Book Building and Tower renovation

[p1acebo]

I agree with you 100%. I love going downtown and bar hopping and enjoying the city. People think I'm crazy when I tell them that I want to move downtown. I'm a 23 year old college student, and as soon as I finish my bachelor degree and find a steady job, I'll be moving to the city. There is so much potential downtown for investment. I just don't understand the ridiculous rents some landlords are charging for storefront property. This isn't Chicago or New York, and probably won't ever be in our lifetimes. It would just be great to see a vibrant downtown, and I think we are on our way there. It's changed so much from even the early 90's when my dad would take me downtown. There's no reason that in the next 20 years that we couldn't have a vibrant, safe, lively downtown. [[Well, as long as the right people are in charge.)

I agree with as well actually, I always have a good time downtown and I will be moving there in May [[I am 23 as well). Although I will be attending medical school in Detroit [[not WSU, but MSUCOM's satellite campus at Detroit Receiving) and really want to be able to make connections and eventually do my residency in Detroit [[I have already been doing clinical research at Detroit Receiving so I am very familiar with the hospital). Despite all the negative things said I really think that Detroit is going have a bright future.

[Gistok]

Oooookay.... then maybe someone can explain the closing of several stores in the Compuware Building, with Campus Martius [[arguably the highest pedestrian traffic area downtown) right next door?

[French777]

Several? All I am aware of is Borders and The Woodward. What else?

[Bearinabox]

Oooookay.... then maybe someone can explain the closing of several stores in the Compuware Building, with Campus Martius [[arguably the highest pedestrian traffic area downtown) right next door?

Likely some combination of the following:
1. The economy is terrible and businesses everywhere are struggling. Borders has been doing poorly for a while now, and is closing stores all over the country.
2. Not all the Compuware businesses are set up to take advantage of foot traffic. Borders usually kept the doors to Woodward locked, meaning you had to go through the Compuware lobby to get inside. I'm sure this had to do with theft prevention and reducing the number of bums wandering in, but if you want to capitalize on foot traffic you have to take the good with the bad. Other businesses are deep in the recesses of the building, and not at all easy to find unless you know they're there.
3. "the highest pedestrian traffic area in downtown" is still not a whole lot of pedestrian traffic. Detroit, at the moment, does not have a pedestrian-traffic kind of culture [[partly because there aren't many destinations and partly because we don't have decent transit). This is something we need to work on.

[casscorridor]

You would think that some of these landlords would want to generate some income rather than let space sit empty in some buildings... most of us are clearly on the same page here... with half of downtown's office space empty, you would think that people would drop the prices to at least get someone in there... if places start to fill up, then higher prices can be charged as demand rises, but with no demand, nobody will pay for much of anything.

There is demand, considering most residents travel to the suburbs to shop. You don't think they'd shop at a Macy's or a Target if it was Downtown? Sometimes I think people forget around 900,000 people still live here!!!

[casscorridor]

Likely some combination of the following:
1. The economy is terrible and businesses everywhere are struggling. Borders has been doing poorly for a while now, and is closing stores all over the country.
2. Not all the Compuware businesses are set up to take advantage of foot traffic. Borders usually kept the doors to Woodward locked, meaning you had to go through the Compuware lobby to get inside. I'm sure this had to do with theft prevention and reducing the number of bums wandering in, but if you want to capitalize on foot traffic you have to take the good with the bad. Other businesses are deep in the recesses of the building, and not at all easy to find unless you know they're there.
3. "the highest pedestrian traffic area in downtown" is still not a whole lot of pedestrian traffic. Detroit, at the moment, does not have a pedestrian-traffic kind of culture [[partly because there aren't many destinations and partly because we don't have decent transit). This is something we need to work on.

I think part of the reason why Border's failed is because it wasn't a full Border's store. It was a sorry excuse for one. They figured, eh, this is Detroit, they don't need a real Borders store, let's just give them this. And they had this huge banner and sign outside on Woodward and big windows and doors, but they were locked. I also remember them not having their own bathroom, and every bathroom around being locked [[AKA homeless prevention). Most Border's stores have cafes and couches and people sit for awhile and read. This one didn't. It was more of an airport bookstore, or one of those Border's Express. The Barnes and Noble on W Warren, also the official WSU bookstore, is also not a full store, but at least it has a cafe so there is definatly more life... and it's not going anywhere considering it is connected to a university campus where many students get their textbooks. Maybe Border's should try opening up a real store, but I doubt it considering they're doing really bad [[i wonder why, lol).

[esp1986]

There is demand, considering most residents travel to the suburbs to shop. You don't think they'd shop at a Macy's or a Target if it was Downtown? Sometimes I think people forget around 900,000 people still live here!!!

I do think there is a bit of a demand, but for the right store... a Target would never survive downtown, not without more people living there... I realize that people have to leave downtown to get anything, but that is because there is not enough people downtown to support anything like that... Macy's, however, would be a different story. Macy's is more of a destination for people outside the city... much like Hudson's was. When I say there isn't demand, I say it in an economic sense, as in there is no demand at the prices available... in economics, there is no demand at high prices, and that is what we see, high prices per square foot, and as a result, no demand... if the prices were more advantageous, there would be a lot more investment and a lot more stores and people in general downtown...

the bottom line, there need to be more people downtown, and the way that will happen is with landlords dropping their prices... personally I would rather rent at a lower price and have full or even some occupancy than not rent at all... but I am an economist and an accountant, so I think differently than most of the greedy landlords downtown.

[detroitbob]

Borders kept the Woodward doors closed after experiencing severe shrink---ie shoplifting--grab and run out the Woodward doors...there was a thread on the previous site, however to be brief...it was a KMA lease as Compuware spent a lot of money at Borders and several Borders exec's were on the Compuware board and friends with Peter. The store met sales expectations M-F thru 3pm...there was no business on late afternoons and weekends. when the lease was due for renewal, Borders was unable to obtain any concessions, so they chose to close. They did not bring in jobbers to sell off the inventory, they marked down goods and transferred remaining inventory to other stores. I believe all the employees were placed elsewhere, if the desired to stay with the company. The management company [[not to be confused with Compuware) was descibed to me as not interested in making any concessions.

[mikeg19]

I do think there is a bit of a demand, but for the right store... a Target would never survive downtown, not without more people living there... I realize that people have to leave downtown to get anything, but that is because there is not enough people downtown to support anything like that... Macy's, however, would be a different story. Macy's is more of a destination for people outside the city... much like Hudson's was. When I say there isn't demand, I say it in an economic sense, as in there is no demand at the prices available... in economics, there is no demand at high prices, and that is what we see, high prices per square foot, and as a result, no demand... if the prices were more advantageous, there would be a lot more investment and a lot more stores and people in general downtown...

the bottom line, there need to be more people downtown, and the way that will happen is with landlords dropping their prices... personally I would rather rent at a lower price and have full or even some occupancy than not rent at all... but I am an economist and an accountant, so I think differently than most of the greedy landlords downtown.

It seems like the two factors are working against each other. In order for retail to come downtown, there need to be more people on a consistent basis. In order for more people to live downtown, dwelling prices need to drop. So in theory, until prices become more affordable for people to live downtown, there will be no retail. Unless someone can convince a large retailer [[Macy's) to have a location downtown when they usually wouldn't.

[esp1986]

It seems like the two factors are working against each other. In order for retail to come downtown, there need to be more people on a consistent basis. In order for more people to live downtown, dwelling prices need to drop. So in theory, until prices become more affordable for people to live downtown, there will be no retail. Unless someone can convince a large retailer [[Macy's) to have a location downtown when they usually wouldn't.

precisely... and for Macy's, for example, to come downtown, the price would need to be fairly low...

[mikeg19]

precisely... and for Macy's, for example, to come downtown, the price would need to be fairly low...

Well hell if that's what it's going to take then why not gamble on it and let these companies know we are willing to go to extreme measures to get them to have a location in downtown Detroit?

If a landlord has a price of $1000 per unit and a half empty building, compared to a $750 per unit price and a 80% full building, wouldn't that make sense for him or her? More people equals more retail equals more vibrant downtown.

I'd really love to know what the people running these buildings downtown are thinking. Some of their business practices and planning make no sense to me.

[esp1986]

Well hell if that's what it's going to take then why not gamble on it and let these companies know we are willing to go to extreme measures to get them to have a location in downtown Detroit?

If a landlord has a price of $1000 per unit and a half empty building, compared to a $750 per unit price and a 80% full building, wouldn't that make sense for him or her? More people equals more retail equals more vibrant downtown.

I'd really love to know what the people running these buildings downtown are thinking. Some of their business practices and planning make no sense to me.

I am with you... but do me a favor and find a downtown landlord that actually thinks this way... so many of them lack a basic business acumen and that is where the problem begins... they would rather have a building sit empty then drop the price a little bit and at least pay some bills.

[esp1986]

So, January 20th, the Key Investment Group said they would unveil their details regarding their projects in "2-3 weeks." It has now been 22 days, over 3 weeks and we have not heard anything... although last time around, they said they would make an announcement in December and it came at the end of January...

[p1acebo]

So, January 20th, the Key Investment Group said they would unveil their details regarding their projects in "2-3 weeks." It has now been 22 days, over 3 weeks and we have not heard anything... although last time around, they said they would make an announcement in December and it came at the end of January...

I would just expect them to announce something next week then :P

[mikeg19]

Why bother announcing a certain date constantly and not delivering any information? They might as well just keep quiet so we stop second guessing them.

Anybody see any work going on at the building at all?

[esp1986]

Why bother announcing a certain date constantly and not delivering any information? They might as well just keep quiet so we stop second guessing them.

Anybody see any work going on at the building at all?

They said work wouldn't start until June... how about the Broderick, anybody there??

[Rocko]

The state is getting behind the renovation of the Broderick. They have reassigned historic preservation tax credits which were going to go to the Tiger Stadium renovation to three projects for this year, including the Broderick:

http://www.crainsdetroit.com/article...REE/912219981#

As for any physical work going on on the Broderick Tower, I haven't been by in a few weeks, but I imagine the only thing that has changed is that magically, somehow, more windows are open to let in the breezes.

[esp1986]

The state is getting behind the renovation of the Broderick. They have reassigned historic preservation tax credits which were going to go to the Tiger Stadium renovation to three projects for this year, including the Broderick:

http://www.crainsdetroit.com/article...REE/912219981#

As for any physical work going on on the Broderick Tower, I haven't been by in a few weeks, but I imagine the only thing that has changed is that magically, somehow, more windows are open to let in the breezes.

I knew about the tax credits... I was just curious as to whether or not any work had been done yet... even clean-up...

[southsider]

I think John Ferchill's quote in this article says it all about the likelihood of this project ever getting off the ground:

"John Ferchill, the Cleveland developer behind the $200 million renovation of the Westin Book Cadillac just down the street from the Book Building and Tower, isn't convinced the project is for real. 'I think the deal is kaput,' said Ferchill, who said Tuesday he was approached several weeks ago by someone -- he wouldn't say who -- asking if he might be interested in 'taking on the project.'"

Think about it. Ferchill's quote has me thiinking, why hasn't work started on it already if it's for real? Why are the utilities off? Why wait until the summer before doing any work? Do you know what the monthly interest rate is on the $10+ million they bought the building for? I think they only bought it to try to flip it to Ferchill for a big profit and now Ferchill is making them sweat. They should just put some retrofits in it and try to rerent it as office space so they don't lose their shirts.

Detroit is the capitol of advertising projects that never happen.

[esp1986]

So, on January 20th, it was announced that plans would be presented in 2-3 weeks for this project. Here we are, better than two months later, and not a word. Anyone hear anything, or is this project dead??

[illwill]

I think people just need to be patient. I found this article on the old Cook County Hospital in Chicago. They finally got the funds and approval to move forward to renovate this giant eye sore. It took many years but it got done. If someone can find use for this monster, I'm sure the Book has hope. Maybe even the train station...our version of the Statue of Liberty.

http://www.landmarks.org/images/COOK...20HOSPITAL.pdf

http://www.suntimes.com/news/metro/2...030210.article

[wolverine]

Renovating the Old Cook county building was a decision purely based on the aesthetics of the old facade. It is one of the most impractical renovations I can think of in the city of Chicago, but I'm glad it's happening. It's not like there was any money laying around for it, and no one, absolutely no one had a use for that building. I personally think the Book is a cakewalk compared to the Cook Co building, at least there is a purpose and not to mention great views.

[mikeg19]

I didn't get a chance to walk down Washington Blvd on Saturday night, so I didn't get a glimpse of the tower, although it looked dark from Grand Circus. Anything regarding the Book Tower and Key Group lately that anyone has heard? It isn't really my favorite building downtown, but you can't help but admire it. And with it's close vicinity to the Book Cadillac and UA Building, you'd think something potentially would be happening here. I'm guessing that Key Group never released those "plans" that were supposedly in the works for the building?

[drjeff]

I didn't get a chance to walk down Washington Blvd on Saturday night, so I didn't get a glimpse of the tower, although it looked dark from Grand Circus. Anything regarding the Book Tower and Key Group lately that anyone has heard? It isn't really my favorite building downtown, but you can't help but admire it. And with it's close vicinity to the Book Cadillac and UA Building, you'd think something potentially would be happening here. I'm guessing that Key Group never released those "plans" that were supposedly in the works for the building?

I think it would look fantastic if it were just power washed.

[Gistok]

Few images capture the brooding "Gotham City" soaring Book Tower that photographer Ryan Southen, a resident forumer has captured. This gives it an oversized, brooding, almost terrifying look....

http://www.flickr.com/photos/southen/430644706/

It's no wonder the next Batman movie is being filmed here... and Ryan calls this wonderful image "Gotham".