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I was downtown Monday and noticed nothing going on with the David Whitney Building. I didn't see the Free Press Building, but I cant imagine the situation is much different. Any news on redevelopment of these structures? Any progress would be great for downtown. :)
You would be correct.Quote:
Originally Posted by Flintoid
Wasn't there something on the redevelopment of the Free Press Building recently....that is within the past 3 months or so?
With Snyder killing the State Historic Tax Credit program on Dec. 31, 2011, I fear a lot of these projects may be at a [[permanent) stand-still. Short sighted? YES. Killing both worthwhile projects and good employment for thousands? YES.
Although, I've heard that they're trying to work out an agreement whereby applications can still be accepted for the state credits up until a cutoff point where tax credit staff can still complete the paperwork before December 31. We'll see.
Perhaps, but as of this evening there was nothing going on.Quote:
Originally Posted by douglasm
Rocko...I heard the same thing. Went by the Free Press building the other day and it looked like the work that had already started on the interior has come to a standstill. I was told that as soon as the program was negated by Snyder, everything abruptly stopped. Too bad, because this Albert Kahn structure has so many possibilities.
No legislation has been passed that kills historic tax credits so anything is fair game, just as films continue to get tax credits. I believe the articles published for the Freep building and Whitney only mentioned plans for the buildings and never mentioned a construction kick off. Plenty of pre-development to take place before you see on site work.
Any pre-development work being done at the Free Press is being done in some office somewhere. That building has sat untouched since someone took the murals out a few months ago.
Don't worry about it. The state of Michigan is giving $9.9 million to GM to hire or retain 25 jobs in the tech center in Warren. Much more important....http://www.freep.com/article/2011051...ate-tax-credit
Threadjack, but these "retain" announcements drive me nuts. It used to be you only announced additional hires. Every company that adds one employee should hold a press conference "we plan to add or retain x number of jobs" and the papers would lap it up.
A few months back, the Freep Building was granted a MEGA credit. All credits granted prior to the change of the state's tax structure will survive, albeit maybe not in their entirety. This is only one small piece of the financing puzzle, however. After the Broderick Tower was granted their first round of credits, it took them 5-6 more years to secure financing through banks.Quote:
Originally Posted by douglasm
The DWB was recently acquired by a group led by the Roxbury Group, the same group who was behind the currently stalled/failed plans for condos atop the Book-Cadillac parking garage. The DEGC has subsidized $1 million of the nearly $3 million purchase price. There has been no announcement regarding any financing/public assisstance on this building. However, I did read somewhere that someone from the Roxbury Group said that the project would be very difficult to finance without the MEGA and Brownfield Credits.
There absolutely NOTHING going on the David Whitney Building besides a few security guards to keep looters and scavengers out. The building had been a vacent eyesore for almost 20 years. No investor is going to buy that building until other buildings around it [[ Like the David Brodrick Tower) is rehabed and new exotic retail stores opens for business.
According Channed 4 documentary "The Cost of Segregation" Most older buildings that had been untilized in Downtown Detroit will remain vacant for a very long time until some "sucker!" come up a great ideal to lure people into area. I'm glad that Chase Bank and Motown Investment and McBeal Construction put their millions of dollars to build fancy condos and apartments at the David Brodrick Tower Building. This is to make sure the folks from Quicken Loans and other emply nesters for commng to Downtown Detroit not only to stay temporary but permanently.
WORD FROM THE STREET PROPHET
Detroit can't survive without regionalization.This city don't need BLACK POWER, WHITE POWER, RICH OR POOR POWER! It's needs PEOPLE POWER.
Neda, I miss you so