Parking Lot Owner Pitches a High Rise using Tax Credits

[iheartthed]

I mean, what's the point of investing in buildings if you're not going to develop or improve them?

I understand the difference, but Uralli is sort of acting like an investor whose in the stock market. An investor in real estate either has someone else actively managing the property or actively doing it himself. Uralli does neither.

It's a function of the capitalist market. Are you criticizing him in particular or the system in general?

I feel like we can have multiple conversations here, so let's just keep it to what this means for the downtown real estate market. I feel that it is far-fetched that the building gets built as proposed, but still see it as a positive that there is a property owner/investor marketing a piece of property in downtown Detroit for a productive use.

[1953]

Funny you mention McNichols and 75. I always think of that neighborhood as very well positioned geographically, and wonder why someone doesn't put up some new buildings there.

1953

[animatedmartian]

It's a function of the capitalist market. Are you criticizing him in particular or the system in general?

I feel like we can have multiple conversations here, so let's just keep it to what this means for the downtown real estate market. I feel that it is far-fetched that the building gets built as proposed, but still see it as a positive that there is a property owner/investor marketing a piece of property in downtown Detroit for a productive use.

I just don't understand why he's proposing a building at all if he is not the one who intends to build it. I would assume that any would-be developer would generally already have a vision for what they would want to build when buying the property. Otherwise, Uralli is kind of doing that part for them and it gives the impression that a would-be buyer would be financing/taking part in a project that Uralli intends to build.

He seems like he's a feign developer or investor but in reality he's just a speculator. The problem I have is when it comes to the lack of development on his part because sometimes it's good to speculate. However, excessive speculating for the sake of making a profit can cause distortions and that's how you end up with real estate bubbles.