I would not say that investors shy away because of the city's financial shape because they understand by investing they help the bigger financial picture thus improving their investment.
More so the way it was being run.
Pure Michigan touts facade improvement grants,the city has always had facade improvement grants funded by the feds there is no reason in the world a building is being demolished because of the lack of facade improvements.
Unless the owner decided to speculate and not spend a dime in time or effort from the get go. Demolition by neglect.
Or the city was so screwed up that they never even applied for the funds.
Or those who were in power profited by the way things were changing it would have drawn attention,but not making the changes in itself drew the attention.
We have bought buildings like that from cities before that were also broke,but the first thing they did was hand over a facade improvement grant or worse case 50% cost split because they understood the importance of what the building brought to their city.
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