Broderick Tower Official Thread

[BrushStart]

Does anyone know what is going on with the Broderick? I coulda swore something was supposed to happen with it this summer. Now, it's mid-September, and still, nothing... This building is the biggest shame in all of downtown. I walk by the Broderick nearly everyday and I can't believe that amongst all of the new life sprouting around it, this building has not been redeveloped. Apartments and condos in the Broderick could look right into Comerica Park's infield and residents would be at eye-level with the Freedom Fesitival fireworks. Yet, it sits there and rots; right up in your face. It is like a pillar of failure for all to see. Even as Woodward Avenue progresses and Park Avenue is populated with people, the Broderick stands as an ode to Detroit's continuing struggle, overlooking the people below.

[esp1986]

Does anyone know what is going on with the Broderick? I coulda swore something was supposed to happen with it this summer. Now, it's mid-September, and still, nothing... This building is the biggest shame in all of downtown. I walk by the Broderick nearly everyday and I can't believe that amongst all of the new life sprouting around it, this building has not been redeveloped. Apartments and condos in the Broderick could look right into Comerica Park's infield and residents would be at eye-level with the Freedom Fesitival fireworks. Yet, it sits there and rots; right up in your face. It is like a pillar of failure for all to see. Even as Woodward Avenue progresses and Park Avenue is populated with people, the Broderick stands as an ode to Detroit's continuing struggle, overlooking the people below.

You are right, something WAS supposed to happen. Fred Beal, of Beal Construction, said in a letter to the Michigan House, that construction could begin within 90 days of receiving another tax credit. That tax credit, was approved by the legislature, and signed into law by Michigan's "Governor" last December. 90 Days came and went, and now here we are. However, I did read back in July, an article in which the writer spoke with Fred Beal about the construction market and his outlook for it. I can't remember, nor find, the exact quote, but it was something to the tune of 'they are in the final stages of securing financing for the project, and hopeful construction will begin in 2010.' But considering that this project was supposed to start in mid-2007 [[according to JC Beal's website), before the market really even tanked, I have lost all hope. I myself have actually been looking at relocating downtown, and this is one of the buildings I was hoping I would be able to consider, so much for that idea.

[lincoln8740]

You are right, something WAS supposed to happen. Fred Beal, of Beal Construction, said in a letter to the Michigan House, that construction could begin within 90 days of receiving another tax credit. That tax credit, was approved by the legislature, and signed into law by Michigan's "Governor" last December. 90 Days came and went, and now here we are. However, I did read back in July, an article in which the writer spoke with Fred Beal about the construction market and his outlook for it. I can't remember, nor find, the exact quote, but it was something to the tune of 'they are in the final stages of securing financing for the project, and hopeful construction will begin in 2010.' But considering that this project was supposed to start in mid-2007 [[according to JC Beal's website), before the market really even tanked, I have lost all hope. I myself have actually been looking at relocating downtown, and this is one of the buildings I was hoping I would be able to consider, so much for that idea.

Its crazy to think about the amount of "grease" he spread around Lansing to get those tax credits and now that he has them the project still can't get off the ground.

I think its proof of just how bad the market is in Detroit right now.

[BrushStart]

Its crazy to think about the amount of "grease" he spread around Lansing to get those tax credits and now that he has them the project still can't get off the ground.

I think its proof of just how bad the market is in Detroit right now.

I understand what you're saying, but I think you're painting all of Detroit with the same brush. The market is bad in Detroit as a whole, however, Detroit is 140 square miles. I don't think the market in downtown, midtown, and some places along the river are even comparable to the rest of Detroit. They might as well be entirely different cities- pretty much isolated from the rest of the city. The location of the Broderick is arguably the most desirable urban location in all of Michigan. I can't name another that trumps it. It is across the street from Comerica Park, Ford Field, and the trendiest bars and restaurants in Detroit, and it already has retail at the ground level. If that building was renovated, everything in my soul tells me that those units would sell like wildfire. The Broderick is seriously unbeatable. If people won't live at the Broderick, then people won't live anywhere in downtown Detroit period. That proposition would fly in the face of all the current evidence. Downtown and Midtown are steadily growing while the rest of Detroit is rapidly contracting.

[esp1986]

I understand what you're saying, but I think you're painting all of Detroit with the same brush. The market is bad in Detroit as a whole, however, Detroit is 140 square miles. I don't think the market in downtown, midtown, and some places along the river are even comparable to the rest of Detroit. They might as well be entirely different cities- pretty much isolated from the rest of the city. The location of the Broderick is arguably the most desirable urban location in all of Michigan. I can't name another that trumps it. It is across the street from Comerica Park, Ford Field, and the trendiest bars and restaurants in Detroit, and it already has retail at the ground level. If that building was renovated, everything in my soul tells me that those units would sell like wildfire. The Broderick is seriously unbeatable. If people won't live at the Broderick, then people won't live anywhere in downtown Detroit period. That proposition would fly in the face of all the current evidence. Downtown and Midtown are steadily growing while the rest of Detroit is rapidly contracting.

While I don't truly believe that the units would 'sell like wildfire,' [[see Book-Cadillac condos) I do believe that they would move, as downtown's residential situation is becoming tight. However, I think this is more of an indication of the Beal's unwillingness to take a risk with redevelopment. They want to be 100% sure they will meet their goal, rather than risk breaking even and doing something positive for the city. Now, I can't exactly say I blame them, but for a group that has come to essentially label themselves as 'urban redeveloper extrodinaires' [[see Fred Beal's LinkedIn page) as well as aiming to be one of the big game changers and risk takers in turning downtown around, the more time that passes without a renovated Broderick, the more they stare down the road of hypocrisy.

[davewindsor]

While I don't truly believe that the units would 'sell like wildfire,' [[see Book-Cadillac condos) I do believe that they would move, as downtown's residential situation is becoming tight. However, I think this is more of an indication of the Beal's unwillingness to take a risk with redevelopment. They want to be 100% sure they will meet their goal, rather than risk breaking even and doing something positive for the city. Now, I can't exactly say I blame them, but for a group that has come to essentially label themselves as 'urban redeveloper extrodinaires' [[see Fred Beal's LinkedIn page) as well as aiming to be one of the big game changers and risk takers in turning downtown around, the more time that passes without a renovated Broderick, the more they stare down the road of hypocrisy.

I wouldn't say hypocrite and I don't believe they would move at a break even point anymore. I can understand Beal's hesistation at this point after reading the Omni thread where Ferchill is getting raped by Wells Fargo over losing the Hilton Garden to foreclosure. Ferchill overleveraged himself with the Book reno and is losing buildings and it's sending a ripple effect to other large scale developers where they are scared of overleveraging themselves and going down the same path. I'd be surprised if there's going to be any other large scale development going on after this. Unless buyers are willing to fork up the coin in pre-condo sales, I wouldn't hold my breath. Maybe he's trying to sell himself as a "redeveloper eztrodinaire" for precondo sales, but it doesn't look like buyers are interested in precondo sales in downtown like they are in Chicago and Manhattan.

[esp1986]

I wouldn't say hypocrite and I don't believe they would move at a break even point anymore. I can understand Beal's hesistation at this point after reading the Omni thread where Ferchill is getting raped by Wells Fargo over losing the Hilton Garden to foreclosure. Ferchill overleveraged himself with the Book reno and is losing buildings and it's sending a ripple effect to other large scale developers where they are scared of overleveraging themselves and going down the same path. I'd be surprised if there's going to be any other large scale development going on after this. Unless buyers are willing to fork up the coin in pre-condo sales, I wouldn't hold my breath. Maybe he's trying to sell himself as a "redeveloper eztrodinaire" for precondo sales, but it doesn't look like buyers are interested in precondo sales in downtown like they are in Chicago and Manhattan.

Well, with Ferchill, the difference is he is losing hotels. The apartments in the Fort Shelby are better than 95% leased, and the Book-Cadillac is not far behind. There has come to be an oversaturation of hotels downtown, with the aforementioned Hilton Garden Inn, the Westin, Doubletree and all three new casino hotels. The problem is, there is a lack of residential, with the infusion of workers downtown had seen this year and will continue to see through next year. Washington Square is at it's highest occupancy ever, almost all of the new apartments/condos/lofts are occupied. There is no better time to go through with a project like this. As a resident of the state of Michigan, I feel that they need to be true to their word and go through with this project. They promised within 90 days of the most recent tax credit, they would begin construction. I think that since the taxpayers are footing part of the bill for this building for the sake of creating jobs, they need to live up to their promise and actually make the project happen.