What's Really Keeping Development From Happening on GM's East Riverfront Property?

It's been over 10 years since renderings were put out for GM's RiverEast development. Is a lack of development still due to a lack of residential demand? Is it due to GM not having the additional money for real estate development due to bankruptcy? Is GM waiting for MDOT to decide on what it's going to do about I-375 and its extension to Atwater?

All I know is, it's depressing to drive east of the GM/Renaissance Center and see all of those huge surface parking lots. I would love to see GM and the City of Detroit work together to place underground parking in that area and build residential and commercial on top. No more parking decks in that area. So, what gives?

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Originally Posted by royce

All I know is, it's depressing to drive east of the GM/Renaissance Center and see all of those huge surface parking lots.

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Maybe you should talk to your doctor about getting you on Prozac?

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Originally Posted by royce

It's been over 10 years since renderings were put out for GM's RiverEast development. Is a lack of development still due to a lack of residential demand? Is it due to GM not having the additional money for real estate development due to bankruptcy? Is GM waiting for MDOT to decide on what it's going to do about I-375 and its extension to Atwater?

All I know is, it's depressing to drive east of the GM/Renaissance Center and see all of those huge surface parking lots. I would love to see GM and the City of Detroit work together to place underground parking in that area and build residential and commercial on top. No more parking decks in that area. So, what gives?

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http://www.crainsdetroit.com/article...n-with-gilbert

Gilbert and GM are working together on a large scale development of said parking lots.

The recession killed their plans for that area and they have been waiting on a recovery. Now that downtown is on the way up and Gilbert is teaming up with them I would guess that we get some idea of the plans sometime this summer.

There is brown soil under those parking lots surely contaminated from early industrialization. Nothing big was ever going to happen when there was a mere whiff of this on the horizon. Now there will be a lot of jockeying for position to get the breaks the quickest, one can assume that GM already has a spot in the line.

http://www.freep.com/story/news/poli...its/101299562/

Skipper's rule still applies.

We're now 8 years into the current "expansion" [[the weakest and slowest since World War II) with signs that another recession is imminent. And it's not like Detroit's experiencing a booming economy or population growth either.

So, even in spite of the brownfield tax credits possibly getting approved, I'll be surprised if we see much progress on this development any time soon.

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Originally Posted by 313WX

Skipper's rule still applies.

We're now 8 years into the current "expansion" [[the weakest and slowest since World War II) with signs that another recession is imminent. And it's not like Detroit's experiencing a booming economy or population growth either.

So, even in spite of the brownfield tax credits possibly getting approved, I'll be surprised if we see much progress on this development any time soon.

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I'm surprised about your comment about "with signs that another recession is imminent."

Other than some slowing of auto sales the U.S. economy has been very steady.

The only thing which makes U.S. economic growth hard to predict is that apparently the Dept. of Commerce continues to have trouble with their statistical model [[seasonal adjustments?) for the 1st quarter of the calendar year which seems to understate economic growth during winter. One would expect 'robust' growth when a mild winter 'pulls' growth, including employment forward, from early spring to late winter.

All of that said, yes, a recession could really hamper Detroit's revitalization plans.

Detroit isn't strong enough to avoid a big hit.

It makes me wonder, how much of Detroit's success will be tied to a healthy mortgage industry? I know Quicken is only a piece of the puzzle, but it would seem to be a rather large piece, right up there with automotive. Although I don't really see GM making a huge impact on a changing Detroit, the money you get from having tens of thousands of GM workers downtown is a huge help.