Gilbert strikes again!?

**tkelly1986** · January-07-13, 09:56 PM

It looks as Dan will be adding to his portfolio with the purchase [[pending) of 1001 Woodward Ave from Papas.

http://www.detroitnews.com/article/2...|img|FRONTPAGE

With that being said; what does he exactly have planned for all of this square footage? I don't think residential is best for 1001 Woodward [[thought it was tried), so he must have some other target for the remanning 30% of the building [[let alone his other recent purchases. Do folks think he has renters [[companies) lined up to lease, or is this just all on spec and he's hoping someone will take the plunge?

**Gistok** · January-07-13, 10:02 PM

No residential here... already 2/3 leased as commercial.... the very tall windows cannot be opened.... people in residential have a liking for being able to open windows... not remaining sealed. That was the main complaint when residential didn't get off the ground a few years back....

**gameguy56** · January-07-13, 10:14 PM

Originally Posted by tkelly1986

he must have some other target for the remanning 30% of the building [[let alone his other recent purchases. Do folks think he has renters [[companies) lined up to lease, or is this just all on spec and he's hoping someone will take the plunge?

Gilbert seems to fill his buildings fairly quickly. I wonder if he's got an ace up his sleeve? Chrysler HQ to Downtown!

**DetroitPlanner** · January-07-13, 10:40 PM

Originally Posted by Gistok

No residential here... already 2/3 leased as commercial.... the very tall windows cannot be opened.... people in residential have a liking for being able to open windows... not remaining sealed. That was the main complaint when residential didn't get off the ground a few years back....

Not to mention it was $400 a sq ft! I was amazed by how much they wanted. I looked at them for a hot second when they [[condos) were first announced.

**Gannon** · January-08-13, 08:26 AM

Originally Posted by DetroitPlanner

Not to mention it was $400 a sq ft! I was amazed by how much they wanted. I looked at them for a hot second when they [[condos) were first announced.

Yeah, when the more speculative and greedy land owners began pricing their spaces at $100 then $200 then $400 per foot, I knew a bust was on its way...felt sorry for anyone foolish enough to go above $100 per square foot.

Any supply problem downtown supporting higher pricing is surely to be corrected and quickly...by any one of a number of buildings that could be cleaned up and used [[or converted for alternate use than previously done in that space).

Unless you have an unobstructed view, and even access TO the river, there is nothing downtown worth over $200 per square foot. Maybe the top floors of the Book-Caddy and the Penobscot...but they are the exceptions, by far. [[and yes, I know the Penobscot doesn't have residences yet)

The ONLY way Gilbert can control pricing is to "own" nearly everything, and thusly control the availability to market all this inventory.

Cheers!

**downtownguy** · January-08-13, 01:33 PM

I've been hearing rumors that he's close to purchasing the Vinton Building.

**Gannon** · January-08-13, 02:30 PM

Originally Posted by downtownguy

I've been hearing rumors that he's close to purchasing the Vinton Building.

It makes sense. He can up his parking spot monopoly total by twenty-two, if he puts lifts in that basement.

I wonder who actually owns that title now.

A whole bunch of the original investors deserve to split any profit from that sale...the true believers who I am absolutely sure got scammed by another of the Bobby Ferguson/Kwhyme team's diabolical plans.

It would be pure poetry if that whole story would have a happy ending.

**esp1986** · January-09-13, 10:11 AM

Originally Posted by downtownguy

I've been hearing rumors that he's close to purchasing the Vinton Building.

Wasn't Robert Porcher formerly an investor in the Vinton?

Regardless, the Vinton is one of the last remaining vacant buildings between CMP and Jefferson. So good news if this is true.

**Scottathew** · January-09-13, 01:35 PM

Originally Posted by gameguy56

Gilbert seems to fill his buildings fairly quickly. I wonder if he's got an ace up his sleeve? Chrysler HQ to Downtown!

Chrysler's Auburn Hills campus is massive. I don't think downtown has enough vacancies among all buildings.

Regardless, this is exciting news. I have a feeling it will be 100% occupied soon if Gilbert buys it.

**esp1986** · January-09-13, 05:26 PM

Originally Posted by 48091

Chrysler's Auburn Hills campus is massive. I don't think downtown has enough vacancies among all buildings.

Regardless, this is exciting news. I have a feeling it will be 100% occupied soon if Gilbert buys it.

I recently spoke with a few people from Chrysler... they said they are bursting at the seams up there. While it is very unlikely that they will leave a relatively young facility in the near future, as they continue to grow, they will likely consider Detroit for vacant office space. So to say that Chrysler is done growing into Detroit, with the mere couple of floors in the Chrysler House, is an unlikely scenario.

**Gannon** · January-09-13, 09:43 PM

No way Porcher deserves any piece of that...as far as I'm concerned, from a gut feeling only, he was part of the downfall of that project.

I'd love to peruse the text messages around the time the deal was being setup through the Downtown Development Authority or whomever handles the sale of city-owned buildings.

The moment they inserted 'another' investor into that arrangement, everything was downhill...or off-the-cliff, as it were. I crossed paths with Porcher's right-hand man more than a few times, and I always got an odd feeling about the guy. Gave him a wide berth.

But the rest of the investors should get some taste of the profits from any sale to Gilbert...or if he were a decent guy, since he covered Kwhyme at his lowest, HE should just give them their initial investments [[plus all legal costs) back off the TOP of the deal. Just add it to the mortgage...