http://www.detroitnews.com/article/2...ews-Free-Press
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Awesome news. I was really concerned that building was going to wither away upon vacancy, but you know Gilbert will do something with it.
In the short term he probably just wanted the 600 parking spaces. He'll worry about finding a use for the building later.
The story in the Freep used a photo of the wrong building - the old Free Press building farther east on Lafayette. I believe someone else purchased that building a few months back.
Pretty positive this is the correct building.Quote:
Originally Posted by GPCharles
I would hope the Freep knows where their own current and former buildings are located.
That's the correct building - this is the old Free Press Building:Quote:
Originally Posted by GPCharles
http://en.wikipedia.org/wiki/Detroit...2011_05_08.jpg
This isn't meant to be a snarky comment, but if Gilbert spends 8M each month on a building how long would it take for him to go broke??
This guy can just keep writing checks, I guess.
The question isn't so much if he can AFFORD a building but rather does he WANT the building.
Dan Gilbert just bought me in exchange for a month's usage of Quicken Loans' reserved areas in downtown restaurants.
I think he will be okayQuote:
Originally Posted by emu steve
http://www.forbes.com/profile/daniel-gilbert/
... What kind of money would it take to convert to partial condos/lofts?
Yeah, that makes sense. That is also Dan Gilbert's M.O. so far. Yeah, 401don, it makes perfect sense for Dan Gilbert to buy an entire building for the parking. When he already owns a parking garage and will most likely be building another 1-2.Quote:
Originally Posted by 401don
Do you think Dan Gilbert buys these buildings and then just sits on them Matty Moroun style? The man runs an insanely successful direct mortgage lender and has flipped many, many buildings downtown which are currently boasting above-market occupancy rates. He is not hurting for money, in fact, he's most likely making out like a bandit on these purchases.Quote:
Originally Posted by emu steve
I am, obviously, not peering into Dan Gilbert's business ledgers, but each of his purchases seems to have been a sound investment. He is not running a charity. He buys buildings that structurally have potential, never seems to pay a fortune for them, puts a little work into them, and then he gets tenants in them relatively quickly. Many people are being surprised- myself included- that downtown Detroit's revival is accelerating based on lots of small things, instead of one gigantic solve-all-the problems-in-one-fell-swoop plan we used to dream of. That's a good thing.Quote:
Originally Posted by motz
Gilberttown keeps on growing. He's a really creating his financial world empire from Detroit.
He owns a big chunk of Cleveland, as well as the Cavaliers. His pockets are bottomless.Quote:
Originally Posted by Danny
I do wonder what his endgame is.
There is no endgame for Dan Gilbert. His mission is to create regional supercity of Detroit where Downtown [[Gilberttown) is his world HQ for Quicken Loans. His next plan to spread out the inner cities of Detroit, buy up abandon buildings and vacant land, push out poor people, gentrify it and bring his ventures in. By 2030 Detroit will become a diverse city with a growing population. But it won't be black folks and poor people who abuse welfare checks and food stamps that run the show.
He will be the Donald Trump and OCP of Detroit creating a 'Delta City' environment.
I do appreciate Dan Gilbert buying these buildings and renovating them. What had happened to the developer who had purchased the old Free Press building? No signs of work being done to that building in almost two years after the building was purchased. Illitch is renovating the former United Artist building at a snail's pace. I don't agree with one man determining what the plight of Downtown Detroit should be. I have no problem with anyone purchasing these vacant buildings and renovating them making them attractive to future developers who want to take interest in them. What had Matty Moroun done to the train station and other dalipidated buildings that he own throughout the city?
Give Duggan a few years. He seems willing to pressure absentee building owners, at least that's what he says. He said something like, "The days of buying buildings in Detroit and waiting to cash them in like a lotto ticket are over". Only time will tell I guess. I can't stand Matty or his son but at least they pulled a permit for work on the station. Maybe Duggan is the "rock" the city and it's business leaders can rely on to help change things immediately.
After four years as Mayor of Detroit, Mike Duggan will run again. This time he will get over 70 percent of the black vote.
Quote:
Originally Posted by stasu1213
Those commie Chinese folks bought the Free Press Building. They haven't did nothing to that structure. I say Let Dan Gilbert buy it. He will fix it up and fill it with retail and new job ventures in one year.
Quote:
Originally Posted by Detroit
I think he's just convinced that urban living is the next big trend over the upcoming decades, and that when the dust settles he'll have bought the urban cores of two sizable metros for a song. Whether you think he's right or not is another question.
Of course, the fact that he won't eat his own dog food and lives in Franklin is curious and the only the thing that makes me wonder if there's an ulterior motive.
It might just be easier for him to live privately in the burbs. He is very high profile nowadays locally. And I don't think you need to be a Detroit resident to love and benefit the city.Quote:
Originally Posted by nain rouge
I think you are correct about his end game: Detroit has potential, and property is just North of free. Wise investment, long-term.