David Stott Building Discussion

**ellsa** · December-30-09, 07:27 AM

[. Another downtown Detroit character.[/quote]

He liked to tipple a little...used to scare the hell out of me in that elevator.

**Traveller1** · December-22-09, 12:38 PM

I always wondered about the David Scott Building, it never looked very occupied or full to me but I knew that it wasn't completely vacant because it was still in pretty good shape. It doesn't look at all as bad as the Book Building.

It's also one of my favorite skyscrapers downtown, I hope that it can be occupied with more companies eventually.

**staticstate** · December-29-09, 03:14 AM

the Stott is showing up in a lot of the Lafayette building demolition photos. looks like it will be a lot more visible in a bit, hopefully those DEDG guys ain't getting any silly ideas.

**Danny** · May-04-11, 01:05 PM

90% of the David Stott Building is vacant. The owners just couldn't lure some investors into the area because of the Capitol Park at the time was home to lots of DEAD [[C)KRAK HEADS, po'folks, pigeon rats, mutants and those waiting for the D-DOT busses.

**Khorasaurus** · May-04-11, 03:51 PM

Most commercial real estate investors use a formula based on Net Operating Income to determine the value of the building. The listing shows an NOI of 575,000, which would give the building a value of 5-7 million.

$11 million is still way too high of an asking price, but it's clear the Stott has some value. It's not vacant yet. Hell, if the buyer could get it to 50% occupancy they'd start doing pretty well for themselves. That's obviously a big "if" with with a lot of space still available in buildings like One Detroit Center and the Penobscot, but it's certainly posssible.

**Bham1982** · May-04-11, 03:58 PM

Originally Posted by Khorasaurus

Most commercial real estate investors use a formula based on Net Operating Income to determine the value of the building. The listing shows an NOI of 575,000, which would give the building a value of 5-7 million.

I would like to see the broker's pro forma, because I cannot imagine an NOI of 575k. I would be surprised if even the cash flow from rents and advertising were 575k.

**Danny** · June-15-11, 02:23 PM

I been to the David Stott Building with my mother to take care some business. It was somewhat at the 20th floor. That building at that time was 50% occupied. Then by 2008 Most of the building floor by floor is vacant except a few retail and the 2 new lounges opening soon.

**kryptonite** · March-31-10, 08:10 AM

Back around 1990 a friend showed me where he worked in one of the upper floors of the Stott Bldg. It was great to see the interior of such a great looking building. I don't remember a lot of elaborate details. It seems to me that maybe the exterior was always the primary appeal of the building?

Still, it's a gorgeous old structure and if someone cares to rehab it then God bless them and hopefully they will have success.

**Gsgeorge** · March-31-10, 10:15 AM

I recently had the opportunity to review the redevelopment proposals for the David Stott. They look great. Pretty straightforward. The building would be converted to mixed-use with a majority of the floors being dedicated to lofts & condos. Three of the six elevators would be removed to accommodate more floorspace. The developers are looking at the possibility of converting the buildings next door [[to the south on Griswold) into parking decks with ground-floor retail. Astonishingly, historic & brownfield tax credits would cover 80%-90% of the costs, bringing the initial investment costs down to below $5 million.

The plans are just that -- plans -- but if the improvements at Capitol Park move forward & the city & state gets on board with redeveloping this building and the other properties surrounding the park, it could be a 'go' for work to start early 2011.

Looking forward to the future of this downtown gem.

**dover627** · March-31-10, 11:28 AM

Do you happen to know the name of the developer who is proposing the plan? Is it Jim or someone else?

**carlscomputers** · March-31-10, 11:44 PM

My shop is in there now!

**p1acebo** · April-01-10, 01:12 AM

Originally Posted by carlscomputers

My shop is in there now!

What shop?

**ASR89** · April-01-10, 01:22 AM

Originally Posted by p1acebo

What shop?

I deduce it is "Carl's Computers & Security Concepts".

**carlscomputers** · April-01-10, 03:50 AM

Originally Posted by ljbad89

I deduce it is "Carl's Computers & Security Concepts".

That's Right!

**brightpavilions** · June-12-10, 07:14 PM

My attorney is [[and has been since the 70's) based out of the Stott building. Apparently a few weeks ago, he and all residents were given the boot by a Miami based developer or so he says. Does this ring a bell at all?

**buildingsofdetroit** · June-12-10, 08:23 PM

Originally Posted by brightpavilions

My attorney is [[and has been since the 70's) based out of the Stott building. Apparently a few weeks ago, he and all residents were given the boot by a Miami based developer or so he says. Does this ring a bell at all?

It's true. The Stott is closing. I was told this last night by an architect who has offices in it. This means the Stott will now be the tallest empty building in the city - and second tallest in the country.

**brightpavilions** · June-12-10, 08:26 PM

That's rubbish. Any idea on this mystery "developer" and what they plan on doing?

**Gsgeorge** · June-12-10, 08:38 PM

Miami, eh? If their city is any indication, Detroit might be on the cusp of a skyscraper boom.... ;-)

**buildingsofdetroit** · June-13-10, 03:37 AM

Have to correct myself: I forgot about the Book Tower. So the Stott will be number two in the city and third nationally.

**staticstate** · June-14-10, 12:28 PM

Originally Posted by buildingsofdetroit

Have to correct myself: I forgot about the Book Tower. So the Stott will be number two in the city and third nationally.

what's empty and taller than the book? thought that was the tallest empty in the US. Did Carl's computers get kicked out too?

**Supersport** · June-13-10, 06:10 PM

Which will be torn down first, Book tower or the David Stott?

**Patrick** · June-13-10, 06:18 PM

Originally Posted by Supersport

Which will be torn down first, Book tower or the David Stott?

I can't even imagine how much $$ it would take to take down either of those buildings. It's Detroit though so anything can happen.

**mikeg19** · June-13-10, 06:53 PM

I don't understand why the investment group would kick out the tenants. Are they planning on closing the building for good or doing something with it [[remodel, convert to other use)??

**Patrick** · June-13-10, 07:13 PM

Maybe it was costing more to keeep the building open even with a few tenants? Maybe it wasn't worth it?

**Glowblue** · June-13-10, 09:00 PM

Originally Posted by Patrick

Maybe it was costing more to keeep the building open even with a few tenants? Maybe it wasn't worth it?

If the building is such a money pit, why did the "Miami-based developer" buy it in the first place? It sounds like it was a recent purchase. Are they planning a major renovation/repurposing, or are they just speculators and are gonna mothball it until office space in downtown Detroit become valuable enough to reopen it?