Dan Gilbert buying two more downtown buildings

[apbest]

While everything Gilbert is doing is great for the city, one area we haven't heard anything about from him is historic preservation [[when applicable).

Accordingly, this will be an interesting case to play out. Even if he's going to renovate it into creative office space as the article mentions, I would LOVE LOVE for him to remove the 70s "modern" facades and restore the best he can the original facades.

I am curious about the chances of this happening.

[agrahlma]

If Gilbert can attract enough tenants to his office properties, I wonder if he’ll begin to dabble more on the residential side. Downtown and Midtown are already running short on residential properties – and this demand will only increase as Gilbert fills his office buildings. Even with the Broderick and Auburn developments [[and potentially the David Whiney), the Downtown/Midtown area will still be short on quality residential.

[DetroitPlanner]

While everything Gilbert is doing is great for the city, one area we haven't heard anything about from him is historic preservation [[when applicable).

Accordingly, this will be an interesting case to play out. Even if he's going to renovate it into creative office space as the article mentions, I would LOVE LOVE for him to remove the 70s "modern" facades and restore the best he can the original facades.

I am curious about the chances of this happening.

Those '70's' facades were actually earlier than that. Most of the 1970's they were into making everything look like it was the gay 90's with a hippie twist. If he took the facade off the NBD/Chase building it would be naked! The two building he just bought have great facades. Sort of steamline moderne. I doubt they are original, but they are cool non the less.

[esp1986]

http://www.crainsdetroit.com/article...nd-circus-park

Blog by Daniel Duggan over at Crains... building in reference is a one story [[with rooftop "patio")... I really wonder if this isn't part of a retail push by Gilbert.

[Danny]

Next thing that would happen to Dan Gilbert and rule Detroit like a iron fist by running for mayor for 2013.

[agrahlma]

This has to be unprecedented in the history of Detroit. Has anyone ever bought this much square footage Downtown -- in a time period as short as this?

[English]

I'd like to rejoice, but I'm suspicious. What's his angle?

[esp1986]

I'd like to rejoice, but I'm suspicious. What's his angle?

As far as office space is concerned, he owns interests in dozens of companies, ranging in size from one or two people to the 4,000 he employs with Quicken. Based on the investments him and his peers are making via Detroit Venture Partners, those numbers will only grow. All of the ideas they invest in, will be located in one of his buildings. It may take him a year or two to fill up all this space, but I would anticipate other related companies like ePrize will be joining them Downtown sooner rather than later.

As far as retail is concerned, Gilbert has been probably the most vocal advocate of bringing retail back to Downtown, all part of his Live-Work-Play theme. He was instrumental in the CityLoft experiment which has so far been called a success. Based on the feedback, he may be looking to entice other retailers into coming Downtown or providing some with bigger spaces. Even if retailers are interested in Downtown, given the poor state of most of the empty storefronts, very few retailers would even take a chance with that sort of investment. With Gilbert, he will likely spruce-up the spaces and even possibly subsidize rent or pay for a buildout [[as Compuware did with Texas de Brazil), to entice potential tenants. If it will ever happen, someone needed to improve the storefronts, and with Gilbert [[presuming it is him) buying what seems to be a retail storefront, to me it indicates that he isn't after all of these spaces to turn them into offices...

Gilbert himself has even said he wants to create a walkable Downtown with accessible retail, and that started with the Chase Tower.

[corktownyuppie]

I'd like to rejoice, but I'm suspicious. What's his angle?

I don't see his angle as being malicious. I think he's a smart businessman who sees the opportunity to buy real estate in commercial district for dirt cheap. Either one of two things: [[1) he says what a generation of suburbanites don't see, because so many of them are stuck in 1985. You don't make money in real estate when you sell. You make it when you buy. If you're buying giant buildings for $50,000, there's money to be made. [[2) the other factor with real estate development is that there is so much risk in being "first". Imagine buying the first home in a newly constructed subdivision. You're taking a huge risk that no one else will buy one. He has the power to eliminate that risk because he can buy all of them at the same time and fill them.

I think net positive to the city, for sure.

[Zozo]

I'd like to rejoice, but I'm suspicious. What's his angle?

Are you serious? Gilbert has been very clear the whole time with what his intentions are. To bring the CBD of Detroit back to life and to make it a tech hub. I'm curious to know what you are suspicious of.

[bartock]

Are you serious? Gilbert has been very clear the whole time with what his intentions are. To bring the CBD of Detroit back to life and to make it a tech hub. I'm curious to know what you are suspicious of.

...and to make money. Lots of money. He's been very clear about the fact that he is not treating this as some charity, out-of-the-goodness-of-his-heart deal. His candor is encouraging.

[agrahlma]

...and to make money. Lots of money. He's been very clear about the fact that he is not treating this as some charity, out-of-the-goodness-of-his-heart deal. His candor is encouraging.

And if he's right about Detroit, then he stands to make a TON of it [[$)! The encouraging thing is he knows how to make money [[~1.5 billion), and he’s seems genuinely passionate about the city – that’s a very good combination for Detroit! From now on, I will only post in Comic Sans – in honor of Dan G!

[Flintoid]

Who cares if he makes alot of money in the process! Thats the only thing that will entice more investors to come. Doing good and doing well dont have to conflict. If Dan Gilbert makes millions on this, good for him!

[gumby]

http://www.crainsdetroit.com/article...nd-circus-park

Blog by Daniel Duggan over at Crains... building in reference is a one story [[with rooftop "patio")... I really wonder if this isn't part of a retail push by Gilbert.

Isn't that the building in which Como's was supposed to put a downtown restaurant in a few years back?

[Pcm]

From now on, I will only post in Comic Sans – in honor of Dan G!

Please don't. Thanks.

[MSUguy]

Some might question the need for more office space in Detroit, but they
should talk to Tim Smith.

I've reported on the move by Skidmore
Studio to take space in Gilbert's Madison Theatre Building. Skidmore's
CEO, Smith, told me that he'd been looking around in Detroit for the right
office space for a couple years, not able to find something that fits the vibe
of an edgy marketing/advertising firm like his. Madison Theatre was perfect for
his firm, and now it's nearly full

And plenty of brokers have told me the same thing: There is a lot of office
space in Detroit that nobody wants — unless someone with deep pockets is willing
to go in and spiff it up. Note that Forbes has Gilbert at $1.5 billion now.

This stood out to me. I wonder much an issue is the quailty of office space in the city?

[Richard]

I'd like to rejoice, but I'm suspicious. What's his angle?

Follow the time line of when he started ,incentives received, when Snyder took office and when the incentives that would have drawn outside investment were removed,nice to see with over 50 states in the country and millions of money to invest Detroit received the only forward thinking person as a savior.

Kinda like the Texas 5.

[iheartthed]

I'd like to rejoice, but I'm suspicious. What's his angle?

It is curious. It's not like these are new buildings, nor is he new to town.

[Jason]

I think he wants to make the city a better place, and make a lot of money along the way. I also think he's trying to attract a certain kind of workforce/environment for his companies.

He could either move himself and all his companies to another city where he'd be a small fish, or he can throw his weight around here make that other city environment here, and be in control of it at the same time, while also making money off the real estate side of it.

[English]

Look. I'm sure this will be a net positive for the city. And I love this city as much as anyone on this site -- I was bone tired Monday night driving home down Woodward after a long day, and it was my first time seeing the Broderick lit up in my living memory.

I pulled over... and cried.

Of course, I want to see downtown rehabbed. Seeing the "dry bones" of the rest of these buildings restored to life is my fond hope, as it is the hope of most of the folks who come to this site. But hey, I've been on the fun ride called Detroit for nearly four decades. We've had all kinds of hopes dashed before. So forgive me for being cautiously optimistic.

[Casual]

I hope Gilbert can convince the Big Box Super Markets like Meijer, Kroger, Walmart, and Sams to come to Detroit. I would love to work on the Dan Gilbert for Mayor campaign.

[313WX]

I hope Gilbert can convince the Big Box Super Markets like Meijer, Kroger, Walmart, and Sams to come to Detroit. I would love to work on the Dan Gilbert for Mayor campaign.

I just hope if we ever do get stores like that, they're urban-friendly.

Could you imagine a typical suburban Wal-Mart or Kroger plopped down at Mack/Warren and Woodward? Or worse yet, I-75 and Woodward? Just awful...