Any New News On Book Tower Being Renovated?

[Gistok]

It looks as though part of the building on the left has already had a power wash in the past. I think several parts of the building/tower appear that way.

[Curbed Detroit]

Here is an update. They have filed papers for a tax abatement that goes along with a renovation plan. http://detroit.curbed.com/archives/2...book-tower.php

[mikeg19]

Do they still owe all the back utilities?

I'd imagine that the building is still in pretty damn good shape on the inside. But thinking of the layout being setup currently for offices, you'd think it would essentially have to be gutted down to the steel and built out completely. Was there ever a proposed pricing plan in place for cost of rehab? I guess you could make comparisons to other recently renovated buildings downtown that were/are in similar states [[David Whitney, Broderick). But is the per foot pricing coming up to where this is financially feasible without a glut of financing?

[Zug]

Kinda ironic that owners that allow a building to go into disrepair can then ask for a tax abatement to renovate a building in disrepair.

[mwilbert]

I think the abatement is to convert it from "obsolete" offices to residential, not to deal with disrepair.

[DetroiterOnTheWestCoast]

Imagine the different feel on that side of downtown with the Book Tower and Capital Park full of residential.

[Zug]

Just going off the words of the Curbed article's author:

"The Owners listed in the document, ANKO Enterprises Michigan Book Tower LLC, have filed papers with the city seeking a tax abatement for renovating a distressed property."

[drjeff]

Can you imagine how amazing the Book Tower would look after a good power washing?

[mwilbert]

Just going off the words of the Curbed article's author:

"The Owners listed in the document, ANKO Enterprises Michigan Book Tower LLC, have filed papers with the city seeking a tax abatement for renovating a distressed property."

We agree. They are seeking an abatement, as I also said. But it didn't seem that it was on the basis that the property is in disrepair, but because it is obsolete. Hence the desire for an "Obsolete Property Rehabilitation District".

[Zug]

The bold "tax abatement" was from the article, not my emphasis. I was looking at the "renovating a distressed property" part. I hope you're right & it's being sought only due to obsolescence...otherwise it would be a bad example.

[Gistok]

One thing that can be said about the Book Building/Tower... with the demise of all the cornices of buildings downtown in the 1950s due to a Common Council ordinance...the Book has the largest and finest surviving cornices in all of downtown Detroit.

[Eber Brock Ward]

What an asshole cornice. How much does it fine the other cornices? No wonder they left.

[Gistok]

LOL... fixed the text... now people will just think you're hitting the sauce....

[mikeg19]

I think the abatement is to convert it from "obsolete" offices to residential, not to deal with disrepair.

Agreed. I don't think that the building has been accessible at all since it closed 4 years ago. Seemed pretty well boarded up, and I thought someone mentioned on here previously that there was a security guard on site. From what has been said about the building, it sounded like it needed typical renovations [[staircases, elevators, electrical, plumbing, etc) when it was still in use. I'd imagine it was in relatively the same shape as the Whitney is in. Anyone have any insight on that?

[mwilbert]

Agreed. I don't think that the building has been accessible at all since it closed 4 years ago. Seemed pretty well boarded up, and I thought someone mentioned on here previously that there was a security guard on site. From what has been said about the building, it sounded like it needed typical renovations [[staircases, elevators, electrical, plumbing, etc) when it was still in use. I'd imagine it was in relatively the same shape as the Whitney is in. Anyone have any insight on that?

I think its main problem relative to the Whitney is that is it bigger.

[rjlj]

The David Whitney is 250,000 square feet per Crain's. The Book Tower and Book Building are 426,500 square feet total.

I think its main problem relative to the Whitney is that is it bigger.

[Hypestyles]

are there vultures roosting in the higher levels?
what kind of retail would be desired on the lower floors?
how many rooms would the residential apartments have?
how expensive/complicated is it to maintain water pressure/air conditioning in such buildings?

[mikeg19]

I think its main problem relative to the Whitney is that is it bigger.

Bigger, yes. Same shape? I'd almost think so. It's been shielded from the elements and scrappers for the most part. And why would it being larger be viewed as a negative? Maybe on the financial end trying to line up financing initially, but I'd think a large residential project in an area starving for it would be attractive to developers.

[Pcm]

are there vultures roosting in the higher levels?
what kind of retail would be desired on the lower floors?
how many rooms would the residential apartments have?
how expensive/complicated is it to maintain water pressure/air conditioning in such buildings?

What is happening here...

[gthomas]

What is happening here...

HAHAHAHAHAHAHAH!!! I know right, ...

[mwilbert]

Bigger, yes. Same shape? I'd almost think so. It's been shielded from the elements and scrappers for the most part. And why would it being larger be viewed as a negative? Maybe on the financial end trying to line up financing initially, but I'd think a large residential project in an area starving for it would be attractive to developers.

Financing is the problem. Among other things, to do a project like that downtown you have to line up a bunch of tax credits which come out of finite pool which doesn't get bigger just because your project needs more money. And the bigger the project, the smaller the pool of possible developers, out of a relatively limited pool willing to consider Detroit projects at all.

I fully expect it will happen if rents continue trending up, but it may take a while before the stars align.

[mikeg19]

Wasn't these a push from Snyder to eliminate those historical tax credits, or brownsfield credits to developers at some point in the near future? Or has that happened?

[Khorasaurus]

Wasn't these a push from Snyder to eliminate those historical tax credits, or brownsfield credits to developers at some point in the near future? Or has that happened?

It already happened I think. They weren't eliminated entirely - just reduced. Before they were reduced, the were the most lucrative in the country.

[esp1986]

It already happened I think. They weren't eliminated entirely - just reduced. Before they were reduced, the were the most lucrative in the country.

While some were reduced, the federal credit, as well as the state brownfield credit are still around. The only difference is to get additional funding grants, it must now go through a much more intensive screening process.

Under Gov. Granholm, there was an individual who defrauded the state tax incentives twice [[not on a historical restoration, however, but the new process was an umbrella for all tax credits), so the law was meant to add additional layers of protection for taxpayers.

Recently, the GAR Building got $600k+ in additional grant money to make the project happen.

Just because the "tax incentives" are gone, doesn't mean that projects wouldn't be awarded grants over and above the credits, it just means they have to make a strong case to the state.