Status of E. Riverfront projects- RIP or just taking a nap?

Anyone recall this proposed project near Harbortown around 2006:

http://static.flickr.com/71/213795514_eb5056a848_o.jpg

http://www.google.com/imgres?imgurl=...t:429,r:13,s:0

The project was originally designed by the Kramer Group, but never got off the ground. Anyone know if the project is totally dead or just postponed?

Also, there is this more recent project near Chene Park known as "The Watermark" and supposed to be completed in 2009, also by Kramer: http://www.thekraemeredge.com/
Click "Our Work" >> "On the Boards"

http://www.google.com/imgres?imgurl=...1t:429,r:0,s:0

The Watermark was Bing's proposal if I am not mistaken. That is dead due to political realities and because the market went south. The same is true of the first. We won't see many big housing developments around here for quite sometime. Our population decreases in the region make these next to impossible.

Don't forget @ Water Lofts and Renshore Condos

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We won't see many big housing developments around here for quite sometime. Our population decreases in the region make these next to impossible.

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In my opinion the main reason is that these projects were going to be high-end and real estate values have fallen too much to allow units to be sold at the prices they were going to need to make money. Now some of that price decline is certainly due to the drop in population, but housing prices have declined around the country and population continues to rise, so I don't think it is strictly a population problem.

i know of a former colleague who put deposits on 2 of the atwater units with river views. i believe each unit was just over 1000 SF and about $400k. they already owned 3 units at the rivertown lofts. the family has since moved to texas. i always wondered how big a bath the family took on the rivertown lofts and if they ever got deposits back for the atwater units.

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Originally Posted by mwilbert

In my opinion the main reason is that these projects were going to be high-end and real estate values have fallen too much to allow units to be sold at the prices they were going to need to make money. Now some of that price decline is certainly due to the drop in population, but housing prices have declined around the country and population continues to rise, so I don't think it is strictly a population problem.

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Population creates a demand and demand creates the price.

I was under the impression that residency downtown was near or at capacity? Plus with the influx of new workers coming down [[Gilbert, Blue Cross), it would seem that there would a breath of life coming into some residential projects. Obviously the Broderick, Free Press Building, and Whitney are three that could absorb plenty of new residents. Does anyone know what the residential occupancy rate is in downtown approximately?

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Originally Posted by mikeg19

I was under the impression that residency downtown was near or at capacity? Plus with the influx of new workers coming down [[Gilbert, Blue Cross), it would seem that there would a breath of life coming into some residential projects. Obviously the Broderick, Free Press Building, and Whitney are three that could absorb plenty of new residents. Does anyone know what the residential occupancy rate is in downtown approximately?

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My building seems to be hovering at near capacity. My guess is that it consistently runs at about 90% or higher. However, I am basing this on observation, namely the fact that there are virtually no dark windows at night.

The bottom line right now, is that the market is soft. There is certainly demand rising again, but mostly for rentals. The credit markets, both for end buyers and developers, is not back to the point yet where we will see anything significant for a while. As the credit begins to flow again, you will slowly begin to see projects like these in planning, anthough that doesn't mean they will get off the ground. There is certainly demand for rentals downtown right now, at any price point, but for it to happen, developers need to be able to get financing, and right now, not many banks want to invest in Detroit.

Right now, we are seeing one here, one there... The Broderick Tower project is finally off the ground, and in our sights is the David Whitney Building and Free Press Building. However, both of those are a ways off, as they are still in the planning stages and need to get financing.

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Population creates a demand and demand creates the price.

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This is oversimplified. Price isn't solely dependent upon demand, and demand for housing isn't only based upon population. Again, US population has been rising continuously since the founding of the country, but US housing prices have dropped dramatically during the past few years. Detroit is affected by both lower population and the national trend toward lower prices for housing.

Does anyone know when the hell does that port authority terminal is set to open? It has been 4 years and no signs of any soft opening. Now the riverwalk in front of it is being repaved. The cranes had left so what is the big hold up

Don't forget all the seniors who are going to move into those rehabbed buildings just north of the GM-UAW center! There is so much potential for loft development in many of the unused industrial buildings, but often they need so much up-front cash for initial clean up in the current climate it makes them undoable. Sadly, these older character-defining buildings continue to deteriorate further, eroding much of the charm of the brick-industrial district east of downtown along the River.

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Originally Posted by stasu1213

Does anyone know when the hell does that port authority terminal is set to open? It has been 4 years and no signs of any soft opening. Now the riverwalk in front of it is being repaved. The cranes had left so what is the big hold up

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They are currently constructing the wharf to dock larger ships, the whole reason for the terminal in the first place. I believe once that is complete, they will open the entire place at once.

I had thought that the wharf was completed when the cranes had left. This project had been dragged along for a couple of years. The money had been allocated for the project. I had wondered was that money tampered with during the years.