David Stott Building Discussion

[fryar]

Developer Emre Uralli, doing business as Citi Investments,...

A renovated David Stott Building is a renovated David Stott Building, certainly, but his d/b/a is huckster-rific, IMO.

[brightpavilions]

A friend of mine who's a former tenant said he was asked if he'd want to come back into the building. He'd spent 30 years in the Stott only to be kicked to the curb and now they want him back? I said forget it. Besides, that building is in such disrepair. Half the the time the elevators didn't work, the windows were falling apart, the bathrooms were awful. It's a shame but pretty much a classic tale in Detroit of leaving great structures for ruin.

[carptrash]

No one has mentioned that there are a few cute Parducci details to be spotted around the main entrance and, if I recall correctly [[getting to be a dicer and dicer proposition) on one of side sides and perhaps in the lobby. eek

[Gsgeorge]

On October 4 a crew of men were removing furniture and garbage from the Stott building, and a long banner was unfurled on the southern face of the tower reading "4 RENT" and a 313 number before it fell off the building around 10-10-10. Anyone know whats going on??

[Ocean2026]

The Stott was listed for sale as of a few months ago and there is a long thread on it right here

http://www.detroityes.com/mb/showthr...ighlight=stott

[gdogslim]

i heard someone say it would be worth more as a parking lot than redeveloping it., could that be true?

[wolverine]

...Well anything is more valuable than an empty skyscraper. At the moment it's just a liability and an expense for the owners. But the parking lot wouldn't likely turn a profit. Small lot = only a few spaces. Plus parking in downtown is cheap. You won't be charging much daily. Maybe if you charged $100 / day per space you might just get something out of it.

[BrushStart]

The exterior lights on David Stott Tower are totally illuminated tonight. I have not seen those lights on in several months. You can actually see the building in the night skyline for a change. Wonder if it means anything...

[EastSider]

It means they tapped into their neighbor's line to try and boost the selling price.

[spiritofdetroit]

It really looks beautiful all lit up - I can't recall ever seeing it with ALL the lights on the top. And the Penobscot is lit up once again. Makes a big difference.

Doesn't appear though that there are ANY tenants in the Stott, except on the ground floor. My office building has a clear view into the building on one side, and there is no sign of life in the tower, however there is an active buildout of one of the ground floor retail spots. The for lease sign was ripped off by the high winds a couple weeks ago, but a replacement has been put up on the side of the building. It does seem as though the new owners are at least actively trying to do a little something with it. Hopefully it works

[Rocko]

It looks like their doing some interior build-out in one of the ground floor commercial spaces on the State Street side. I saw construction lighting inside and it looked like drywall or some other type of wallboard going up. And now I see Spirit said the same thing but I'm going to leave this here and second the hope that another viable business moves in.

[stromberg2]

Any pictures of the night lighting?

Stromberg2

[Rocko]

'Twas all lit up again perty tonight too. I didn't take any photos but this one shows how good it looks!:

http://www.flickr.com/photos/55639959@N00/383881731

[mikeg19]

Went down to Winterblast on Saturday night and the top was lit up nicely like the picture, but the ground floor was pitch black. Any recent developments with what is happening with the building?

[Planner3357]

The top lights are on until 3:00 am or so.

I've noticed office lights on midway up at night lately...corner offices.

[agrahlma]

For sale...$10.9 million

http://www.loopnet.com/Listing/17144...et-Detroit-MI/

[Planner3357]

If I ever won the lotto....

[agrahlma]

LOL - I was thinking the same thing.

[swingline]

$11 million purchase price is absurdly, comically high. $111 million looks like a nice figure. Why not list it for that price? Sheesh. Why do flippers/speculators play such games? Just asking.

[Gsgeorge]

Really? I think it's a steal for a 40+-storey historic art deco skyscraper in the center of a major American city. You could probably talk him down to $9.5 or $10.

[Planner3357]

$11 million purchase price is absurdly, comically high. $111 million looks like a nice figure. Why not list it for that price? Sheesh. Why do flippers/speculators play such games? Just asking.

What would be a reasonable asking price? What is the building even worth?

[drjeff]

$11 million purchase price is absurdly, comically high. $111 million looks like a nice figure. Why not list it for that price? Sheesh. Why do flippers/speculators play such games? Just asking.

Considering there are houses in the suburbs on the market for 4 or 5 million, 11 million for a skyscraper in the heart of downtown sounds like a pretty damn good deal to me. I Stott is not a ravaged shell like the Broderick- it's still a viable building.

[Bham1982]

Really? I think it's a steal for a 40+-storey historic art deco skyscraper in the center of a major American city. You could probably talk him down to $9.5 or $10.

If it's such a "steal", then go and buy it!

The property is probably close to worthless without a broad and deep mix of redevelopment cash, loans and tax credits. Once those are in hand, the property can be properly valued.

At this point, though it's a turkey and probably worth close to nothing. Let's see the taxes and liabilities.

[bartock]

Considering there are houses in the suburbs on the market for 4 or 5 million, 11 million for a skyscraper in the heart of downtown sounds like a pretty damn good deal to me. I Stott is not a ravaged shell like the Broderick- it's still a viable building.

The two are not in the least bit comparable.

[agrahlma]

I wonder what it would go for [[$) in Lower Manhattan --LOL!