One Detroit Center Put On The Market

[Gistok]

If memory serves me correctly... One Detroit Center was built for $244 million back in 1991-92 by Gerald Hines Associates of Houston Texas... one of the nations biggest office building developers. That $244 million included a generous $25 million UDAG [[Urban Development Action Grant) that CAY got from the federal government.

Gerald Hines learned a lesson that Denver developer John Madden [[builder of $150 million 150 West Jefferson), and later Peter Karmanos [[Compuware HQ, $350 million) learned the hard way. Spending huge amounts of money on glitzy office towers in Detroit.... just doesn't pay off in the long run.... unfortunately....