This building is clearly visible in front of Slows-To-Go. Does anybody know what's the story with it ?
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This building is clearly visible in front of Slows-To-Go. Does anybody know what's the story with it ?
Attachment 10421
Former apartment building...back in the 1970's and 80's it always seemed to be a well maintained building. Was rehabbed and went down the tubes thru the 1990's. With the demand for midtown apartments, perhaps something positive can happen. A very well built building.
The location is certainly viable, but that is a big building--I see a listing that says 160,000 sq ft. It would take someone with fairly deep pockets to renovate it. I hope such an entity appears.Quote:
With the demand for midtown apartments, perhaps something positive can happen.
I have been wondering this myself for quite sometime now. This building seems like one of the most viable and low lying pieces of fruit in the Midtown area for redevelopment.
It is apparent that the building had remained unsecured and wide open for quite sometime now, you can see straight through it.
I can't imagine this spot will remain unused for too much longer given the extreme momentum of housing in this area.
Here's the listing, [[3/4s a way down the page) http://www.detroitmidtown.com/05/dev...mre.php?msub=5
Waitin' for that phone call with an interested buyer.
I'm fascinated by the actual numbers put on properties in Detroit. I found a website that showed office space for sale in the city, but it's not in my history for some reason. :confused: Anyway, I'm sure in time someone will buy this building and make a buttload off it.
Somewhere there are mockups and renderings of a proposed renovation to happen in the early 2000s, but the project didn't survive the recession.
Wasn't there another thread on this around 4 years ago?
I'm not sure how they would manage parking.
If the building did get demolished I wouldn't be too sad about it. What a weird facade.
There's a brand spanking new public garage across the street.Quote:
Originally Posted by Jason
Is there a DetroitYes group buy effort for US$1.6M, like the Vinton property a few years back?Quote:
Originally Posted by animatedmartian
The cinder blocks in the lower windows and doors, combined with the razor wire, smacks of a certain Macedonian pizza tycoon.
Rumor has it the developer included a free Rascal Scooter with each unit for people too lazy to walk across the street to their car in the parking garage.Quote:
Originally Posted by Jason
Now, this might be the Next Great Idea in Detroit re-development. It would be fun to do something like an abandoned property Kickstarter to rehab abandoned buildings in prime neighborhoods. I'd donate what I could... and perhaps investors in the project would be able to have stakes [[or even shares) once it's available for rent.Quote:
Originally Posted by darwinism
I believe the post to which you were responding was made sardonically. I don't know, maybe the op can clarify that. however, it's my understanding The Vinton rehab was a debacle, people were royally screwed over, and they lost a lot of money.Quote:
Originally Posted by English
Hey Oh! English is onto something here.Quote:
Originally Posted by English
Trying can't hurt, throw it up English. [[The building on kickstarter; not your lunch, that is.)
It would be really cool if that could be done but the amount of money is too big. You'd need a few thousand people to pitch in a few thousand dollars each. :|
Yeah, and most of us don't have that kind of money. Still, it's a pretty good idea... I am fascinated by Kickstarter...
Weird facade? Half the damn buildings in Detroit look like that...looks amazing. Plus...the amount of $$..are we talking like $10 mil or like $30 mil?Quote:
If the building did get demolished I wouldn't be too sad about it. What a
weird facade.
Kickstarter has potential in this situation ..... and that wasn't available back when the Vinton debacle began. Crowd-funding reduces the risk of each person, and the quantity of people pitching in makes up for the large amount needed. The cool part is that Kickstarter contributors can make whatever amount that they are comfortable with.Quote:
Originally Posted by English
Wayne State is expanding, growing, along with the hospitals and other positive momentum in this neighborhood. Midtown is no longer as risky and pie-in-the-sky as it was, even 18-24 months ago.
$1.6M may sound like a heck of a lot, but that building is quite a big structure, with the ability for many units within. English, you may very well be on to something here .....
Here is the old thread about that building from a couple of years ago.
Here is my posting about the history of 70 W. Alexandrine from that thread:
"It was built as the Strathmore Hotel in the mid-1920s, and was for many years a reasonably respectable apartment hotel, like many others in the neighborhood. Sometime in the 70s or 80s it was gut renovated as, I believe, a Section 8 building for seniors and disabled people.
There was still plenty of people living there back in the late 90s, but it had become pretty notorious by then. I remember sitting in the open dining area at the Blue Moon on warm summer nights and being repeatedly approached by folks from that building with either pleas for money or offers to sell various goods and services, while various drunken spats were breaking out amongst people up and down the block on the well-worn path to the party store on Woodward."
Thanks, EastsideAl.Quote:
Originally Posted by EastsideAl
According to the old thread that you linked above, the building could easily accommodate 54 units. Even at the asking price of $1.6M, each unit would break-down to roughly $30K. But at current market conditions, and the amount of work that needs to go into the property, it's not likely anyone would pay close to the asking price. The potential is good, though, because of its prime location.
My question is why Commercial Real Estate prices are still so high in the city. Who the hell owns all of it? Do the same few people own most of it? It seems the property is virtually worthless unless developed.
I think it has to do with the fact land is expensive in the city and the closer you get to downtown of course. The market in Detroit may not be high on speculation but everybody knows that even though you cant put it on cruise control; the city is poised for a rebound because the wealth has depth. The A-class office rent is relatively cheap, but it is competitive, so it begs the question of how to attract commercial renters to fill in the gaps.Quote:
Originally Posted by jayclarkreid