Riverfront Towers faces foreclosure after default

[cramerro]

This morning in the News...

http://www.detnews.com/article/20110...rtgage-default

...give it a few months more missed payments and maybe Dan Gilbert can get another foreclosure deal?

[bjones521]

Wow.....i planned on moving here. Looks like It'll be the kales.

[DetroitPlanner]

Emmet Moten was not a developer. The Developers were Max [[Fisher) and his pal Al [[Taubman). He worked for Mayor Young as head of Planning and Development. I am amazed how poorly edited this is.

[Goose]

its also odd that the writers seem to think the towers are significant because rosa parks died there, mentioning it three times in the article....

i prefer to remember her for her courage rather than the spot she died.........

[kraig]

Emmet Moten was not a developer. The Developers were Max [[Fisher) and his pal Al [[Taubman). He worked for Mayor Young as head of Planning and Development. I am amazed how poorly edited this is.

The article pointed out that Fisher and Taubman were the builders. It appears that the writer was stating that Moten is a developer by trade.

[downtownguy]

"Fisher and Taubman built the complex as the first market-rate housing in Detroit since World War II."

Not true. Trolley Plaza on Washington Blvd., now Detroit City Apartments, was built in 1981. Because it filled up so quickly, Taubman and Fisher moved ahead with Riverfront, and Millender Center Apartments came soon after.

I know this for a fact, because I was the second tenant to move onto the 25th floor at Trolley [[30 years ago last Monday, in fact). When Riverfront started leasing, I took a look out of curiosity. I asked the leasing agent where they expected their market would be, thinking she would say empty nest Detroiters or something like that. She insisted they were going to pull people from Birmingham, Bloomfield and the Grosse Pointes. Remember, this was a generation ago, and most suburbanites could not get far enough from Detroit. I know they did attract a few. Even Trolley had a few affluent suburbanites move in. but most of them moved out at the end of the first year.

[Detroitnerd]

They just don't get it. The sort of person who wants to live downtown doesn't necessarily want to drive into a gated compound. What happened to their grocery store and restaurant inside there? It went bust, because evidently not enough people want to drive into a compound to shop and dine. Walkability, bikability, livability and urbanity Riverfront Towers are not...

[downtownguy]

^^Actually, nerd, that was the only way they thought they could get people downtown at the time. Trolley, albeit a part of the urban fabric, was also a fortress with indoor parking and heavy security at the door. In fact, as I got acclimated with downtown living, I realized I hardly ever saw my neighbors walking the streets. I began to understand the real downtowners were folks living in Lafayette Park. They were the only ones walking around at the time.

[corktownyuppie]

I know a few people living in Riverfront Towers...they're all suburbanites going to med school/law school. But I agree...it is fortress-like. I much prefer the Midtown/Grand Circus Park/Corktown walkability.

I'm ok with parking and driving, even though I'm in the city. But when that's your ONLY option? I think it makes for a very "lonely" design.

[Detroitnerd]

^^Actually, nerd, that was the only way they thought they could get people downtown at the time. Trolley, albeit a part of the urban fabric, was also a fortress with indoor parking and heavy security at the door. In fact, as I got acclimated with downtown living, I realized I hardly ever saw my neighbors walking the streets. I began to understand the real downtowners were folks living in Lafayette Park. They were the only ones walking around at the time.

I remember those days. I used to deliver pizza to Trolley Plaza and Riverfront Towers. But to pursue Riverfront Towers as if they represent some hot opportunity right now is to miss entirely the emerging trends of city life in the 21st century. Riverfront should instead be working to sweep away the compound feeling like Matt Cullen did at GM, but leaders like George "Demolition Man" Jackson still think it's 1989.

[iheartthed]

I remember those days. I used to deliver pizza to Trolley Plaza and Riverfront Towers. But to pursue Riverfront Towers as if they represent some hot opportunity right now is to miss entirely the emerging trends of city life in the 21st century. Riverfront should instead be working to sweep away the compound feeling like Matt Cullen did at GM, but leaders like George "Demolition Man" Jackson still think it's 1989.

I don't really see how this can be done, since the compound feeling is as much a result of where it was built as how it was built. Even if they got rid of the security gates and submerged the parking structures, the place would still be surrounded by freeway on ramps and more parking structures.

[downtownguy]

But to pursue Riverfront Towers as if they represent some hot opportunity right now is to miss entirely the emerging trends of city life in the 21st century. Riverfront should instead be working to sweep away the compound feeling like Matt Cullen did at GM, but leaders like George "Demolition Man" Jackson still think it's 1989.

It's takes all kinds to make a city. Riverfront has existed for nearly 3 decades. An uptick in the economy and more folks moving downtown and putting the squeeze on the limited supply may get them out of this jam. It may not be your cup of tea, but it definitely fits the taste of some folks that want to live near downtown.

[MikeyinBrooklyn]

I don't really see how this can be done, since the compound feeling is as much a result of where it was built as how it was built. Even if they got rid of the security gates and submerged the parking structures, the place would still be surrounded by freeway on ramps and more parking structures.

I agree. The whole area is bunkered. I remember taking a friend to a Red Wings game a few years ago and she was astounded by how fortresslike and inaccessible the whole are was [[and still is). I think incorporating the Riverfront into downtown can't be done until JLA is demolished, and the whole area can be redone. No more walking through tubes, along fences, with cement everywhere. There could be a nice pedestrian plaza there, with new access to Cobo, the Riverwalk. It would be a lot of work, though...

[Detroitnerd]

It's takes all kinds to make a city. Riverfront has existed for nearly 3 decades. An uptick in the economy and more folks moving downtown and putting the squeeze on the limited supply may get them out of this jam. It may not be your cup of tea, but it definitely fits the taste of some folks that want to live near downtown.

Yes, it takes all kinds to make a city. Unfortunately, overfortified complexes and drive-in residential towers are something we have an OVERSUPPLY of downtown. Sure, some people want to live in a fortified complex "near" downtown. But you must drive in. And every retail development they've tried there has failed, because few people want to drive in, talk to a guard at a gatehouse, then go shopping or dining. And Jackson, a man who's supposed to have an ear to the ground and a sense of the future is trying to seal a deal on a place that is absolutely retrograde in this respect.

[corktownyuppie]

And Jackson, a man who's supposed to have an ear to the ground and a sense of the future is trying to seal a deal on a place that is absolutely retrograde in this respect.

I'm confused...George Jackson is working on a new development? Which one?

[Detroitnerd]

I'm confused...George Jackson is working on a new development? Which one?

Sorry, I'm a little confused this morning, conflating Watermark [[scuttled) and Riverfront. I evidently need more coffee.

Yet, Jackson is so out of touch, I do believe he would consider Riverfront Towers not just a success, but something worth repeating on the west side of downtown...

[Zacha341]

I recall when the Trolley Apartments went up. I was working across the way on the 8th floor in the book building and watched it go up floor by floor. The luxury vibe of the building vanished fast and I kind of knew something was amist with the Riverfront Apartments when their boat slips did not function this summer.... something about renovation... yeah right.

...Remember, this was a generation ago, and most suburbanites could not get far enough from Detroit. I know they did attract a few. Even Trolley had a few affluent suburbanites move in. but most of them moved out at the end of the first year.

[corktownyuppie]

Sorry, I'm a little confused this morning, conflating Watermark [[scuttled) and Riverfront. I evidently need more coffee.

Yet, Jackson is so out of touch, I do believe he would consider Riverfront Towers not just a success, but something worth repeating on the west side of downtown...

Ah. Well coffee it up. I'm in the same boat.

Now I would have considered the scuttled Watermark development very walkable. The back of the development entered right onto the Riverwalk, right? What scuttled the deal was the banking/lending crash out of Wall Street. Now that lending has loosened up again, I believe we'll see another site plan come out sooner, rather than later.

Clearing up the title, clearing up the land, getting the environmental stuff clean...all the dirty work is done. It just takes a well-capitalized investor, and we're on our way. The guys doing the title work on the Watermark are the ones who did it for Broderick Tower...they're itchin to do more work.

I agree that Riverfront Towers is very...meh. But I'd like to better understand the animosity toward George Jackson. I left Detroit in '96 and returned 5 years ago. Since I've been back, I've seen the Book Cadillac, the Dequindre Cut, Capitol Park get cleaned up, and a few big "New Economy" knowledge worker firms set up shop in the D.

I'm not a shill for Bing or Jackson...I don't work for the city or the DEGC...and I come with an open-mind. The above projects strike me as successes that are very much fitting with my vision for a pedestrian-friendly, vibrant downtown, with highly skilled workers, community support for culture and the arts, and a highly-educated citizenry. Historical preservation? The Westin B/C is a great example of it. So I have to ask, why all the hate on George Jackson?

Sorry...I'm kinda the new guy compared to many of you old-timers. The stuff that I've seen coming out DEGC in my short time here has been respectable or better. Am I missing something?

[Detroitnerd]

Ah. Well coffee it up. I'm in the same boat.

Now I would have considered the scuttled Watermark development very walkable. The back of the development entered right onto the Riverwalk, right? What scuttled the deal was the banking/lending crash out of Wall Street. Now that lending has loosened up again, I believe we'll see another site plan come out sooner, rather than later.

Clearing up the title, clearing up the land, getting the environmental stuff clean...all the dirty work is done. It just takes a well-capitalized investor, and we're on our way. The guys doing the title work on the Watermark are the ones who did it for Broderick Tower...they're itchin to do more work.

I agree that Riverfront Towers is very...meh. But I'd like to better understand the animosity toward George Jackson. I left Detroit in '96 and returned 5 years ago. Since I've been back, I've seen the Book Cadillac, the Dequindre Cut, Capitol Park get cleaned up, and a few big "New Economy" knowledge worker firms set up shop in the D.

I'm not a shill for Bing or Jackson...I don't work for the city or the DEGC...and I come with an open-mind. The above projects strike me as successes that are very much fitting with my vision for a pedestrian-friendly, vibrant downtown, with highly skilled workers, community support for culture and the arts, and a highly-educated citizenry. Historical preservation? The Westin B/C is a great example of it. So I have to ask, why all the hate on George Jackson?

Sorry...I'm kinda the new guy compared to many of you old-timers. The stuff that I've seen coming out DEGC in my short time here has been respectable or better. Am I missing something?

George Jackson? He is part of the old generation that thought big-ticket projects and silver bullet developments would save the city. And he doesn't work with communities to figure out what they deem appropriate. In fact, he seems to needlessly antagonize local communities. And he's really accountable to nobody, as head of an authoritiy. As for the Book-Cadillac, he wanted it knocked down. Now he takes credit for it.

Actually, I thought DetroitPole nailed it in a post a few weeks ago. I'll just quote at length:

Of course there is a lot of ill-will for George Jackson around these parts because many here are preservationists, but I can't really see anyone besides George Jackson supporting his decision on this one.

I was at the groundbreaking for the Auburn yesterday, which admittingly is a quality project, if not aesthetically beautiful. Needless to say George Jackson was there. It is pretty incredible how someone that inept and frankly inarticulate can maintain that position, but that is how things work around here. Basically he takes credit for virtually every piece of development in Detroit, whether he helped, hindered, or at one point opposed [[read: he wanted to demo the Book-Cadillac). When ground breaks he just stands up there, fat, simpering, and sweaty, shaking hands and grabbing ass.

Needless to say, I had no applause to offer him as he stood up there bumbling over multi-sylabic words or schmoozing some investment banker.

To be generous, Bing has been extremely slow to root out the bad seeds in his government. In fact, he's left it to fester. Jackson may not be corrupt, per say, but is nothing short of detrimental to economic development in Detroit. However, unlike the Human Services Director, or whatever, he can point to successful developments and claim credit for them. I can only imagine what the investors and developers say behind his back - probably worse than what we have to say. But he's coasting.

There is really nothing we can do. It could not be more undemocratic of a position. Someone who holds our economic and community fate in our hands is a defacto president-for-life. If we had an administration with any desire whatsoever to clean house you might see something.
All we can do is write to the mayor. It won't do any good, but this is a David and Goliath type of battle.

[English]

Riverfront should have put their retail on the *outside* of the gates, like Harbortown did. I know it's not everyone's cup of tea, but for some downtown residents, we like Stroh's, the Garden Court, Harbortown, Shoreline East and the rest of the Gold Coast because we like being on the water. I love the Riverwalk because it gives those of us who live here a "boardwalk..."

Too bad Rivertown/the Warehouse district was massacred in the late 1990s, I suppose. But out of that limbo, we got something wonderful -- the Riverfront. I'm glad that we don't have our casinos or a red light district there. I had a beautiful first summer as a neighbor to the Detroit River, and look forward to many more.

Now let's get rid of Chene Park & re-do/take away JLA, so we can have this walk extend from the Ambassador Bridge to Lake St. Clair. Can you imagine how awesome that would be?

If GM could give the RenCen more of an open feel, perhaps the same could be done with Riverfront. My only quibble is that the apartments are TINY -- as in NYC tiny. I considered a one bedroom there a year ago, but it just wasn't feasible, since I had more books than I would have had room for there.

[DetroitPlanner]

Riverfront should have put their retail on the *outside* of the gates, like Harbortown did. I know it's not everyone's cup of tea, but for some downtown residents, we like Stroh's, the Garden Court, Harbortown, Shoreline East and the rest of the Gold Coast because we like being on the water. I love the Riverwalk because it gives those of us who live here a "boardwalk..."

Great idea! Might as well make some revenue selling 40oz beers to Wings fan booze-hounds!

[mwilbert]

I considered a one bedroom there a year ago, but it just wasn't feasible, since I had more books than I would have had room for there.

I know the feeling [[most of my books are in storage because of insufficient shelving), but perhaps those apartments will be good for younger folks who may have switched to e-books.

[English]

I know the feeling [[most of my books are in storage because of insufficient shelving), but perhaps those apartments will be good for younger folks who may have switched to e-books.

You're right. As I told my students tonight, those of us in our 30s may be the last generation to cling to traditional print. I use the iPad once in a while for meetings, but I am a pen-and-notebook person, and may always be.

[stasu1213]

Riverfront should have put their retail on the *outside* of the gates, like Harbortown did. I know it's not everyone's cup of tea, but for some downtown residents, we like Stroh's, the Garden Court, Harbortown, Shoreline East and the rest of the Gold Coast because we like being on the water. I love the Riverwalk because it gives those of us who live here a "boardwalk..."

Too bad Rivertown/the Warehouse district was massacred in the late 1990s, I suppose. But out of that limbo, we got something wonderful -- the Riverfront. I'm glad that we don't have our casinos or a red light district there. I had a beautiful first summer as a neighbor to the Detroit River, and look forward to many more.

Now let's get rid of Chene Park & re-do/take away JLA, so we can have this walk extend from the Ambassador Bridge to Lake St. Clair. Can you imagine how awesome that would be?

If GM could give the RenCen more of an open feel, perhaps the same could be done with Riverfront. My only quibble is that the apartments are TINY -- as in NYC tiny. I considered a one bedroom there a year ago, but it just wasn't feasible, since I had more books than I would have had room for there.

The Riverfront Towers were design to be a city within a city. Farmer Jacks was the grocery store that was inside of the gated complex. The upper middle class and rich were suppose to live there and have the experience of living downtown without having to associate with unwanted people in your neighborhood. It was completed after the closing of Hudson's and the fast declining of downtown. I would had thought that the Lafayette Towers were be the ones going into foreclosure instead of the Riverfront

[mikeg19]

What ever happened with this situation?