Originally Posted by
buildingsofdetroit
State bought the Farwell in October.
From the Freep at that time:
"The State of Michigan's Land Bank Fast Track Authority is planning to spend $3.3 million to buy the vacant and dilapidated Farwell Building at 1249 Griswold as part of what could become a widespread redevelopment of downtown Detroit's Capitol Park district.A legal notice published Friday said the money will come from federal Neighborhood Stabilization Program funds administered by the U.S. Department of Housing and Urban Development.
Cleveland-based developer John Ferchill, owner of the Westin Book Cadillac Hotel, said Friday he has looked at the building and would like to redevelop it. But he said any attempt would face multiple difficulties in today's depressed real estate market.
The purchase price may raise some eyebrows. Although listed on the National Register of Historic Places, the eight-story Farwell Building has stood vacant for more than 20 years and has been stripped and vandalized. It has been cited over the years for violations that include falling glass and mortar.
The building is tax delinquent, with its owners owing $23,887.11 in back taxes from 2007 and 2008, according to the Wayne County treasurer's online tax records.
Michael Higgins, an officer of the Farwell Corp., the private partnership that owns the building, said Friday he has been negotiating with an unnamed third party through a broker but was surprised to learn the buyer would be the state land bank.
Of the unpaid property taxes, Higgins said, "Those will be paid off, obviously."