Broderick Towers rent: $5,000/Mo?

**Meddle** · August-10-11, 08:30 AM

Penthouse 33B in the Broderick Towers is still a gutted, graffiti-marred space, but even now the balcony view helps explain the potential $5,000 monthly rent: A bird’s-eye view of Comerica Park, home of the Detroit Tigers. “We’ve gotten more inquiries about the penthouses than any other potential unit,” said Fred Beal, president of Detroit’s JC Beal Construction Inc. and one of the partners in the $53 million redevelopment of the 34-story Broderick in Grand Circus Park.

http://detnews.com/article/20110810/...eyeing-Detroit

Maybe somebody, but not me.

agrahlma · August-10-11, 08:58 AM

I’m curious to see the prices of the other units. I wonder if it will be on par with the Fort Shelby rental prices.

**Planner3357** · August-10-11, 08:58 AM

That's kind of what I figured. BUT, those are going to be some bad ass spots. That's pretty damn cheap in comparison to other major cities. I know it's Detroit, but man those penthouses are sweet.

I would like to maybe rent there, but by the time they are done with it I will be purchasing a home.

**Hypestyles** · August-10-11, 10:22 AM

... I wonder will there be tours whenever all the renovations are completed. I'd like to see what's inside.

**stinkytofu** · August-10-11, 10:29 AM

Random note - there was a protest going on outside of the Broderick this morning. Looked like 30-40 people from some carpenters union.

**Scottathew** · August-10-11, 11:00 AM

I agree with others, I wouldn't pay the $5000, but I would bet it can be negotiated down.

This development is going to be great for Detroit.

**RickBeall** · August-10-11, 11:05 AM

Ha ha, if you were a sports fan and you had the $5,000 you would pay it.

agrahlma · August-10-11, 11:11 AM

If I win the Power Ball tonight, I’ll rent it for a year – and I’ll host a killer DetroitYes party!

**davewindsor** · August-10-11, 11:27 AM

On the one hand, I'm saying, "YIKES!, I'd never pay that in Detroit!" On the other hand, I know that the penthouses in the Book Cadillac were selling for over a million bucks a piece, so there is a proven market for it.

**Bham1982** · August-10-11, 11:40 AM

Originally Posted by davewindsor

On the one hand, I'm saying, "YIKES!, I'd never pay that in Detroit!" On the other hand, I know that the penthouses in the Book Cadillac were selling for over a million bucks a piece, so there is a proven market for it.

No Book Cadillac unit ever closed for a million dollars or more. I don't think any closed unit came close.

The views on this look great, though. More, smaller units makes more sense than big, family sized units, but hopefully the developer knows what he's doing.

agrahlma · August-10-11, 11:57 AM

Originally Posted by Bham1982

The views on this look great, though. More, smaller units makes more sense than big, family sized units, but hopefully the developer knows what he's doing.

Per their website...the floor plans are smaller below the 24th floor.

**Planner3357** · August-10-11, 12:03 PM

Originally Posted by stinkytofu

Random note - there was a protest going on outside of the Broderick this morning. Looked like 30-40 people from some carpenters union.

Saw that this morning too. This isnt the first time. I've seen them on multiple occasions.

**Gistok** · August-10-11, 12:14 PM

Long time DYES forumer [[and professional photographer) Southen took this dizzying pic of from the top of the Broderick tower several years ago, with his legs dangling....

http://www.flickr.com/photos/southen/229735246/

In between his shoes is one of the small balconies on the 33rd floor. The penthouse suites will be 2 story and have a spiral staircase between them, as well as the small corner balconies.

agrahlma · August-10-11, 12:27 PM

Originally Posted by Gistok

Long time DYES forumer [[and professional photographer) Southen took this dizzying pic of from the top of the Broderick tower several years ago, with his legs dangling....

http://www.flickr.com/photos/southen/229735246/

In between his shoes is one of the small balconies on the 33rd floor. The penthouse suites will be 2 story and have a spiral staircase between them, as well as the small corner balconies.

That's awesome!

**GPCharles** · August-10-11, 02:02 PM

potential $5,000 monthly rent

Note the word "potential."

**Whitehouse** · August-10-11, 03:43 PM

Originally Posted by Gistok

Long time DYES forumer [[and professional photographer) Southen took this dizzying pic of from the top of the Broderick tower several years ago, with his legs dangling....

http://www.flickr.com/photos/southen/229735246/

In between his shoes is one of the small balconies on the 33rd floor. The penthouse suites will be 2 story and have a spiral staircase between them, as well as the small corner balconies.

And perhaps also a personal elevator?

**esp1986** · August-10-11, 03:56 PM

Originally Posted by GPCharles

Note the word "potential."

With the way rents are increasing elsewhere, chiefly due to rapidly rising demand and no growth in supply, this $5,000 rent could be a reality. There are only three of these units with the balconies, with two of them overlooking Comerica Park. To only have three of them, someone will be willing to snatch them up, especially considering this building is to be a rental for at least five years, as stipulated by one of their tax credits.

**iheartthed** · August-10-11, 04:13 PM

Originally Posted by Gistok

Long time DYES forumer [[and professional photographer) Southen took this dizzying pic of from the top of the Broderick tower several years ago, with his legs dangling....

http://www.flickr.com/photos/southen/229735246/

In between his shoes is one of the small balconies on the 33rd floor. The penthouse suites will be 2 story and have a spiral staircase between them, as well as the small corner balconies.

Ironic that I clicked on that photo just before hearing about someone threatening to jump off the observation deck of 30 Rockefeller Center.

**mikeg19** · August-10-11, 04:30 PM

I heard on this forum awhile back someone had emailed the Beal group to see about pricing and they said within 30 days we would have it. Too bad that was like 3 months ago. I'd really like to know what the regular units are going to be running.

**wolverine** · August-10-11, 06:33 PM

I guess it's a great apartment with the best views in the city, but I wonder how they did their valuation.

I mean a $5000/month apartment will get you something fairly substantial here on Michigan Ave in Chicago, and even a gorgeous high floor apartment in Manhattan in a brand new tower:
http://www.forrent.com/apartment-com...1000063959.php

The Pros of the Broderick Penthouse:
Private Elevator
New Construction
Views [[not always factored in though)

The Cons
Location

Now let me say more about that. My rent prices are inflated somewhat because I have access to a subway, 4 different bus lines, 3 supermarkets within a 5 minute walk, and located on a busy retail street. Get outside of that and rents plummet.

Sure you are downtown, but downtown still has a long ways to go in terms of what's there. Think about what you have in a 5-10 minute walk in the suburbs....especially in places like Royal Oak and Birmingham, or Ann Arbor.

I'm just curious how they came to this number. I was recently interested in a 25th floor, Magnificent Mile, 1400 sq ft penthouse in Chicago with 2BR, 2Bath, 20 foot ceilings, and an additional 1000 square foot private roofdeck with views of the lake. Eletrical, heat, water, gas, A/C, cable tv, and high speed internet were included. The rent was $2800, practically half of the Broderick's.

I think the Broderick Tower will be a stellar renovation, but I would take one of the regular sized apartments for their fair price.

Maybe I shouldn't be surprised, as rents everywhere are skyrocketing.
Next year, the national average will be $800/month at 5% vacancy.... a sign that we really need be building apartment towers now.

**Lowell** · August-10-11, 07:07 PM

Look at this way. It is $167 a night. That would get you a so-so room in a downtown Chicago Hotel and a hovel in a Manhattan hotel. Obviously there are other expenses and you don't get housekeeping but it would be one hot pad. There are a lot of people who pay that much in property taxes alone. It is a lot to you and I but it is not particularly excessive for such a dramatic and well-located piece of property.

Depending on the number of rooms and regulations, and shared out as coop/ time share, it could be quite attractive. A company could get it and use it for visiting executives, etc. In the big scheme of things it is not that expensive.

**animatedmartian** · August-10-11, 07:39 PM

I checked Trulia, and the only rent prices that come close to $5000 are at Fort Shelby. For $4354 you get 2200 sq ft and a sushi bar. Broderick looks to have similar penthouse sizes so maybe it's possible. But like what wolverine was saying, downtown is still lacking a lot so how do they justify having such a high rent?

Pretty much anywhere else Downtown or Midtown rates stay below $1700.

**davewindsor** · August-10-11, 07:52 PM

Originally Posted by Bham1982

No Book Cadillac unit ever closed for a million dollars or more. I don't think any closed unit came close.

The views on this look great, though. More, smaller units makes more sense than big, family sized units, but hopefully the developer knows what he's doing.

Please cite your data. Why can I find listings for sale like unit #2906 for $1.2m if it doesn't come close? http://www.trulia.com/property/30243...troit-MI-48226