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Another reason why Midtown is happening!!
Joel Landy has lived in Midtown for over 40 years. And over the years he's bought up property – 27 buildings to be exact – and is turning them into something Detroit can be proud of....
http://www.myfoxdetroit.com/story/20...-public-school
That is great and all, but isn't a flip technically buying a property, fixing it up, then selling it?
Not even necessarily fixing it up, just waiting for the value to increase, then selling it. This was common practice during the housing market boom during the start of the century. 27 properties. I wonder how he managed to pay City taxes on all of those?Quote:
Originally Posted by DetroitPlanner
He has a Bob Dylan look to him, even down to the duds he wears. Cool guy, a real champion of Detroit architecture and culture.
This guy was featured on American Pickers last year and they took a ride through Mid Town on his train. He has an awesome amount of Detroit history!
What I find intersting in this type of story is how a lone individual can make a difference, incrementally over a long period. Imagine if he hadnt been a guardian to his bit of Detroit, not making a difference, not looking for potential where others had already given up on it. Totally unpretentious, laidback guy it seems, and yet a whole lot of contributions to his community.
Also, his is a labor of love for his city and people. He could have used his noggin doing his thing in a more happening city and made more money, but that is obviously not his thing. His thing was to preserve and enhance Detroit treasures.
You got the wrong guy. I have known Joel for decades. He not some suburban slum-lord speculator. He has lived at his house on Charlotte all along through the most difficult years, amid great danger and steadily accumulated properties of which his friends have dubbed "Landyland".Quote:
Originally Posted by Honky Tonk
That he might be reaping the rewards makes me happy. They are well-deserved and hard-earned. He is still humble and a tireless worker. If you go the Burton Theater you will find him dishing out the popcorn.
He has not simply sat on them either. The Addison, Burton School and [forget the other school name by the expressway] along with several historical structures on Peterboro and Charlotte exist because of his effort and he has plans for all.
And yeah he pays his taxes. You won't find him losing anything to foreclosure.
"You got the wrong guy."Quote:
Originally Posted by Lowell
Is he the guy that developed and owns several apartment buildings right around Avalon? One has a rooftop deck on it made of synthetic deckwood? If he does, then I do have the right guy. Paying current Detroit taxes on 27 structures is quite a feat, especially if no income is being derived from some. But then if he flips them, he isn't paying taxes on all 27 structures @ once. Anyway it was only a question, nothing implied.
@ Lowell. Ive never heard much good about Landy. Its good to hear otherwise. Im going to have to take a look at him from a different perspective, as I trust you.
Picking up old historic buildings is no easy task and it looks like he's had great success with some of those properties. The important thing is these properties are in caring hands and give certainty they won't fall to the wrecking ball.
^^^ Yes, that is a good thing for Detroit, for certain!
Joel Landy is one of the top ten idiosyncratic eccentric iconic heroes of the city...has been for decades...ever since the first time I saw him drive by in his Rolls Royce on Cass Avenue. I was in the periphery of the Propeller design group when they rented the second floor of his unbelievable MG/Triumph/Jaguar graveyard warehouse that got torn down to build the VA hospital, and have been relatively in awe of him since. Who keeps all those dusty-ass old British cars in the heart of Detroit?! Someone who hasn't figured that Lucas Electronics was founded by the Marquis de Sade?
I also applaud his persistence, while perceiving those who have had less than positive dealings with him. As with most business people, and especially property owners...his decisions and actions can fiercely affect some, inadvertent or deliberate.
I never got the sense that Joel had evil intent at all...but it seems if you crossed him, things could get curiously tough for you. Luckily, other than one really great discussion at the bar in the Atlas restaurant, I've had no direct dealings with him.
So, go Joel go...
He must have a "certain toughness to him if he managed to keep his foothold in as rough a part of town as this. I think he is less marooned than Moroun, keeping things going, being in touch with the city on a real level.
I wonder what his take on the Central Depot would be if he were a stakeholder?
"Someone who hasn't figured that Lucas Electronics was founded by the Marquis de Sade?"
Nice!
I think some are stumbling over that word 'flip' in that Fox News title. It was a very poor choice. One would think he is buying places and immediately or soon after selling them with no input, like Florida condos, for quick profits. Not the case. Almost all of the properties he bought he still owns. Like he says in the video, he's not sure if he is a collector or hoarder. I'm not either. Many properties he has held on to for decades while developing them one after another.
The only properties that I know he sold was his foreign car repair shop on Gratiot at Connors when Rite Aid bought up the block and the shop Gannon mentions above which he was forced to sell for Veteran's hospital, which BTW also resulted in the loss of some amazing 19th Century mansions. Both properties were held for a long time and used in his businesses. So they were hardly flipped.
Can he be prickly? Sure. You have to have a little of that to survive on those means streets that long. He has been kind and generous too, throwing big free parties with breakfast out of his house and the Addison on Thanksgiving Parade morning for years, and a friend of the arts.
When everybody else ran away and abandoned their buildings, he dug in and stayed. He paid his dues and now he's reaping the benefits. There's a lesson in there for others because those opportunities exist in other parts of Detroit today for those brave and patient enough to take the plunge.
"Can he be prickly? Sure."
So he's not always Mr. Cogeniality like all the posters on this forum?
It's nice to hear one of the goodguy's won for a change.
Lowell, I believe he owns the Scott Mansion, right? He's fixed up all the houses on Peterboro between Woodward and Cass, I wish he would get to the Scott. It may be too far gone, though. Stromberg2
Wheels, I too saw that episode... and after seeing this short video clip, I wonder if he kept the American Pickers guys away from his really choice collectibles??Quote:
Originally Posted by Wheels
Didn't you watch the article?Quote:
Originally Posted by stromberg2
He also is responsible for rejuvenating the Kales Building in the late 80s early 90s. The 7 story Addison Hotel on Woodward and Charlotte [[think Atlas restaurant as Gannon mentioned) is one of his as well.
Prickly, yeah, the Cass Corridor would spit you out otherwise. In the shadows out of necessity.
DP, No I didn't, but I did now. Thanks! Stromberg2