Gilbert: At it AGAIN!

**cramerro** · January-30-12, 11:40 AM

Dan Gilbert buys Federal Reserve building in Detroit

http://www.freep.com/article/2012013...text|FRONTPAGE

Kinda saw this one coming, what with it being attached to the Dime and empty for 8 years. Just incredible this guy is.

**Danny** · January-30-12, 11:42 AM

The growth of Gilbertown is full swing.

**dmike76** · January-30-12, 11:44 AM

You beat me to the punch! I was just gonna post this. The thing I like about this one is that it is west of Woodward which I think needs more attention in terms of restoration. I'm loving the moves this guy is making and I'm excited to see what he plans to do with some of the buildings.

**ghettopalmetto** · January-30-12, 12:07 PM

Originally Posted by dmike76

You beat me to the punch! I was just gonna post this. The thing I like about this one is that it is west of Woodward which I think needs more attention in terms of restoration. I'm loving the moves this guy is making and I'm excited to see what he plans to do with some of the buildings.

It kinda makes one think twice about Mike Ilitch, doesn't it?

**bailey** · January-30-12, 12:10 PM

Originally Posted by ghettopalmetto

It kinda makes one think twice about Mike Ilitch, doesn't it?

depends on what he does with the buildings....

**DetroitPlanner** · January-30-12, 12:24 PM

Makes sense, he now controls much of the block that the Dime sits on. only a couple more properties to go, both vacant!

**Scottathew** · January-30-12, 12:37 PM

Originally Posted by bailey

depends on what he does with the buildings....

Well, based on his past and current actions I'd say he's going to renovate and move jobs into it.

This is great news. I hope to see him continue to focus on Woodward though. I'd love to see Woodward reinvented and be the Michigan Avenue of Detroit.

**bailey** · January-30-12, 12:58 PM

Originally Posted by 48091

Well, based on his past and current actions I'd say he's going to renovate and move jobs into it.

What past or current actions would give you that impression? Yes he completed the renovation of the Madison, but it was not a derelict building and a ton of work had already gone into it .. other than that, has he done anything, or announced anything happening with any of the empty buildings [[layne Bryant..etc?)? Of the nine [[10?) buildings he's bought, only a couple are of the derelict variety. The rest are fully operational..although mostly vacant. Its great Adamo trucks aren't idling in the parking lot, but does another 10 years of dereliction..waiting on Detroit 2.0, really amount to much more than Illitch hoarding gravel lots?

Not being negative, just withholding the beatification until something actually happens.

**AGinthe313** · January-30-12, 01:09 PM

Originally Posted by bailey

What past or current actions would give you that impression? Yes he completed the renovation of the Madison, but it was not a derelict building and a ton of work had already gone into it .. other than that, has he done anything, or announced anything happening with any of the empty buildings [[layne Bryant..etc?)? Of the nine [[10?) buildings he's bought, only a couple are of the derelict variety. Its great Adamo trucks aren't idling in the parking lot, but does another 10 years of dereliction..waiting on Detroit 2.0, really amount to much more than Illitch hoarding gravel lots?

Not being negative, just withholding the beatification until something actually happens.

Gilbert has acquired most [[if not all) of these buildings within the last year [[or less) – give the man just a little more time [[LOL). Based on his presentation at the Detroit Shift kick-off dinner, we should expect to hear some of the detailed plans within the next few months.

**Gistok** · January-30-12, 01:10 PM

Originally Posted by bailey

What past or current actions would give you that impression? Yes he completed the renovation of the Madison, but it was not a derelict building and a ton of work had already gone into it .. other than that, has he done anything, or announced anything happening with any of the empty buildings [[layne Bryant..etc?)? Of the nine [[10?) buildings he's bought, only a couple are of the derelict variety. The rest are fully operational..although mostly vacant. Its great Adamo trucks aren't idling in the parking lot, but does another 10 years of dereliction..waiting on Detroit 2.0, really amount to much more than Illitch hoarding gravel lots?

Not being negative, just withholding the beatification until something actually happens.

Well it's not like he's Thomas a' Becket who made it to sainthood in record time... but is the fact that he's a billionaire, his specialty is real estate, the fact that he owns or is part owner of a lot of companies, the fact that he's already moved thousands of his employees into Detroit... is all that a little too subtle for you??

**gameguy56** · January-30-12, 01:47 PM

Originally Posted by ghettopalmetto

It kinda makes one think twice about Mike Ilitch, doesn't it?

Ilitch has some time to prove himself [[well, not too much time, he is 82 after all)

**Scottathew** · January-30-12, 01:52 PM

Originally Posted by bailey

What past or current actions would give you that impression? Yes he completed the renovation of the Madison, but it was not a derelict building and a ton of work had already gone into it .. other than that, has he done anything, or announced anything happening with any of the empty buildings [[layne Bryant..etc?)? Of the nine [[10?) buildings he's bought, only a couple are of the derelict variety. The rest are fully operational..although mostly vacant. Its great Adamo trucks aren't idling in the parking lot, but does another 10 years of dereliction..waiting on Detroit 2.0, really amount to much more than Illitch hoarding gravel lots?

Not being negative, just withholding the beatification until something actually happens.

I've got a friend the works in the Chase building, he said that the office space was renovated. Gilbert also claims to have moved 2,000 jobs into that building both in the news and via a banner that was on the north side of the building until it got ripped off on a windy day.

Just going off of what I know. I've seen Gilbert renovate and move jobs in. I've seen Illitch buy things and turn them into parking lots for his sports empire.

Both have done good, but I get the feeling that Gilbert is going to do more good.

In other breaking news, Matty fixed one of the broken windows at the depot!

**cramerro** · January-30-12, 01:55 PM

Originally Posted by bailey

What past or current actions would give you that impression? Yes he completed the renovation of the Madison, but it was not a derelict building and a ton of work had already gone into it .. other than that, has he done anything, or announced anything happening with any of the empty buildings [[layne Bryant..etc?)? Of the nine [[10?) buildings he's bought, only a couple are of the derelict variety. The rest are fully operational..although mostly vacant. Its great Adamo trucks aren't idling in the parking lot, but does another 10 years of dereliction..waiting on Detroit 2.0, really amount to much more than Illitch hoarding gravel lots?

Not being negative, just withholding the beatification until something actually happens.

He just closed on Lane Bryant et al near GCP. In less than a year, he has already undertaken renovations [[some major) at the Chase Tower, First National, Dime, and Madison - the four largest acquisitions. He shows little intention of letting any of the acquisitions sit idle for any period of time... he appears to have a short-term plan for every one of them. I'm sorry but I say his actions are already speaking for themselves. AND, while the Madison wasn't derelict per se, it is a 50,000 square foot building that he put $12 MILLION to purchase and to renovate. From what I understand was a complete gutting and re-building from the ground up. This isn't a 'buy low and re-paint the walls' type investment that someone would make if they're just buying up properties and getting a few bucks rent to pay taxes until a better offer to demolish it comes along.

**bailey** · January-30-12, 02:01 PM

Originally Posted by Gistok

Well it's not like he's Thomas a' Becket who made it to sainthood in record time... but is the fact that he's a billionaire, his specialty is real estate, the fact that he owns or is part owner of a lot of companies, the fact that he's already moved thousands of his employees into Detroit... is all that a little too subtle for you??

He moved those thousands of employees to rent surplus space in the Compuware building only after he was given tax payer subsidy to do so. Let's not forget he is a business owner, out to make a profit, and not a social worker.

He's snapping up bargain properties in a depressed market. The ONLY thing I said originally was lets not go over board in the hero worship before anything of significance actually happens. Otherwise we just get an updated version of Olympia/Illitch holdings....

**bailey** · January-30-12, 02:03 PM

Originally Posted by cramerro

He just closed on Lane Bryant et al near GCP. In less than a year, he has already undertaken renovations [[some major) at the Chase Tower, First National, Dime, and Madison - the four largest acquisitions. He shows little intention of letting any of the acquisitions sit idle for any period of time... he appears to have a short-term plan for every one of them. I'm sorry but I say his actions are already speaking for themselves. AND, while the Madison wasn't derelict per se, it is a 50,000 square foot building that he put $12 MILLION to purchase and to renovate. From what I understand was a complete gutting and re-building from the ground up. This isn't a 'buy low and re-paint the walls' type investment that someone would make if they're just buying up properties and getting a few bucks rent to pay taxes until a better offer to demolish it comes along.

Yes, and Mike Illitch renovated the Fox ....once upon a time.

**gameguy56** · January-30-12, 02:07 PM

Originally Posted by 48091

I've seen Illitch buy things and turn them into parking lots for his sports empire.

He did renovate the Fox and move Little Ceasar's pizza down there. Has talk died down about a replacement for Joe Lewis and moving the Pistons downtown?

**Scottathew** · January-30-12, 02:17 PM

Originally Posted by gameguy56

He did renovate the Fox and move Little Ceasar's pizza down there. Has talk died down about a replacement for Joe Lewis and moving the Pistons downtown?

I am very disappointed that the Pistons seem to be saying in place in Auburn Hills. I'd love to see more and more things move Downtown. Right now if you go to a Pistons game you go there. You park. You watch. You leave.

But if you go to a Tigers or Red Wings game downtown you can hit the bars and restaurants before hand. Makes it a much cooler experience than just going to the game.

**detroitmale** · January-30-12, 02:54 PM

I love it! About time someone takes an interest and makes some money in doing so..

**DetroiterOnTheWestCoast** · January-30-12, 02:57 PM

Huffington coverage.

http://www.huffingtonpost.com/2012/0...ml?ref=detroit

I think that the most interesting part of the article says he will be seeking a SINGLE TENANT for 176,000 square feet of space!

**gameguy56** · January-30-12, 03:32 PM

Originally Posted by DetroiterOnTheWestCoast

Huffington coverage.

http://www.huffingtonpost.com/2012/0...ml?ref=detroit

I think that the most interesting part of the article says he will be seeking a SINGLE TENANT for 176,000 square feet of space!

Chrysler? THAT would be a coup.

**Gistok** · January-30-12, 04:09 PM

Just talked with someone working at the Chrysler Technology Center in Auburn Hills, and they confirmed... the place is filled to the brim....

**tetsua** · January-30-12, 04:24 PM

It would be nice to have a few more Dan Gilberts come along and really kick the rennovation train into gear. It's always good to hear about something downtown being fixed up, and occupied.

I hope the Chrysler rumor is true, that would be huge.

**ghettopalmetto** · January-30-12, 04:30 PM

Originally Posted by bailey

He moved those thousands of employees to rent surplus space in the Compuware building only after he was given tax payer subsidy to do so. Let's not forget he is a business owner, out to make a profit, and not a social worker.

He's snapping up bargain properties in a depressed market. The ONLY thing I said originally was lets not go over board in the hero worship before anything of significance actually happens. Otherwise we just get an updated version of Olympia/Illitch holdings....

In my opinion, that's far superior to receiving taxpayer subisides to demolish buildings and create more parking lots.

I've been saying all along that Detroit is ripe for redevelopment. But most of the slumlords have just sat on their buildings and left them to rot [[see also: Mike Ilitch). For years, we've kept hearing catch-phrases like "obsolete", "structurally unsound", "crumbling", "dinosaur" and "not feasible" [[as well as my personal favorite--"not enough parking"). Dan Gilbert is proving, in the most terrible economic conditions in 70 years, that it IS possible. The naysayers have been sold up the river by a giant propaganda campaign of negativity, laziness, tunnelvision, and lack of creativity [[Thanks, GJ!).

Dan Gilbert isn't doing anything phenomenal that any of the other multi-millionaires and billionaires in Detroit couldn't have been doing. The difference is that Dan Gilbert GOT OFF HIS ASS INSTEAD OF RESORTING TO EXCUSES.

**DetroitPlanner** · January-30-12, 04:56 PM

Maybe Dan will move quicken into the federal reserve? Just think of the size of its bank vaults!

**canuck** · January-30-12, 05:25 PM

Originally Posted by bailey

He moved those thousands of employees to rent surplus space in the Compuware building only after he was given tax payer subsidy to do so. Let's not forget he is a business owner, out to make a profit, and not a social worker.

He's snapping up bargain properties in a depressed market. The ONLY thing I said originally was lets not go over board in the hero worship before anything of significance actually happens. Otherwise we just get an updated version of Olympia/Illitch holdings....

I'm wiff ya Bailey on this one. Sumbdy plea-uhse stop that sumbidge Gilbert afore he fixees up all that property in Deech-royat. I mea-an, who duz he thank he is any old way-as?

He seems to have utter disregahrd fer the way things have been done fer the longest time.

Heck, if he keeps goin' like that, no new parking lots are bound to replace them vacant buildings.