You are right, something WAS supposed to happen. Fred Beal, of Beal Construction, said in a letter to the Michigan House, that construction could begin within 90 days of receiving another tax credit. That tax credit, was approved by the legislature, and signed into law by Michigan's "Governor" last December. 90 Days came and went, and now here we are. However, I did read back in July, an article in which the writer spoke with Fred Beal about the construction market and his outlook for it. I can't remember, nor find, the exact quote, but it was something to the tune of 'they are in the final stages of securing financing for the project, and hopeful construction will begin in 2010.' But considering that this project was supposed to start in mid-2007 [[according to JC Beal's website), before the market really even tanked, I have lost all hope. I myself have actually been looking at relocating downtown, and this is one of the buildings I was hoping I would be able to consider, so much for that idea.

Its crazy to think about the amount of "grease" he spread around Lansing to get those tax credits and now that he has them the project still can't get off the ground.

I think its proof of just how bad the market is in Detroit right now.

**BrushStart** · September-18-10, 12:14 AM

Originally Posted by lincoln8740

Its crazy to think about the amount of "grease" he spread around Lansing to get those tax credits and now that he has them the project still can't get off the ground.

I think its proof of just how bad the market is in Detroit right now.

I understand what you're saying, but I think you're painting all of Detroit with the same brush. The market is bad in Detroit as a whole, however, Detroit is 140 square miles. I don't think the market in downtown, midtown, and some places along the river are even comparable to the rest of Detroit. They might as well be entirely different cities- pretty much isolated from the rest of the city. The location of the Broderick is arguably the most desirable urban location in all of Michigan. I can't name another that trumps it. It is across the street from Comerica Park, Ford Field, and the trendiest bars and restaurants in Detroit, and it already has retail at the ground level. If that building was renovated, everything in my soul tells me that those units would sell like wildfire. The Broderick is seriously unbeatable. If people won't live at the Broderick, then people won't live anywhere in downtown Detroit period. That proposition would fly in the face of all the current evidence. Downtown and Midtown are steadily growing while the rest of Detroit is rapidly contracting.

**esp1986** · September-18-10, 09:29 PM

Originally Posted by BrushStart

I understand what you're saying, but I think you're painting all of Detroit with the same brush. The market is bad in Detroit as a whole, however, Detroit is 140 square miles. I don't think the market in downtown, midtown, and some places along the river are even comparable to the rest of Detroit. They might as well be entirely different cities- pretty much isolated from the rest of the city. The location of the Broderick is arguably the most desirable urban location in all of Michigan. I can't name another that trumps it. It is across the street from Comerica Park, Ford Field, and the trendiest bars and restaurants in Detroit, and it already has retail at the ground level. If that building was renovated, everything in my soul tells me that those units would sell like wildfire. The Broderick is seriously unbeatable. If people won't live at the Broderick, then people won't live anywhere in downtown Detroit period. That proposition would fly in the face of all the current evidence. Downtown and Midtown are steadily growing while the rest of Detroit is rapidly contracting.

While I don't truly believe that the units would 'sell like wildfire,' [[see Book-Cadillac condos) I do believe that they would move, as downtown's residential situation is becoming tight. However, I think this is more of an indication of the Beal's unwillingness to take a risk with redevelopment. They want to be 100% sure they will meet their goal, rather than risk breaking even and doing something positive for the city. Now, I can't exactly say I blame them, but for a group that has come to essentially label themselves as 'urban redeveloper extrodinaires' [[see Fred Beal's LinkedIn page) as well as aiming to be one of the big game changers and risk takers in turning downtown around, the more time that passes without a renovated Broderick, the more they stare down the road of hypocrisy.

**wolverine** · September-19-10, 01:44 PM

If this is rental, I think it would fill up quickly. Last I heard, there was demand for rental apartment downtown. It's not like a condo building where you can gauge its success by the number of condos sold before closing. You just trust that they will get rented by neighborhood demand [[which exists). I mean, you have vintage architecture, 36 stories high, beautiful views, windows on all sides, steps from CM, riverfront, and the stadiums. How much better can the location get in Detroit?

**mwilbert** · September-19-10, 03:18 PM

I think there is demand for more rental units downtown, but of course that depends upon what the rents would be. It isn't necessarily the case that it would be enough to cover the cost of the renovation, even factoring in the credits. On the other hand, if they thought the numbers worked a year ago, it seems likely they would work now. Perhaps they are having difficulty with financing.

**rsa.313** · September-20-10, 09:03 AM

who said they were developing condo's? to utilize the tax credits they're using a stipulation is that it must remain rental for at least 5 years.

**esp1986** · September-20-10, 09:26 AM

Originally Posted by rsa.313

who said they were developing condo's? to utilize the tax credits they're using a stipulation is that it must remain rental for at least 5 years.

The plan for this project all along has been for rental, which would make this doable. They are only being compared to the other condos around downtown in terms of occupancy. The only mention of condos in relation to the Broderick has been, years down the road, the possible conversion to condos to recoup a big portion of the investment.

**lo_to_d** · November-18-10, 04:27 PM

Anyone know anything about the start of interior demolition at the Broderick?

**drjeff** · November-18-10, 04:51 PM

Is that actually happening?

**DetroitScooter** · November-18-10, 05:27 PM

The cars parked at the doorway of the Broderick are the same company that's doing the facade and lighting improvements on the two buildings just past Bleu, south on Woodward. I walked by there today and did a double-take when I saw that they say demolition on some of their Ford Focuses.

bartock · November-19-10, 09:30 AM

Originally Posted by DetroitScooter

The cars parked at the doorway of the Broderick are the same company that's doing the facade and lighting improvements on the two buildings just past Bleu, south on Woodward. I walked by there today and did a double-take when I saw that they say demolition on some of their Ford Focuses.

Is this the same sort of thing that was referenced here in the building next to Bleu thread?

http://www.hourdetroit.com/Hour-Detr...ckers-of-Hope/

**DetroitScooter** · November-19-10, 03:12 PM

Yes, I took those snaps of the building down the block and they walked around to the front of the Broderick building when I did my double take. I'm sure that those cars are the guys who are working on the facade and lighting projects down Woodward. OR ARE THEY!

**mkurlyandchik** · November-19-10, 03:29 PM

I have it on good authority that the renovations on the Broderick are set to begin very soon -- if they aren't already in progress [[I was told "this fall") -- with a September 2012 projected completion date. This is, of course, all talk so far.

Keeping my fingers crossed for this one.

**Pcm** · November-19-10, 03:38 PM

The email is long gone, but I sent an inquiry to the email address on the Broderick site. The reply basically said that the renovations would begin this fall, and that it would be move in ready by this time next year. Ambitious, and totally unbelievable.

I asked last year what the status with the renovation was, and was told that it would be move-in ready by now.

**BrushStart** · November-18-10, 05:49 PM

Demolition as in COMPLETE DEMOLITION of the Tower? Or, demolition as in removal of debris prior to a renovation of the building?

**detroitbob66** · November-18-10, 11:30 PM

Zak and I may just have to check this one out!

**DetroitZack** · November-19-10, 04:46 AM

Originally Posted by detroitbob66

Zak and I may just have to check this one out!

Damn straight!

**wolverine** · November-19-10, 02:34 AM

Originally Posted by BrushStart

Demolition as in COMPLETE DEMOLITION of the Tower? Or, demolition as in removal of debris prior to a renovation of the building?

They are demolishing all of Brush Park as well.

**Gistok** · November-19-10, 04:19 PM

Parking ON Woodward is a no-no... so any workers working on buildings on Woodward would likely find the closest place to park their trucks.... and that would likely be on Witherell at GCP in front of the Broderick Tower...

gdogslim · November-21-10, 11:08 PM

Isn't m. higgins the owner of the broderick and beal a small investor developer?
Financing: I don't see how they could secure 45 mill or whatever in this environment.
They are using the building, In my humble opinion as an opportunity to make money on any chance of funds they can get from taxpayers, er.. the government agencies that are trying to rebuild from the connections at the DAC.

Don't get me wrong, I would love to see this nice located bldg get its redo, but supply and demand are still too far out of sync for anything to happen outside of 25 million of a tax subsidy to get the TOTAL rehab going.

And another thing, Mayor Bing, with all respect, please get Detroit City out of the real estate business, sell everything [[non city) on the books for whatever you can get [[within reason) release the gov't bureacratic stranglehold and collect taxes and other money associated with development. Banks don't want to be in the real estate business for a reason as well.

bartock · December-03-10, 01:07 PM

I'll be cynical and say I'll believe it when I see it.

http://www.freep.com/article/2010120...nto-apartments

**Planner3357** · December-03-10, 01:37 PM

Originally Posted by bartock

I'll be cynical and say I'll believe it when I see it.

http://www.freep.com/article/2010120...nto-apartments

I agree with you. However, I feel a little more optimistic about it being that Quicken Loans bought the Madison next door. Maybe, just maybe we will see something happen...

I'm sick of looking at that beauty out of my windows as it is.

**esp1986** · December-03-10, 01:43 PM

Originally Posted by bartock

I'll be cynical and say I'll believe it when I see it.

http://www.freep.com/article/2010120...nto-apartments

I am, as always, cautiously optimistic. The hold up all along with this project has been financing. The article says they are close to securing financing, and should that happen, we will finally get a renovated Broderick. Fred Beal said a few months ago that they were looking for financing which comprised the final piece of the project, here's to hoping this is it.