Detroit Executive Plaza rumor mongering

[hybridy]

A long-struggling Detroit office tower complex is now in receivership

A large office complex straddling downtown Detroit and Corktown is now under the control of a receiver.

Southfield-based Farbman Group was tapped earlier this month to oversee the almost entirely vacant Detroit Office Plaza — sometimes referred to as the Executive Office Plaza — after an entity tied to Samir and Mary Danou defaulted on a $10.3 million loan on the property from Orange County, Calif., lender M360 Advisors, according to Wayne County Circuit Court records.

Farbman Group is tasked with managing and marketing the complex, as well as teeing it up for a sale that would have to be approved by the court.

"Everybody's pretty much getting along to try and get the thing to move [[sell)," Bernstein said. "The timeframe [[for a sale) really depends upon what the market will bear and I don't anticipate any battles over this."

[Gistok]

If the price is right... I'm surprised Gilbert doesn't buy it. It was once planned to be razed for a 5 block [[superblock) lowrise FBI regional HQ... i.e. a suburban style development for a downtown site... glad that one died.

The 2 towers would be ideal for residential, with a lot of space around them for more residential development.

[royce]

^Gistok, I agree that there is enough room in the area for more residential. Those parking lots would be ripe for development if the buildings won't be used for office space. Personally, I wish they'd tear them down and build something else. That brutalist tower is just that, brutal to look at. It's time has passed and something new needs to go up on that spot. Given that they are connected, can one be torn down without the other being torn down? That's my two cents.

[Gistok]

^Royce... at 613,000 sq. ft., that is an enormous amount of space [[50% more than the Guardian Building)... and anything that gets built in its' place would likely not exceed 5 stories. I like the high density of the space.

Just look at the Hammer and Nail Building on Woodward in Midtown... that too was planned for demolition... it too is not that beautiful. But it was redeveloped into residential, and boasts some of the greatest views of Midtown, and we are fortunate that it was saved.