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http://www.detroitnews.com/article/2...#ixzz2W0hgB7sR I'm very surprised to hear that the Kales is in default. This News article says the owners are trying to work out a deal that will enable them to regain control. I hope this doesn't put a damper on further redevelopment plans. http://detroit.curbed.com/archives/2...l-disarray.php
I also find this strange. Since it opened it has been pretty full and it is not cheap to rent there either.
This is disappointing. I had several classmates who lived there when I was in law school and they all had good things to say about it. It seemed like a rare residential success story for downtown.
Yeah, something seems odd here. Could it be back taxes? Or perhaps they needed to stay competitive and were charging too little rent?
When the residential gem of Grand Circus [[sorry Broderick, your birth was a clusterbumble) defaults, that says something about the sustainability of the downtown rental market. Maybe merchant Row's rent increase a while ago was a sign of a need to survive, not demand-driven.