Lee Plaza hotel to be redeveloped?

**G-DDT** · May-03-16, 10:25 PM

Originally Posted by ABetterDetroit

It would truly would be awesome and I hope this all comes together. Questions remain though. Mr. Sasser acknowledges he needs to raise money for securing the building after closing but has a unnamed invester ready to go with 51 million and the project will be completed in 18 months???

Oh Snap!

I forgot about the "unnamed investor" part of the article I recently read in the weary hours of last night. That does smack of red flag there. Not that we think this guy is a beard for Lex Luthor or anything.

Another ugly aim, would be having this guy buy it, do nothing [[as you said), and let it burn [[though he does seem truly interested in much of the restoration), in which he can say "oopsee." while being compensated all under the umbrella of some other group that wanted it put into a state of unquestioned removal. Yet, that's maybe overreaching a shadowy suspicion.

Truly, I've seen the craziest places salvaged from the brink, so I honestly hope this makes it, even if I should never set foot into it within my lifetime. Also, it would be a nice thing to have a "build it and they will come" sort of thing transpire [[now that would truly answer a question to another thread of "what evidence we see of Detroit improving?") in that area. It would suddenly jolt everyone with the inspiration to rehab many other older buildings and areas-a healthy craze that would catch on all around here [[one can dream can't they?).

**gvidas** · May-03-16, 10:43 PM

The location is pretty good if you look at it in terms of real estate ownership and location. Lee Plaza is on the northwest corner of a neighborhood bordered by Grand Blvd and I-94 on the north and south, and the Lodge and I-96 on the east and west. This area is rough presently, but mostly because of Henry Ford buying up real estate, and real estate speculators buying it up hedging against further expansion without investing at all. I think it's mostly the speculation which has kept out the residential tendrils of New Detroit.

Note also that there are a few odd anchor institutions in the area: a highschool next door, the DPD training building a few blocks away, and the national guard even closer.

It's very easy to imagine that area looking entirely different in 3 years. If it were on the other side of 96 I might feel different. But in general the chunk of neighborhood seems overdue for development.

**gvidas** · May-03-16, 11:42 PM

Picture, thousand words, etc.

Name: speculation.jpg
Views: 1569
Size: 80.0 KB

[[Zillow)

**emu steve** · July-18-16, 06:17 PM

http://www.freep.com/story/money/bus...ment/87244430/

**Detroitdave** · July-19-16, 08:26 AM

Originally Posted by emu steve

http://www.freep.com/story/money/bus...ment/87244430/

I agree with the last comment poster on the free press quote. This guy never had the funding really set up for a project this size. and , yes a typical Detroit insider trying to make a big splash. I spoke with one of the guys working on this deal a couple years ago at Cafe de Mongo's, and even then I wasn't sold.This project will take someone with deep pocket's and has a proven history of getting a job of this size done ,i.e the Roxbury group ,Dan Gilbert or someone that has a history of doing a project like this , not someone trying to piece together the funds and has no history or track record .Not someone with limited connections trying to pull together a deal.I wish him well ,but I seriously doubts he's gonna be able to pull this out.He's in WAY over his head.

**Scottathew** · July-19-16, 09:41 AM

According the the Freep article, they don't even own the building. This would have been nice, but it's DOA.

**hybridy** · July-19-16, 09:56 AM

are many here surprised at this news? oct will come and go w/o further movement

**Lowell** · August-03-16, 07:57 AM

Update news that is not exactly shocking...

http://www.freep.com/story/money/bus...ment/87244430/

Proposed Lee Plaza redevelopment hit by setback
JC Reindl, Detroit Free Press 2:46 p.m. EDT July 18, 2016
Developer has until Oct. 20 to come up with money to close land deal

A daring $51-million plan to redevelop the massive and empty Lee Plaza tower on Detroit's west side into upscale housing has encountered more delays and new financing troubles and may be in jeopardy.

The would-be developer, Detroit native Lee Sasser, says several local investors have exited the project and he is trying to find replacements. These investors were to help with upfront costs, including the $258,000 purchase price for the dilapidated Lee Plaza and two adjoining land parcels. The historic plaza is a 17-story high-rise at 2240 W. Grand Blvd., about a mile west of New Center, and is owned by the Detroit Housing Commission.

Sasser's company, Moneta Energy, has had a tentative deal with the housing commission since last fall to buy the properties. But the sale's closing date, originally anticipated for December, was pushed back several times amid delays in obtaining various local, state and federal approvals for the redevelopment. More recently, the housing commission gave Sasser and his attorneys until mid-July to further review the closing documents.

**Hypestyles** · August-03-16, 03:03 PM

too bad. something needs to happen with more development projects beyond downtown.

**hybridy** · October-25-16, 12:52 PM

$200 million Lee Plaza redevelopment deal appears dead

http://www.crainsdetroit.com/article...l-appears-dead

**Zacha341** · October-25-16, 05:58 PM

^^^ And it will stay dead. The location in general remains too rough and dangerous for most to seriously consider residing in that structure were it restored.

Further, Lee Plaza is too far away from Midtown and Downtown to be rehabbed as part of that interest and momentum.

**SyGolden48236** · October-25-16, 06:04 PM

Is anyone truly surprised at this outcome? The project did not look realistic from the outset.

Further, this "developer" has no track record of completing projects such as this. As Crain's mentioned 11 months ago: "But there is little, if any, record of Sasser being a developer, either here in Detroit, where he was born and raised, or Los Angeles, where he had lived for years prior to moving back to the city in 2013."

http://www.crainsdetroit.com/article/20151120/BLOG016/151129986/lee-plaza-project-faces-uphill-climb

A rehab for the Lee Plaza does not make any sense at this point in time. The surrounding area is absolutely horrible and the building is too far away from any areas showing signs of life down in that city. I certainly would not invest a penny in a project such as this one.

**ABetterDetroit** · October-25-16, 08:05 PM

Seriously. If anyone wants to see the Lee Plaza rehabbed and with residents anytime in the next decade it should have the NEZ slapped on it right now. Without tax abatements it really has no hope of attracting real developers with a proven track record before it caves in on itself.

**Hypestyles** · October-25-16, 10:26 PM

... and yet another derelict eyesore for black & brown kids in the neighborhood to be forced to look at every day as part of their "normal" environment as reactionaries from the metro cast aspersions on why they "don't take more pride in their surroundings" and suburbanite preservationists blanch uncontrollably at the thought of razing as a final solution...

**mikeg19** · October-26-16, 06:38 AM

I think we all saw this one coming, so no surprise here. Maybe in another 5-10 years if Midtown/New Center keep up the current development pace I could see LP getting restored, but like it's been said, it's just way to far out from the core.

**renf** · October-26-16, 08:26 AM

Henry Ford Hospital, several years ago, announced plans to erect a substantial new campus on the south side of West Grand across from their present campus. Are those plans delayed? A new medical center at that location on West Grand might generate some demand for housing in a renovated Lee Plaza. I do not understand the mind set of
those who are now speculating in Detroit real estate.

**hybridy** · October-26-16, 09:51 AM

Originally Posted by renf

Henry Ford Hospital, several years ago, announced plans to erect a substantial new campus on the south side of West Grand across from their present campus. Are those plans delayed? A new medical center at that location on West Grand might generate some demand for housing in a renovated Lee Plaza. I do not understand the mind set of
those who are now speculating in Detroit real estate.

Henry ford planning is ongoing. Multiple projects and lots of politics. Gonna be a long road though. The cancer center was publicly announced, but nothing else.

**vetalalumni** · October-26-16, 09:59 AM

Originally Posted by SyGolden48236

Is anyone truly surprised at this outcome? The project did not look realistic from the outset.

Further, this "developer" has no track record of completing projects such as this. As Crain's mentioned 11 months ago: "But there is little, if any, record of Sasser being a developer, either here in Detroit, where he was born and raised, or Los Angeles, where he had lived for years prior to moving back to the city in 2013."

http://www.crainsdetroit.com/article/20151120/BLOG016/151129986/lee-plaza-project-faces-uphill-climb

A rehab for the Lee Plaza does not make any sense at this point in time. The surrounding area is absolutely horrible and the building is too far away from any areas showing signs of life down in that city. I certainly would not invest a penny in a project such as this one.

On investing in the Mo, "Good luck with that" was the phrase uttered by Smokey Robinson. See the "Smokey Robinson Disses Detroit" thread.

Originally Posted by R.B.J

Smokey was interviewed on the Breakfast Club today, someone in the studio had a Gratiot street sign, they talked about that for a minute, Angela Yee made a statement about owning homes in Detroit, and Smokey responded "good luck with that", and a few other negative comments. I was surprised because Smokey Robinson has always been a promoter of Detroit. Other than the few negative comments about his native city, it was a really interesting interview. The Detroit comments begin a little after the 10:00 minute mark.

https://www.youtube.com/watch?v=9WdZ3rQCiwk

Starting at the pertinent 9:52 mark ==> https://www.youtube.com/watch?v=9WdZ3rQCiwk&t=9m52s

**Zacha341** · October-26-16, 03:02 PM

Yet most of that development [[Henry Ford Hospital) is east of Rosa Parks [[12th Street), flanking Midtown. Sadly, Lee Plaza sets outside of that activity area boundary - current and pending. Once you've passed Linwood heading south west, you're out of the development areas that are most active in the city.

Originally Posted by hybridy

Henry ford planning is ongoing. Multiple projects and lots of politics. Gonna be a long road though. The cancer center was publicly announced, but nothing else.

**Zacha341** · October-26-16, 03:06 PM

I was hoping so, but 12th street seems to remain the unspoken Berlin wall against how far they will go southwest towards Linwood, Dexter and Grandriver.

Originally Posted by renf

Henry Ford Hospital, several years ago, announced plans to erect a substantial new campus on the south side of West Grand across from their present campus. Are those plans delayed? A new medical center at that location on West Grand might generate some demand for housing in a renovated Lee Plaza. I do not understand the mind set of
those who are now speculating in Detroit real estate.

**innercitydoc** · May-14-17, 06:57 PM

http://www.freep.com/story/news/loca...hab/321716001/

**ABetterDetroit** · May-14-17, 08:47 PM

Originally Posted by innercitydoc

http://www.freep.com/story/news/loca...hab/321716001/

This would be fantastically good news for anyone who has hope for Lee Plaza to be saved.

**Zacha341** · May-14-17, 09:01 PM

Why should the city finance this? Do we have the money?

**ABetterDetroit** · May-14-17, 09:29 PM

Originally Posted by Zacha341

Why should the city finance this? Do we have the money?

200K?

Money well spent. Slap the NEZ on that building and market the hell out of it and sell for $1 to the most financially sound plan that can be found. Bundle with adjoining property.

The Detroit Housing Commission can't handle it but the City has been improving at playing the game the last few years.

Detroit did not make the rules, Lansing did. Get aggressive in using them to the fullest extent they can be utilized.

**Zacha341** · May-14-17, 09:34 PM

^^^ I think there'll be hidden costs -- made worse by estimating too low the cost of restoring the structure at this point. Not to mention questionable ROI factors.

The structural integrity of the building is probably very bad. According to the brief summary here there is interior collapsing...

But I hope it works out. Something needs to be done, or please TEAR IT DOWN!