Parking deck next to RenCen selling for $55 million

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January-06-17, 04:46 PM
Lowell

Parking deck next to RenCen selling for $55 million

A-M-A-Z-I-N-G

Bubble, bubble, bubble?

Deal amounts to more than $43,000 per space.

"A San Diego-based real estate investment trust is paying $55 million for a parking deck west of the Renaissance Center downtown.

The deck, which has 1,275 spaces, is being purchased by an entity affiliated with MVP REIT Inc. from Center Parking Associates Limited Partnership, which is registered to Bloomfield Hills attorney Lawrence Jackier.

The purchase price amounts to $43,137.25 per space."
http://www.crainsdetroit.com/article...for-55-million
January-06-17, 05:26 PM
EGrant

How much does it cost to park there? From what I understand, this garage is pretty full on a consistent basis. I did some shower math, and this actually might not be a bad investment.
January-06-17, 06:53 PM
Richard

No disrespect,but who thinks of the ROI of a parking garage while in the shower?
January-06-17, 07:41 PM
401don

Guess there's no chance that ugly sucker will be coming down in the near future to make way for anything that would be a better gateway, both to the riverfront and to the U.S. from Canada.
On a related note, Gilbert & GM are looking at building more decks, with residential on top, on the west side. These could be okay, providing high rise residential, if done right.

http://www.detroitnews.com/story/bus...ages/96254576/
January-06-17, 07:49 PM
3WC

Richard: Ha Ha. Larry Jackier thinks about parking garages while in the shower, for one.

He is a very, very smart guy. The price looks high but I wouldn't second guess him. [[He also has an office in Vegas.)

One of his partners I heard somewhere is Alan Ackerman, no real estate slouch either; he's the best eminent domain lawyer in the state and very rich. The guy knows real estate and its financing, for sure.

They may build residential on top as well I would imagine as that's what I and most people would do.
January-07-17, 03:36 PM
Calltoaction

God no, that's fucking awful. The LAST thing the riverfront needs is more parking garages.

Hopefully they're not stupid enough to go through with the faux development garbage, nobody wants to live on top of a fucking parking garage.
January-07-17, 04:35 PM
dtowncitylover

Quote:

Originally Posted by Calltoaction

Hopefully they're not stupid enough to go through with the faux development garbage, nobody wants to live on top of a fucking parking garage.

That's not entirely true. You're gonna have to if you live at the Griswold or Marina City in Chicago. If you want the urban life and a car and have the money, having a secured parking deck would be ideal.
January-07-17, 10:33 PM
black gold man

I was working at ren for the big remodel about 15 years ago.
We had to park far away and get on a bus to get close.

One day they gathered everyone for pep talk and gave out parking pass to the
close parking deck to the chosen ones. So we park on Friday:) like bigshots
then called for early dismissal handed us our CKs and said we are out of here fired done.

Gather our tools and hit the road only to be trapped like mice in parking deck.

They wanted to look in our tools and trucks for anything we might be taking that wasn't ours. As the guards let us out.
January-08-17, 12:20 AM
bibs

I believe that parking garage is reserved for hotel guests because the main lobby faces the parking garage. Does the Marriott have an a contract guaranteeing a certain number for space? My guess is that there is a contract and the parking revenue was why they got a high price for the garage. Also, the garage is right over the top of the tunnel which makes is very valuable if the tunnel entrance were to be reconfigured. I've also thought the Ford Auditorium property might end up being used to expand the tunnel entrance.
January-08-17, 02:06 AM
archfan

Quote:

Originally Posted by bibs

I believe that parking garage is reserved for hotel guests because the main lobby faces the parking garage. Does the Marriott have an a contract guaranteeing a certain number for space? My guess is that there is a contract and the parking revenue was why they got a high price for the garage. Also, the garage is right over the top of the tunnel which makes is very valuable if the tunnel entrance were to be reconfigured. I've also thought the Ford Auditorium property might end up being used to expand the tunnel entrance.

Marriott does valet parking there, they send guests there who want to park themselves, and some of the non-GM businesses have parking contracts.
January-09-17, 03:25 PM
gencinjay

Quote:

Originally Posted by Calltoaction

Hopefully they're not stupid enough to go through with the faux development garbage, nobody wants to live on top of a fucking parking garage.

That is urban planning. Either build on top of the garage or mask it with development wrapped around it. No city wants a plain garage visible.
January-09-17, 03:29 PM
southen

It is also how just about every other city develops when there is density and no subway. You need parking and more times than not it is incorporated into the development.
January-09-17, 05:48 PM
bust

Quote:

Originally Posted by southen

It is also how just about every other city develops when there is density and no subway. You need parking and more times than not it is incorporated into the development.

Totally agree. As long as there are stores on the sidewalk I don't mind a parking deck incorporated into the building. And unless it were my own standalone, I wouldn't live on street level. The further above the traffic, the pedestrians, and the trash the better.
January-09-17, 07:32 PM
Hypestyles

hmm.. I wonder will security be improved at this facility? More cameras, guards, etc.?