Quote Originally Posted by 48307 View Post
So he wants to buy a bunch of buildings that aren't for sale?

I'll be more excited when he can show some real progress at the Packard site and he's trying to buy more stuff that's actually for sale.

Maybe he just wanted some free press?
The article says the Fisher and Kahn are for sale. The Fisher is an interesting situation, because Detroit Public Schools owns their space within it in as a condo and I'm not sure how much revenue the owners of the rest of the building get from them. Maybe a little money for maintenance. It may be hard to make money on because of that.

I'm sure the owners of the Book would sell, considering it's vacant, and while there have been murmurs of them shopping around for investors for a rehab, they may prefer to have Palazuelo take the lead and maybe they'll stay on as an equity investor/minority owner or something.

And finally, if he offers Apop more than the $5 million he paid for the Penobscot, I'm sure he'll sell in a heartbeat. Apop does't seem to care about the actual building. He'd take the cash and run.

I'm also skeptical about the Packard, but he seems committed to Detroit, and I suspect he would do well with occupied but underperforming buildings like the Penobscot, Fisher, and Kahn, and if he's willing to renovate the freaking Packard Plant, the Book Tower should be a breeze.

Now, if he'd only go after the Stott and get it away from DDI...