Printable View
Finally an update on this. I'd like to see a concrete start date, but it looks like things are finally going to get rolling. Could it really be that cheap to live there? I don't see how they could afford that. The hotel market is already bad so it seems that they're going to have to rely on tenants to pay the bills. I don't see that price per sq. ft. being sustainable.
http://detroit.curbed.com/archives/2...start-date.php
It's about time!
The Book Cadillac already has that problem. They vastly over-estimated the occupancy rate of their condos and the hotel room rate isn't high enough to pay the bills.
I am going to have such a big smile when construction finally starts [[and moreso when it is complete). For years I have thought how important the Broderick/Whitney combo would be to a downtown revivial, and the fact it is actually going to happen - I honestly didn't think it would. This is wonderful.
Especially when you factor in the Madison and the two buildings Gilbert is currently full team renovating just north of the Broderick...just huge for the momentum downtown.
With Quicken Loans down there now, places like this could fill up quickly if they market the apartments properly.Quote:
Originally Posted by dmike76
I'd have to imagine much more of the existing interior of the DWB will be salvageable compared to what they were able to use in the Broderick and Book-Caddy rehabs. Perhaps that's contributing to their low rental-rate estimate.
Actually...the Book was spot-on with their estimates for demand. The problem was, the banks stopped handing out loans on condos.Quote:
Originally Posted by dmike76
It's also hella encouraging that Aloft already has its own commercial tenants lined for WaBou!
It would be great to see construction ramp up on the DW as it winds down on the DB. Continual construction in the area would be inspirational. Then perhaps Capital Park....
Just imagine driving down Woodward in a few years, lights ablaze in both the Whitney and Broderick.
Construction on the Capital Park Building should begin in about 4 months, yes?
OK. Two questions about the Curbed article. What is the definition of "close to completely pre-leased?" According to the Broderick website, they show 34 available units out of 127. That's more than 25% available. And, where do they get the Broderick rental rate? I checked the Broderick site for units of 508, 1033 and 1925 square feet and came up with rents of $890, $1,600 and $3,520. When I do the math, I get a range of $1.54-$1.82 per square foot. Seems pretty close to the $1.60 the Whitney plans to charge.Quote:
With the Broderick close to completely pre-leased, James Van Dyke, Vice President of the Roxbury Group, expects all 108 apartments to be filled in the Whitney as well. They will begin pre-leasing the apartments around middle 2013, likely the summer. Turns out The Whitney plans to be much cheaper to rent than the Broderick! They estimate only $1.60/ square footas compared to a $2.60 at the Broderick.
Hey DowntownGuy, I was the one who was able to get most of the information for the Curbed article. According to James Van Dyke, Vice President of the Roxbury Group, he told me what the Broderick's rent was. According to the Broderick's Facebook page a few weeks ago, they only had one apartment left for rent and it was a studio.
Hi Zads. OK. I'm no journalist, but wouldn't you be better off getting info on the Broderick's business from the Broderick folks? I have a lot of respect for projects that The Roxbury Group have done in Detroit, and I'm thrilled they are doing the Whitney. But I wonder if Mr. Van Dyke might be feeding you info [[such as the lop-sided comparison of rents) to make the Whitney appear a better deal than the Broderick. I didn't bother looking for the Broderick's Facebook page to get pre-leasing info, and maybe they update it more often than the website, but if I wanted the most accurate info, I think I would talk directly to the Broderick people.
Apartments are still available for rent at the Broderick. Please see www.BroderickTower.com for details and contact information.
Per the Broderick's Facebook page, out of the apartments available to lease, all the studios have been leased except for one.
Quote:
Originally Posted by downtownguy
Yes, I completely agree with you actually. I should have followed up, and in fact, I will. I know Mr. Stewart Beal so I should have an answer sometime tonight or tomorrow. I work at Comerica Park as an Usher so if I can get an answer tonight, I will post it tomorrow. Personally, I wouldn't think Mr. Van Dyke would feed me lies like that, plus they might have a lower value just because they [[they being Aloft Hotels) may be predicting a high rate of hotel-goers. Just a hunch though.
I hear they are going to put a Cheesecake Factory in on the 2nd floor and a House of Blues on the 3rd floor!
It never crossed my mind that he lied to you. Perhaps it was a simple error, misstatement or you heard wrong. $1 per month per square foot is a big discrepancy. That's why I suggest talking to someone at Broderick for the facts, or just confirm the pricing on the website. If my quick study of rents above holds, they appear to be priced about the same.Quote:
Originally Posted by Zads07
The Broderick and Whitney have a special symbiotic relationship. The success of the Broderick bodes well for the Whitney and having two choices side by side should generate more interest from prospective tenants. At the same time, they are competitors and while each wants to see the other succeed, their primary goal is the success of their own property. You need to weigh the information you get from all sources, fact-check it and then write your story. Unfortunately, this happens less and less these days in the mainstream media which is why I'm being a curmudgeon.
I emailed Ms. Cox at Curbed this morning in regards to the inaccurate square footage price for the Broderick in her article.Quote:
Originally Posted by downtownguy
Hey guys, so in following up with the Broderick, it's been found out that the price per square footage is $2.50 for the penthouses, and normally $1.45-$1.60 per square foot, so right along the lines of what the Whitney will be asking. Thanks again for making me fact-check! I do apologize for this and will definitely be making sure I follow up with the right people in the coming articles.
My favorite part about the Detroit Curbed comments were this....
" The building's exterior will be restored as close as possible to its pre-1959 modernization. We're talking cornice work, people!"
This would be wonderful if they bring back the Daniel Burnham facade to the Whitney building.
The dating of the modernization to 1959 is can be seen in the Youtube premier of "Anatomy of a Murder"... where at 6 sec., 1:25 sec., and 1:36 sec. into the video we see scaffolding on the Whitney Building.... the first image covering part of the top... and the 2nd and 3rd image showing scaffolding on the lower parts of the building...
http://youtu.be/qvdBsZCF6Ks
Glad to hear that it will regain its' former "Daniel Burnham" look!
What a lovely building this will be again. I'm glad. It's in such a high-traffic area and could be just the spark this part of downtown needs to get moving again.
^^
Welcome to the Forum, Strohs! Love the nickname.
Stromberg2