Gilbert: At it AGAIN!

[Dexlin]

I'm happy to hear about another major aquisition. That said, my wish is the same as Gilbert's has always been and that is that more developers and companies not attached to him would make the leap after seeing the rewards. We're kind of quickly coming up on a point in this post-recession era where for me to believe in this long-term success of this recent wave of revitalization, I'd like to see some more major names following Gilbert's lead in terms of city center real estate. Gilbert can't do this all by himself, and I wouldn't even want him to, because, as others have brought up, you get one kingpin, you could very easily end up with another Ilitch empire. Not to say that Gilbert is not, BY FAR, a more benevolent kingpin, but diversive group of owners is always good for downtown real estate.

[southen]

you have to give it a little bit of time before you can expect others to really jump at some of these buildings. gilbert has been doing it a year and with most of the structures he hasn't even started refurbishing. if in a year or two from now we dont see anyone else getting in the market after gilbert develops some of these properties and the broderick and whitney are up and running then ill be concerned. right now im just thrilled with what is going on.

i can also see the desire to compare gilbert and illitch, but there really arent very many similarities other than the fact they own a lot of land. illitch brought his company down which is fantastic, but he isnt actively recruiting others to do the same or involved in ventures to create new detroit companies, thats all gilbert. illitch has an entertainment empire which the city needs, but what gilbert is doing is more vital to the city and thats bringing jobs and residents in, people who will be able to enjoy the entertainment offerings that mike provides. both guys had done good things redeveloping the city, but what they are looking to do and how they have done it couldn't be more different.

[downtownguy]

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

...with heavy tax payer subsidies. The difference is, Ilitch promised to continue the momentum with more developments, but never followed through.

Let's not forget he is a business owner, out to make a profit, and not a social worker.

Some business owners, out to make a profit, also have a social conscience.

[downtownguy]

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.

and Michigan Avenue becomes... ?

[ghettopalmetto]

...with heavy tax payer subsidies. The difference is, Ilitch promised to continue the momentum with more developments, but never followed through.

Macedonian Mike, billionaire extraordinaire, did manage to get his hands on $700,000 of public money to demolish the Madison-Lenox, though.

Now, someone very naive might think that, if Ilitch had not obtained that demolition money, then the building might still be standing, and an entrepreneur like Dan Gilbert could have purchased and renovated it.

But God dammit, at least Detroiters finally have a landscaped and lighted place to park their cars.

[gthomas]

and Michigan Avenue becomes... ?

He's refering to "Chicago's" Michigan Avenue, hopefully Detroit can have something similiar.

[Danny]

Dan Gilbert can bring the Cavaliers to Detroit and called the Detroit Cavaliers!

[gthomas]

Where is Dan's Gilbert sister company, Eprize located? Does it have plans to relocate Downtown and how many employees work for Eprize?

[gameguy56]

Where is Dan's Gilbert sister company, Eprize located? Does it have plans to relocate Downtown and how many employees work for Eprize?

ePrize is in Pleasant Ridge and has 300 employees. I'm surprised it's not in downtown already.

[Gistok]

Macedonian Mike, billionaire extraordinaire, did manage to get his hands on $700,000 of public money to demolish the Madison-Lenox, though.

Now, someone very naive might think that, if Ilitch had not obtained that demolition money, then the building might still be standing, and an entrepreneur like Dan Gilbert could have purchased and renovated it.

But God dammit, at least Detroiters finally have a landscaped and lighted place to park their cars.

He had a 7 year set period of time to do something with that property... otherwise the loan must be repaid. We're getting to near the end of that 7 year period.

[gthomas]

ePrize is in Pleasant Ridge and has 300 employees. I'm surprised it's not in downtown already.

ePrize can relocate into one of Dan Gilbert's building aquisation on Woodward Av. There will be much more foot traffic, with the addition of The M@dison, The Broderick Tower, Aloft Hotel @ The David Whitney, and other aquisation's he has right now, including retail and lofts. I can only imagine how Woodward Av. will be in a couple years..

[ghettopalmetto]

He had a 7 year set period of time to do something with that property... otherwise the loan must be repaid. We're getting to near the end of that 7 year period.

If Detroit thinks that extending interest-free loans to billionaires is a positive, and throw-in permanent destruction of physical assets, well then they're just the worst payday lender to ever walk the earth.

...still waiting for the folks who complain about "obsolete" and "dinosaur" buildings to chime in on this thread. :-)

[stinkytofu]

ePrize is in Pleasant Ridge and has 300 employees. I'm surprised it's not in downtown already.

Yeah - that has bugged me for a year or two. I don't get it. Maybe Linkner loves himself some Pleasant Ridge.

[downtownguy]

Before Gilbert moved any employees downtown, ePrize was mentioned as one of the companies Gilbert would try and woo downtown. Give him time. Detroit wasn't rebuilt in a day.

[gthomas]

Before Gilbert moved any employees downtown, ePrize was mentioned as one of the companies Gilbert would try and woo downtown. Give him time. Detroit wasn't rebuilt in a day.

Well I hope so, Hopefully sometime this year. What's ePrize lease agreement at the Pleasent Ridge Headquarters? Will it be up soon or are they re-leasing?

[darwinism]

It is just a matter of time and timing for ePrize to move downtown.

Josh Linkner, is no longer leading ePrize, because he is now managing Detroit Venture Partners, located in the Madison Building.

If one were to gauge the speed and quality of transformation Dan Gilbert has brought to the Madison Building, the Chase Tower and so on, one would realize that Gilbert has it in him to make things happen.

Don't just take someone's word for it, go visit the Madison Building and the Chase Tower yourself and see with your own pair of eyes.