The potential new owners already,as reported,said they were going to do valet parking with the existing lots,I would guess that they would not have said that if prior arrangements were not made,so we are assuming.
We can say that tenants would pay top dollar,but because we say it,does not make it happen,without running the numbers we cannot say anything outside of the 20% market rate rule.
As of now a quick search shows adverage rents of Corktown of $985,fourth place,with the university ereas at the highest rates.
6th st lofts commanded a premium because they were different and the first and use the historic charm of the warehouse,even at that the last sale lost $38,000.
So now take the firehouse and build it out for luxury apartments,the exterior retains the charm but the interior contains little charm like a loft would ,so why pay a premium.
Riverfront shows for $3500 a month high end,but also contains many amenities,along with the river views.
So what are you really offering that commands a premium,other then saying,it was a fire house.
The potential owner already owns a restaurant,so easy enough to look at thier track record,the whole thing about parking,dumpster,smells etc are non issues.
Detroitsgwenivre hit the nail on the head,it has nothing to do with the merits of the project and everything to do with the residents connections and personal influence within the city,which is saying that the past is still there,tainted.
I would think that the current owners as lawyers are pretty smart,just as some of the residents are also,if it was a valid as apartments,the money is there,but yet here we are.
You cannot go to the bank and borrow millions based on saying it will work because Ford bought a train station,based on speculation you have to prove the numbers will work.
They allowed conditional use as an office because they did not want the property to go derelict in order to protect the neighborhood values but yet tie the hands of the very same person that saved the building in the first place,it was okay to place risk useing somebody else's money and it is still the case.
I think the residents should have a say,but I also think the property owner should have some rights also.
They have basically said this is what we want but we are not willing to risk our money to see it happen,without compromise it is no longer a concerned community it is a community dictatorship based HOA without a legal standing,co sponsored by personal city connections and not based on the city as a whole.
I was under the impression that the city was on the higher ground when it came to what is best for everybody in the city as a whole,which is thier mission,apparently not,which is disappointing.
Oddly enough there are cities across the country that have restaurants intragated in neighborhoods and they do not seem to have problems or decreases in property values and even like in the case of the 6th st lofts,use them as a marketing tool in order to add value,so it is not really based on the merits as it should be.
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