I remember hearing a year or two ago about possible renovations to Book Tower. Has there been any development with that? It would be great to see that place look respectable again...
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I remember hearing a year or two ago about possible renovations to Book Tower. Has there been any development with that? It would be great to see that place look respectable again...
yea i remember hearing the same thing along the lines of 'the owners were looking to at various tax credits and incentives' to fix it up... it's easily my favorite skyscraper in detroit and i would love to see it renovated.. it's also the last skyscraper that's part of the skyline that is empty *progress*
i heard people say it's biggest challenge is that the fire escape is on the outside and to renovate it would call for major work being done on that? anyone know if that holds merit?
I wouldn't be surprised for the next news story about it to be that it's up for auction or sold to a new owner. The current owner is presumably ANKO Enterprises of Vancouver, but Google doesn't provide much information on that company.
Coming soon : Hyatt Regency @ Book Tower ! Opening 2018 [[Residential/Hotel,Retail)
....[[Sorry, my pipe dream) :[[ Sound good though...
People are allowed to purchase these buildings in Detroit, sit on them for years for probably some type of write off, then walk away from the buildings. I wonder who is really making the money behind the scene
Isn't this one of the oldest professions in the world? "Land owner".Quote:
Originally Posted by stasu1213
Isn't that how the world works, someone buys property presumably of little value today because no one else wants it and they sit out it for many years until commercial activity in the area improves and then improves or more likely sells the property to someone who wants to develop it.
Folks got rich in D.C. holding on to land for decades waiting for 'market conditions' to improve and as all of the downtown area east of 14th st. N.W. and now S.E. by Nationals Park has developed, those folks cashed in nicely.
This is a bit O/T, but D.C. had its own riots in the late 60s [[as did Detroit). There were streets, I believe 14th and 7th N.W. which looked like a war zone and have been rebuilt in the last few decades.
Someone who bought land in the late 60s or 70s is a rich man [[or woman) today.
In Detroit it is hard for land to grow in value if commercial activity and population isn't growing significantly.
It seems that there are more and more acquisitions that have some sort of deadline built into them now that states that if you buy the building [[at least from the city, as far as I know) you have a period of time to A) bring it up to code B) clean it up C) rehab it. I know that the homes being sold in the Detroit Land Bank auctions have these stipulations, and a few of Dan Gilbert's purchases have also had that language built into them. I don't believe, however, that that exists when a private seller sells a property.Quote:
Originally Posted by stasu1213
Anybody have some insight into how that works exactly with regard to stipulations on property acquisition?
It is called the real estate market. You have to have it in the contract. If one owner wants to unload a property to another owner they control that end of it. Unfortunately for your situation to work the owners would have to be selling properties that they think they can generate a cash chow off of, and that never happens.Quote:
Originally Posted by mikeg19
City owned properties are different, they don't want to be land owners, they want tax revenue instead. Therefore they do everything they can to get folks investing into the properties, and they write that into the contract.
Dan Gilbert purchase buildings downtown and immediately put life into them through renovations. He had allowed a few businesses to set up shop in a couple of them. Other so called developers whom the city had sold buildings to hadn't done anything to them but sit on them. Most of the properties were empty, some are occupied such as Lafayette Towers. Dan Gilbert had been the only developr or owner who is seroius about bringing downtown back to lifeQuote:
Originally Posted by mikeg19
Let's not forget that the city through the DDA is one of the biggest slumlords downtown.
I think we can be pretty sure no one has made any significant money off the Book Tower for decades. The building has either been empty or mostly empty, and the transfers have been under distress. At some point, someone will probably make money on it, but not until something profitable is in prospect for the building/site.Quote:
Originally Posted by stasu1213
I continue to hope it will be renovated into a residential building, but getting a developer who can put together a viable renovation plan including financing will be a huge challenge.
The Book property has not made any money since the last tenants left. Only recently it has been making money on the advertising signage that went up.
Quote:
Originally Posted by mwilbert
Folks who buy these empty or largely empty buildings are essentially 'speculators' [[even with the best intentions) as they buy buildings or properties which at the time they buy them have little hopes of turning a near or moderately near term positive return on investment. [and they hope a downturn or some other bad news means they will be holding the property/building longer and longer and continuing to sink money in while awaiting their big opportunity to cash out.]Quote:
Originally Posted by mwilbert
Gilbert now has come into the market AT A TIME which a savvy investor/developer, as Gilbert is, can turn these buildings into productive assets.
I dare say that say 20 years ago Gilbert would not have been coming to Detroit as a savior buying up properties and redeveloping them as he has in recent years...
Timing, timing, Timing... and Location, location, location...
Gilbert thought [[thinks) downtown Detroit is the right location and now is the right time... And as folks here have commented, Gilbert is savvy enough, rich enough, etc. that he almost single-handedly can 'move the market' that he plays in.