It's official! Gilbert locks up redevelopment of old Hudson's site

[hybridy]

the city spent $12 million to demolish hudsons and $28M to construct the garage - total investment $40M. wonder how much revenue the city has from parking fees thus far? the city is still $25M in the red and loses all future parking revenue with this deal. how are tax payers not getting screwed?

[1953]

Crain's is now saying the plan is to build a "high-rise," perhaps 20 stories or more...

Here's hoping its either a) exactly as tall as Hudson's or b) 1 story more than the ren cen.

http://www.crainsdetroit.com/article/20160426/NEWS/160429865/gilbert-plans-high-rise-on-old-hudsons-site-in-downtown-detroit

[Honky Tonk]

the city spent $12 million to demolish hudsons and $28M to construct the garage - total investment $40M. wonder how much revenue the city has from parking fees thus far? the city is still $25M in the red and loses all future parking revenue with this deal. how are tax payers not getting screwed?

"Pay no attention to the man behind the curtain......"

[hybridy]

"Pay no attention to the man behind the curtain......"

if i'm financing this thru my taxes i want a say in their designer pick. since zaha has deceased RIP...i vote for Bjarke Ingles...NOT SHOP!

im mean his website is big.dk
his ego almost matches DG's!

http://www.big.dk/
http://time.com/4301248/bjarke-ingels-2016-time-100/

[Mind field]

the city spent $12 million to demolish hudsons and $28M to construct the garage - total investment $40M. wonder how much revenue the city has from parking fees thus far? the city is still $25M in the red and loses all future parking revenue with this deal. how are tax payers not getting screwed?

Maybe the discounted price takes into account the fact that repairs have to be made to prevent flooding on the lowest level. Also consider the revenue the city will capture from at least three different uses the finished product will have [[retail, residential, and possibly office) and the value added to downtown from an architectural showpiece. The site has sat empty for nearly two decades, you don't want to chase away the only viable developer by bitching that he's not paying enough for the property.

[corktownyuppie]

the city spent $12 million to demolish hudsons and $28M to construct the garage - total investment $40M. wonder how much revenue the city has from parking fees thus far? the city is still $25M in the red and loses all future parking revenue with this deal. how are tax payers not getting screwed?

They're going to lose the parking revenue, but here's what they gain:

- Property Tax revenue from the building
- New Income Tax revenue from the people who work there
- Increased Development desirability for all of the downtown, which will bring
- More property and income tax revenue as per above
- As downtown continues to price people out, more people looking at outskirts of greater downtown...more property and income tax revenue, etc.

The importance of anchor tenants cannot be understated. I don't mind the anchor tenant getting a sweetheart deal if it means that we can fill up the remaining vacancies. This is a prime example of that.

[EL Jimbo]

the city spent $12 million to demolish hudsons and $28M to construct the garage - total investment $40M. wonder how much revenue the city has from parking fees thus far? the city is still $25M in the red and loses all future parking revenue with this deal. how are tax payers not getting screwed?

City did what it had to do to maintain the property as the owner at that point. By the time it was demolished, Hudson's was a death trap waiting to happen. My dad was DFD working at Squad 2 behind the Fox during the 90s and he said the only building that would flat out terrify him if they had to respond to a fire was Hudson's.

[MikeyinBrooklyn]

City did what it had to do to maintain the property as the owner at that point. By the time it was demolished, Hudson's was a death trap waiting to happen. My dad was DFD working at Squad 2 behind the Fox during the 90s and he said the only building that would flat out terrify him if they had to respond to a fire was Hudson's.

While imploding Hudson's was heartbreaking for those of us who both remembered the shopping experience and loved the massive, beautiful old building, it was necessary on so many levels. The city could not afford to maintain it in any form, really. It was both a physical danger as El Jimbo noted; and a gigantic, decaying, graffiti-covered, pigeon and rat infested sign of failure, abandonment and blight. Much of what has happened since downtown would have been prevented by the former Hudson's. Sadly, if the building were around today, with today's market conditions, it would have a future [[AMAZING LOFT APARTMENTS). In reality, though, today's market conditions could not have come into existence with the 28-story monument to blight in the middle of downtown. I don't know how much money has been lost on the site by the city; but nothing could have been gained had Hudson's remained.