Dan Gilbert buys Federal Reserve building in Detroit
http://www.freep.com/article/2012013...text|FRONTPAGE
Kinda saw this one coming, what with it being attached to the Dime and empty for 8 years. Just incredible this guy is.
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Dan Gilbert buys Federal Reserve building in Detroit
http://www.freep.com/article/2012013...text|FRONTPAGE
Kinda saw this one coming, what with it being attached to the Dime and empty for 8 years. Just incredible this guy is.
The growth of Gilbertown is full swing.
You beat me to the punch! I was just gonna post this. The thing I like about this one is that it is west of Woodward which I think needs more attention in terms of restoration. I'm loving the moves this guy is making and I'm excited to see what he plans to do with some of the buildings.
Quote:
Originally Posted by dmike76
It kinda makes one think twice about Mike Ilitch, doesn't it?
depends on what he does with the buildings....Quote:
Originally Posted by ghettopalmetto
Makes sense, he now controls much of the block that the Dime sits on. only a couple more properties to go, both vacant!
Well, based on his past and current actions I'd say he's going to renovate and move jobs into it.Quote:
Originally Posted by bailey
This is great news. I hope to see him continue to focus on Woodward though. I'd love to see Woodward reinvented and be the Michigan Avenue of Detroit.
What past or current actions would give you that impression? Yes he completed the renovation of the Madison, but it was not a derelict building and a ton of work had already gone into it .. other than that, has he done anything, or announced anything happening with any of the empty buildings [[layne Bryant..etc?)? Of the nine [[10?) buildings he's bought, only a couple are of the derelict variety. The rest are fully operational..although mostly vacant. Its great Adamo trucks aren't idling in the parking lot, but does another 10 years of dereliction..waiting on Detroit 2.0, really amount to much more than Illitch hoarding gravel lots?Quote:
Originally Posted by 48091
Not being negative, just withholding the beatification until something actually happens.
Gilbert has acquired most [[if not all) of these buildings within the last year [[or less) – give the man just a little more time [[LOL). Based on his presentation at the Detroit Shift kick-off dinner, we should expect to hear some of the detailed plans within the next few months.Quote:
Originally Posted by bailey
Well it's not like he's Thomas a' Becket who made it to sainthood in record time... but is the fact that he's a billionaire, his specialty is real estate, the fact that he owns or is part owner of a lot of companies, the fact that he's already moved thousands of his employees into Detroit... is all that a little too subtle for you?? :confused:Quote:
Originally Posted by bailey
Quote:
Originally Posted by ghettopalmetto
Ilitch has some time to prove himself [[well, not too much time, he is 82 after all)
I've got a friend the works in the Chase building, he said that the office space was renovated. Gilbert also claims to have moved 2,000 jobs into that building both in the news and via a banner that was on the north side of the building until it got ripped off on a windy day.Quote:
Originally Posted by bailey
Just going off of what I know. I've seen Gilbert renovate and move jobs in. I've seen Illitch buy things and turn them into parking lots for his sports empire.
Both have done good, but I get the feeling that Gilbert is going to do more good.
In other breaking news, Matty fixed one of the broken windows at the depot!
He just closed on Lane Bryant et al near GCP. In less than a year, he has already undertaken renovations [[some major) at the Chase Tower, First National, Dime, and Madison - the four largest acquisitions. He shows little intention of letting any of the acquisitions sit idle for any period of time... he appears to have a short-term plan for every one of them. I'm sorry but I say his actions are already speaking for themselves. AND, while the Madison wasn't derelict per se, it is a 50,000 square foot building that he put $12 MILLION to purchase and to renovate. From what I understand was a complete gutting and re-building from the ground up. This isn't a 'buy low and re-paint the walls' type investment that someone would make if they're just buying up properties and getting a few bucks rent to pay taxes until a better offer to demolish it comes along.Quote:
Originally Posted by bailey
He moved those thousands of employees to rent surplus space in the Compuware building only after he was given tax payer subsidy to do so. Let's not forget he is a business owner, out to make a profit, and not a social worker.Quote:
Originally Posted by Gistok
He's snapping up bargain properties in a depressed market. The ONLY thing I said originally was lets not go over board in the hero worship before anything of significance actually happens. Otherwise we just get an updated version of Olympia/Illitch holdings....
Yes, and Mike Illitch renovated the Fox ....once upon a time.Quote:
Originally Posted by cramerro
He did renovate the Fox and move Little Ceasar's pizza down there. Has talk died down about a replacement for Joe Lewis and moving the Pistons downtown?Quote:
Originally Posted by 48091
I am very disappointed that the Pistons seem to be saying in place in Auburn Hills. I'd love to see more and more things move Downtown. Right now if you go to a Pistons game you go there. You park. You watch. You leave.Quote:
Originally Posted by gameguy56
But if you go to a Tigers or Red Wings game downtown you can hit the bars and restaurants before hand. Makes it a much cooler experience than just going to the game.
I love it! About time someone takes an interest and makes some money in doing so..
Huffington coverage.
http://www.huffingtonpost.com/2012/0...ml?ref=detroit
I think that the most interesting part of the article says he will be seeking a SINGLE TENANT for 176,000 square feet of space!
Quote:
Originally Posted by DetroiterOnTheWestCoast
Chrysler? THAT would be a coup.
Just talked with someone working at the Chrysler Technology Center in Auburn Hills, and they confirmed... the place is filled to the brim....
It would be nice to have a few more Dan Gilberts come along and really kick the rennovation train into gear. It's always good to hear about something downtown being fixed up, and occupied.
I hope the Chrysler rumor is true, that would be huge.
Quote:
Originally Posted by bailey
In my opinion, that's far superior to receiving taxpayer subisides to demolish buildings and create more parking lots.
I've been saying all along that Detroit is ripe for redevelopment. But most of the slumlords have just sat on their buildings and left them to rot [[see also: Mike Ilitch). For years, we've kept hearing catch-phrases like "obsolete", "structurally unsound", "crumbling", "dinosaur" and "not feasible" [[as well as my personal favorite--"not enough parking"). Dan Gilbert is proving, in the most terrible economic conditions in 70 years, that it IS possible. The naysayers have been sold up the river by a giant propaganda campaign of negativity, laziness, tunnelvision, and lack of creativity [[Thanks, GJ!).
Dan Gilbert isn't doing anything phenomenal that any of the other multi-millionaires and billionaires in Detroit couldn't have been doing. The difference is that Dan Gilbert GOT OFF HIS ASS INSTEAD OF RESORTING TO EXCUSES.
Maybe Dan will move quicken into the federal reserve? Just think of the size of its bank vaults!
I'm wiff ya Bailey on this one. Sumbdy plea-uhse stop that sumbidge Gilbert afore he fixees up all that property in Deech-royat. I mea-an, who duz he thank he is any old way-as?Quote:
Originally Posted by bailey
He seems to have utter disregahrd fer the way things have been done fer the longest time.
Heck, if he keeps goin' like that, no new parking lots are bound to replace them vacant buildings.
I'm happy to hear about another major aquisition. That said, my wish is the same as Gilbert's has always been and that is that more developers and companies not attached to him would make the leap after seeing the rewards. We're kind of quickly coming up on a point in this post-recession era where for me to believe in this long-term success of this recent wave of revitalization, I'd like to see some more major names following Gilbert's lead in terms of city center real estate. Gilbert can't do this all by himself, and I wouldn't even want him to, because, as others have brought up, you get one kingpin, you could very easily end up with another Ilitch empire. Not to say that Gilbert is not, BY FAR, a more benevolent kingpin, but diversive group of owners is always good for downtown real estate.
you have to give it a little bit of time before you can expect others to really jump at some of these buildings. gilbert has been doing it a year and with most of the structures he hasn't even started refurbishing. if in a year or two from now we dont see anyone else getting in the market after gilbert develops some of these properties and the broderick and whitney are up and running then ill be concerned. right now im just thrilled with what is going on.
i can also see the desire to compare gilbert and illitch, but there really arent very many similarities other than the fact they own a lot of land. illitch brought his company down which is fantastic, but he isnt actively recruiting others to do the same or involved in ventures to create new detroit companies, thats all gilbert. illitch has an entertainment empire which the city needs, but what gilbert is doing is more vital to the city and thats bringing jobs and residents in, people who will be able to enjoy the entertainment offerings that mike provides. both guys had done good things redeveloping the city, but what they are looking to do and how they have done it couldn't be more different.
...with heavy tax payer subsidies. The difference is, Ilitch promised to continue the momentum with more developments, but never followed through.Quote:
Originally Posted by bailey
Some business owners, out to make a profit, also have a social conscience.Quote:
Originally Posted by bailey
and Michigan Avenue becomes... ?Quote:
Originally Posted by 48091
Macedonian Mike, billionaire extraordinaire, did manage to get his hands on $700,000 of public money to demolish the Madison-Lenox, though.Quote:
Originally Posted by downtownguy
Now, someone very naive might think that, if Ilitch had not obtained that demolition money, then the building might still be standing, and an entrepreneur like Dan Gilbert could have purchased and renovated it.
But God dammit, at least Detroiters finally have a landscaped and lighted place to park their cars.
He's refering to "Chicago's" Michigan Avenue, hopefully Detroit can have something similiar.Quote:
Originally Posted by downtownguy
Dan Gilbert can bring the Cavaliers to Detroit and called the Detroit Cavaliers!
Where is Dan's Gilbert sister company, Eprize located? Does it have plans to relocate Downtown and how many employees work for Eprize?
Quote:
Originally Posted by gthomas
ePrize is in Pleasant Ridge and has 300 employees. I'm surprised it's not in downtown already.
He had a 7 year set period of time to do something with that property... otherwise the loan must be repaid. We're getting to near the end of that 7 year period.Quote:
Originally Posted by ghettopalmetto
ePrize can relocate into one of Dan Gilbert's building aquisation on Woodward Av. There will be much more foot traffic, with the addition of The M@dison, The Broderick Tower, Aloft Hotel @ The David Whitney, and other aquisation's he has right now, including retail and lofts. I can only imagine how Woodward Av. will be in a couple years..Quote:
Originally Posted by gameguy56
If Detroit thinks that extending interest-free loans to billionaires is a positive, and throw-in permanent destruction of physical assets, well then they're just the worst payday lender to ever walk the earth.Quote:
Originally Posted by Gistok
...still waiting for the folks who complain about "obsolete" and "dinosaur" buildings to chime in on this thread. :-)
Yeah - that has bugged me for a year or two. I don't get it. Maybe Linkner loves himself some Pleasant Ridge.Quote:
Originally Posted by gameguy56
Before Gilbert moved any employees downtown, ePrize was mentioned as one of the companies Gilbert would try and woo downtown. Give him time. Detroit wasn't rebuilt in a day.
Well I hope so, Hopefully sometime this year. What's ePrize lease agreement at the Pleasent Ridge Headquarters? Will it be up soon or are they re-leasing?Quote:
Originally Posted by downtownguy
It is just a matter of time and timing for ePrize to move downtown.
Josh Linkner, is no longer leading ePrize, because he is now managing Detroit Venture Partners, located in the Madison Building.
If one were to gauge the speed and quality of transformation Dan Gilbert has brought to the Madison Building, the Chase Tower and so on, one would realize that Gilbert has it in him to make things happen.
Don't just take someone's word for it, go visit the Madison Building and the Chase Tower yourself and see with your own pair of eyes.