Silverdome Sold for $583,000....

[polaar]

So tell us your memories?

My parents took me to the last night of the Billy Graham Crusade at the Silverdome in 1976. Johnny Cash performed several songs and Bob Dole was in the audience as he was campaigning as Ford's VP candidate. I saw the Heart/Electric Light Orchestra concert there in the summer of 1978. I think that this was the ELO tour when they were accused of using "taped augmentation" during the show.

[gnome]

I think it was actually west of there. Over where the riverfront apartments and the Free Press plant were eventually built. ....

Your right EastsideAl, I was going by some old newspaper articles that mentioned the Cobo site, but on reading the doc file it is clear the intention was to build the new multi-purpose dome stadium on the site of the current Riverfront Towers ... wasn't that the site for an old railroad yard?

It is interesting that a few years later, they broke ground on The Joe.

[Meddle]

An Oakland County Circuit Court judge is to decide Monday whether the sale will be finalized after Silver Stallion, a company owned by Bloomfield Hills businessman and attorney H. Wallace Parker, tried to block the sale after its $16.9-million bid was disqualified. Parker did not submit the required $250,000 bid deposit, officials said.

Parker offered to buy the sports arena in 2008 for $20 million and signed a purchase agreement after the City Council approved the sale. But the deal fell through in negotiations. Parker could not be reached for comment.

You fail to complete a previous deal. You fail to meet the bid requirements. But you want a Judge to rule against the auction results?

http://freep.com/article/20091122/NE...-residents-mad

[yupislyr]

Well, this is encouraging! hah

http://www.theglobeandmail.com/repor...rticle1374848/

The winning bidder didn't expect to win and hasn't even talked to MLS yet.

[jjaba]

jjaba talked to Andreas Apostolopaulos. He doesn't know anything about soccer so he's decided on Greek Taverna. With a his name splashed on the building, it will be a huge hit.
So jjaba is sampling the following at some of Detroit's finest; Pegasus, Plaka, New Parthenon, Golden Fleece, etc.

We think each of them can provide some of the finest lamb shank, saganaki, avgolemono soup, shish kabob, gyros, spinach pie, souvlaki, stuffed grape eaves, and baklava.

We'll line up some Greek music and bingo, the crowds will file in. No covers, come right on in to Pontiac's Greektown experience.

jjaba.

[MichMatters]

Well, this is encouraging! hah

http://www.theglobeandmail.com/repor...rticle1374848/

The winning bidder didn't expect to win and hasn't even talked to MLS yet.

No one should be surprised. If Silver Stallion looked shady, these guys look like total shoot-in-the-dark amateurs. This metro is just cursed, cursed I tells ya. When I heard that the bidder was planning to reuse the +80,000-seat Silverdome for MSL soccer, I knew he didn't know what in the hell he was talking about.

[Gistok]

I wonder if something like one of those hotels with attached indoor waterparks could be done here. Or more like a year round hotel/amusement park with roller coasters and other attractions. After all the height to the top of the dome is 202ft.

Granted... it would be awfully expensive to build/reconfigure... and likely end up like Autoworld in Flint.

Never mind....

[Meddle]

Judge gives it the green light.

Sosnick, hearing the case, said he needed this afternoon to review new pleadings. But he lamented that the case was before him – a sign, he said, of Michigan’s troubled times.

“So many times matters come before me that I wish weren’t happening,” he said, recalling his years of attending games at the dome. The Silverdome ”represented hope for those who worked and lived and grew up in this area,” he said.

http://freep.com/article/20091123/NE...n-move-forward

[Meddle]

Granted... it would be awfully expensive to build/reconfigure... and likely end up like Autoworld in Flint.

Never mind....

Interesting comment Gis .....

Rademacher1537 wrote:
The Silverdome is to Pontiac what AutoWorld was to Flint. A punch line to a bad joke.
11/23/2009 7:01:31 PM

http://freep.com/comments/article/20...n-move-forward

[Bong-Man]

My favorite Silverdome moment is easy. April 30th, 1977....Led Zeppelin in front of 77,000 kids. I say kids because 95% of that crowd was teenagers, including half of my Senior class. Over 30 years later and you still see kids wearing 1977 Zeppelin tour shirts. I also attended both of my H.S. Proms at the Main Event.

I once went to a late season Lion game against Tampa-at-Bay. There was only 25,000 people in attendance, including a vacant 3rd tier. Towards the end of the game I watched two guys in the 3rd tier start to unravel a banner. It was over 40 ft. long, and said the following, "WE'RE JUST WAITING FOR PINK FLOYD".

I used to go to Lion's game with a friend who was in the top 100 on the ticket seniority list....50 yard line, 11 rows up. This was where the visiting teams were given tickets. Against the Bears in December, I watched a Father and son from Chicago sit in their seats and marvel at the roof and the size of the place. After about 10 minutes of staring in disbelief, the father finally told his son to take off his jacket....."You won't be needing that here".

Once upon a time we actually hosted Monday Night Football games. I'll never forget the game in the early 80's against the Giants.....6 inches of snow fell during the game, and the largest snowball fight in Michigan history took place outside the East entrance. It was amazing !

[Grundyke]

The new owner took small bait and caught a big fish! A 1000 sq. ft. condo costs more than this in Toronto. There are plenty around the country scoffing at the price it went for. Even if he needs to dump it he can double or triple his money. I have been saying it the whole time. This was not a bad deal for him. Life is chances and gambles. This is one he apparently could afford. After all he sent in the $250,000 and did not think twice. This country was built on ideas like this. A lot of people want Detroit to turn around but it would take moves like this [[people gambling that is) to make that happen. Seems like a lot of people are slamming this guy [[not necessarily on this board) for giving it a try. Is it because they are jealous or is it because he is Canadian? So many people question the purchase, his availability, and I even saw one article that questioned his sanity. All this and still no one wanted the alternative of it not getting sold. At least this Canadian has the American Spirit!

[jjaba]

Our Canadian neighbor is simply following the concept long ago held by Lowell Boileau of urban homesteading. Land and bldgs. in Detroit and the metro are worthless in a marketplace so can be given away basically for free. Urban homesteading!

The American Homestead Act of 1862, amended until 1986 provided for 160 acres [[65 hectares or 1/4 Section) of unused land. It was signed into law by Pres. Abraham Lincoln.

Anyone could file a land claim who has never taken up arms against the USA. 10% of all American land was settled this way. Free land if you settled it, improved it, and filed a title with the land office in your vacinity. There are 1.6 million Homestead Act land titles issued.
As families grew, adjacent land was granted to children who promised to remian on the land and make improvements.

So what we have at Pontiac Silverdome is a 127 acre land claim from the city of Pontiac to an urban pioneer from Canada. Except, as previously stated, he paid some money and could re-sell it.
Think modern urban homesteading with a speculator's twist. OPA!

jjaba, research dept.

[jjaba]

As a Westsider, jjaba has always thought of Pontiac as in another state. Think Dakota Territory and this Urban Homestead makes a whole lotta sense.

jjaba, Westside Dexter Blvd. Bar Mitzvah Bukkor.

[MichMatters]

I can't wait until he has to pay the taxes and the upkeep on this thing. Homesteader my @ss. You're sitting here marveling at the guy, and completely forget the loss this sale is to the tens-of-thousands of folks that own the building: The City of Pontiac. If anyone thinks that they could have only gotten $600,000 for this, than they are crazy.

[detourdetroit]

this just made the daily show... we're so embarrassing!

[English]

this just made the daily show... we're so embarrassing!

Yes, I saw that. Detroit has been the butt of national jokes for so long that the cool kids are actually marveling at it. What people over 40 scoff at, under-40s who live in other cities and states are usually in disbelief.

That's my age range, and my friends from out of town were always more curious about the D than anything else. Anyone whom I've brought here, this city has captured their imagination similar to the way people talk about New Orleans. There isn't the stigma, the blame game, or anything like that... there's just disbelief that a place like this has been left to die.

Smart people get it. The NYT commenters on that article from last weekend get it. As many of them have said, if this has been allowed to happen in Detroit and New Orleans, then they're next.

[Grundyke]

I can't wait until he has to pay the taxes and the upkeep on this thing. Homesteader my @ss. You're sitting here marveling at the guy, and completely forget the loss this sale is to the tens-of-thousands of folks that own the building: The City of Pontiac. If anyone thinks that they could have only gotten $600,000 for this, than they are crazy.

First of all we do not even know what the taxes are going to be. The purchaser said he has enough money to carry the place for a few years anyway. None of us have any reason to doubt him at this point. He did come through with his end for the auction. After all none of us can count what other people have. I cannot believe that anyone, rich or poor, would even consider throwing that kind of money out there unless they did not have a good shot of making it. And the got $583,000 for it because, well, lets face it, that is what it is worth!!! A tangible item is only worth what someone is will to pay for it. That is the price that someone was willing to pay. Three other companies bid, and guess what, they bid less! I don't who is in the news is saying they offered this much or that much. The fact is they never came up with the money. I could say I wanted it for five million but lets face it, I was not coming up with it. The auction was advertised world wide since at least the summer. Anyone could have come in and bid if they were willing to put the money up. The true players did. If the the people of Pontiac feel like they got screwed because they do now not have to pay 1.5 million dollars a year they should turn out in better numbers during election time and vote in a city council that has their best interest in heart and not drive them into receivership. The city could have or paid a managment company to run it and collect revenue rather than let it sit! Besides if any resident had the means, desire, or friend that wanted to purchase it for said amount of dollars, they should have! Better yet just let it sit another 15 years [[that was fecetious). And I am in marvel of this guy. Not only did he get a steal at a price less than condo in his hometown or dinky place in NYC, he has now gotten his name in the worldwide market. Even if he loses it after he refinances it is well worth gamble in business at that price. American spirt via Canada and I congratulate him for trying to make a difference for himself, community, and economy. The people of Pontiac won't mind so much if he is succesfull. Let's face it they could apply for jobs. People just want to tear people or their ideas down when they did not think of it. Jealousy! Sorry for the long rant.

[davewindsor]

So have they chosen a name for this great Detroit soccer team that's gonna need to draw crowds almost as large as the Football games at Michigan stadium? If they haven't chosen a mascot yet, they should get this guy--Eddie the Elephant. http://www.youtube.com/watch?v=I-_ELo6U6js&NR=1 Heh.

[river rat]

We live in a market economy [[fortunately) and therefore the $583,000 price is the value of the property to a speculator. I say a speculator because the value of any property in SE Michigan is very questionable. Taxes are overwhelmingly high, services virtually non-existant and the future as bleak as ever. The State of Michigan is not immune, and nor far, from default on its obligations. Other states have similiar problems in this economy. Why buy anything here?

Well, hope springs eternal in the speculator as it does in the electorate. Here we are a year after the election and I don't see any jobs blooming and sure enough, unemployment is going up. Hope didn't pan out as a leader as it did as a candidate. And the investor who purchased this white elephant will be disillusioned and run when the taxes increase again and again. Despite massive unemployment, the speculator will find that noone will work for under $15/hr. because they will get that for sitting on their bum. Then the regulators will make rules that will dicourage him and the project will be abandoned.

The answer is to allow real speculators in in an environment friendly to business. SE Michigan is not that place. Sorry to make it political and economical, but thats the problem.

River Rat lives

[Trainman]

There are another two White Elephants that should also be sold

SMART and DDOT can and should be sold for one dollar each.

There are many private companies that can run bus service at a profit by filling up buses with paying customers.

It costs too much according to top state officials at MDOT to pay state fuel taxes for our bus systems and they are forcing a merger to save on costs. But, that will still cost too much based on statistics from the Federal Transit Database.

Vote NO to defeat the SMART tax next August

Let's dump off the White Elephants, like the city of Pontiac did

[3WC]

There's no such thing as a bargain in real estate, especially if purchased at a reasonably advertised auction [[as was the Silverdome.)

I wouldn't have paid that much. [[I would not have purchased it for a dollar.)

My reasons:

1. There's no profitable market for soccer or any other sport in that facility and there probably never will be. The guy can maybe book some random events occasionally, but that's a big "if." Pontiac couldn't do it.

2. It will cost several million dollars to demolish it.

3. It will cost X millions to balance the land, fill the "bowl" with engineered fill, to get the land in economically developable condition. Depending on a possible use, large areas of the parking lots may have to be removed.

4. Taxes are an unknown but will be a significant burden and probably involve litigation to obtain a statutorily permissible assessment.

5. There is little possibility that the new owner can borrow any development money for 5 years, and in the meantime the tax and insurance burden will be ongoing.

There's always the greater fool theory, which probably will be operating here since so many people think the buyer got such a great deal.

I would suggest the guy make a deal with the lawyer who filed the lawsuit to prevent the sale to flip the property to him for, say, $5 million. That guy early on bid $20 million, and then signed a $17 million contract which he couldn't close [[and he couldn't come up with $250,000 deposit to bid in the recent auction.) He clearly has no idea what he's doing. Might be worth a try. Nobody ever went broke taking a profit.

Keep in mind that Wal-Mart closed a major store less than 1/2 mile away a couple of years ago on Opdyke and M-59 [[the land for which Wal-Mart acquired a few years ago for peanuts). It's a lousy location for commercial. The Shell station across the street from the Wal-Mart also closed its door recently I'm told. The Wal-Mart site has been for sale for a couple of years with no bids I'm told.

This buyer according to the online paper I read had never even heard of the Silverdome or the auction until contacted by a relative while he was in Greece. It appears to be a snap decision. Unless a buyer is very sophisticated and is very familiar with the area in which the real estate is located, is well financed, and has a shovel ready use, bye bye investment unless he flips it NOW.

[jjaba]

3WC, you've either got a HOF post for brilliance, or have to retract your complaints in awe of this Greek Canadian who while sunning hissbadse'f on some Greek Island, made the purchase of the century. There are few clues to know which way the winds blow here. We do know that Greeks are never seen on the welfare lines, are great land owners and business people, and their food is adored. OOOOOOOOOOOOOPA!

jjaba, eating Donner Kabob at a Greek joint on Dundas, Toronto.

[3WC]

jjaba Time will tell, I guess.

By the way I hope he makes a ton of money on the deal eventually.

Hope you're having a good time in Toronto. I'm flying up there next week to meet some friends and see the light shows at City Hall.

[jjaba]

3WC, perhaps a better financial strategy is to demolish the Silverdome. There has got to be a lot of valuable scrap inside. The concrete can be re-cycled into enough sidewalks to pave from Pontiac to Oklahoma City. The asphalt parking lot is enough to pave I-94 from Porch Urine, Michigan to Billings. Maybe the gang troughs in the men's rooms can be installed at Comerica Park, an asset missing, and previously noted on other threads.

Insurance and taxes on the Silverdome could run up expenses in a New York minute.
jjaba, notes on how to make a buck in Pontiac.

[3WC]

jjaba, yours is a better strategy than the Greek guy's.

Another idea would be to let the air out so the dome will collapse, install a drain pipe and a strainer and use it as a rainwater collector; bottle the rainwater and market it as "Lion's Piss" for a buck a bottle [[or, a different brand to capitalize on the source."

Let's brainstorm, folks, and help the guy out