Gilbert finalizes purchases of more buildings

[gameguy56]

I am getting a little worried of course that only one or two guys own all the significant real estate in downtown.

In the long term that's never good.

Gilbertown anyway? How about Illitchville?

Who else but Gilbert? Other billionares like Penske, Taubmann, Ford, or Mouron don't seem to be all that into investing into the city. Illich doesn't seem to be moving all that fast on things either. Gilbert is extremely pro-development which I'm very happy about.

[Packman41]

Who else but Gilbert? Other billionares like Penske, Taubmann, Ford, or Mouron don't seem to be all that into investing into the city. Illich doesn't seem to be moving all that fast on things either. Gilbert is extremely pro-development which I'm very happy about.

This was discussed on a thread here back in June when it was announced that Gilbert was buying the Dime Building.

One of the major reasons that ONLY Gilbert is on a buying spree is that he is the ONLY guy that received $200+ million in taxpayer subsidies. If anyone else received that kind of subsidy they might give him a run for his money.

In the thread last June, Dan Duggan [[Crain's real estate writer) confirmed that saying, “…the tax breaks WILL pay for all these deals”

I think that his commment sums it up rather well.

In other words these building are free to Gilbert. He will not have any of his own money at risk – only OPM or Other Peoples Money.

[downtownguy]

In other words these building are free to Gilbert. He will not have any of his own money at risk – only OPM or Other Peoples Money.

Or, he could put it in his pocket and still have no risk.

[DetroitPlanner]

Who else but Gilbert? Other billionares like Penske, Taubmann, Ford, or Mouron don't seem to be all that into investing into the city. Illich doesn't seem to be moving all that fast on things either. Gilbert is extremely pro-development which I'm very happy about.

Maroun has tried to buy city hall many times... Nyuk Nyuk Nyuk, I'll be here all week folks, don't forget to tip your bartenders and wait satff.

[Huggybear]

I'm not going to defend Maroun [[he has an army of lawyers to do that anyway...), but it is a little asinine [[no, sorry, a lot) to act as if the other people on your list aren't investing.

- Penske brought in the Grand Prix, and got Clean Detroit going - with his own money and no direct benefit to him.

- Taubman built a grad school for CCS [[and is one of the biggest donors to our cultural organizations).

- Ford paid to name [[and had some role in building and financing) a stadium [[that also has had positive spinoff to places like Eastern Market).

- The Ilitches are, ahem, very deliberative, but I think everyone knows what they want to do. And as much as people like to deride their investment in Comerica Park, that and the other money they have put into their empire is nothing to laugh at.

And let's keep some perspective on Dan Gilbert - it's great that he's investing and has faith in Detroit [[in fact, it is exciting and positive to have him here) - but he has business reasons for doing what he is doing - just like everyone else who buys property. As Coleman Young said about GM, "he ain't running no f**king charity."

I also note the irony, given DetroitYes' predominant "I'm against big business" bent that people are so easily bought off by whatever promises to be the next corporate deus ex machina. These organizations bring tremendous investment [[and are really the only thing that has any chance of rebuilding the tax/employment base before Detroit utterly implodes), but they also bring their own rules and their own unique problems.

HB

Who else but Gilbert? Other billionares like Penske, Taubmann, Ford, or Mouron don't seem to be all that into investing into the city. Illich doesn't seem to be moving all that fast on things either. Gilbert is extremely pro-development which I'm very happy about.