Kales Default

[DetroiterOnTheWestCoast]

http://www.detroitnews.com/article/2...#ixzz2W0hgB7sR I'm very surprised to hear that the Kales is in default. This News article says the owners are trying to work out a deal that will enable them to regain control. I hope this doesn't put a damper on further redevelopment plans. http://detroit.curbed.com/archives/2...l-disarray.php

[Mind field]

I also find this strange. Since it opened it has been pretty full and it is not cheap to rent there either.

[artds]

This is disappointing. I had several classmates who lived there when I was in law school and they all had good things to say about it. It seemed like a rare residential success story for downtown.

[michimoby]

Yeah, something seems odd here. Could it be back taxes? Or perhaps they needed to stay competitive and were charging too little rent?

When the residential gem of Grand Circus [[sorry Broderick, your birth was a clusterbumble) defaults, that says something about the sustainability of the downtown rental market. Maybe merchant Row's rent increase a while ago was a sign of a need to survive, not demand-driven.