Free Press Building Sells [[Finally) For 4.025 M

[jw101]

http://detroit.curbed.com/archives/2...-for-4025m.php The Free Press Building has a new owner. After three days on the auction block, a winning bid of $4.025M prevailed over a flurry of last-minute bids. Hooray!

[DetroitPlanner]

Lets hope the buyer has a viable plan and the money to put it into action!

[Gistok]

Lets hope the buyer has a viable plan and the money to put it into action!

.... and that his last name doesn't end in "opolous"...

[innercitydoc]

Wasn't the Dave Stott on the auction block along with the FPB? Wonder what will happen there..I was told residential may not be viable due to lack of parking when I was at the Skybar.

[MikeyinBrooklyn]

I think the Freep Building is very interesting. I think it would be a cool reuse if a new media company went into the space.

[canuck]

.... and that his last name doesn't end in "opolous"...

As long as the building doesnt end up like the Acro...poulos.

[gnome]

Wasn't the Dave Stott on the auction block along with the FPB? Wonder what will happen there..I was told residential may not be viable due to lack of parking when I was at the Skybar.

Wow, I must ask with whom were you speaking? If I recall, the David Stott Building sits behind a newish and largeish parking structure and is also across the street from a parking structure designed with the intent to house cars from the Book Cadillac and cars from a never built condo project.

[mikeg19]

With all of the tax incentives and credits ready to go on this building, I would anticipate a fairly quick announcement on what the plans are with the building. This was obviously a very attractive offer to a developer, hopefully who has financing in place. I guess we will just have to wait to see.

[DetroitPlanner]

.... and that his last name doesn't end in "opolous"...

It would make great parking for the Penobscot!

Actually the Free Press site has an underground parking garage. So it has that going for it as opposed to other buildings. You can see the entrance behind the jeep: https://maps.google.com/maps?q=Detro...12,247.93,,0,0

[innercitydoc]

Wow, I must ask with whom were you speaking? If I recall, the David Stott Building sits behind a newish and largeish parking structure and is also across the street from a parking structure designed with the intent to house cars from the Book Cadillac and cars from a never built condo project.

Does a parking lot being in the vicinity automatically mean there is dedicated parking? I spoke with a construction worker when I was on the elevator to the Skybar. I asked him if there were plans for renovation into apartments and he said not as of now. He was renovating some spaces into offices and specifically stated that parking was an issue for residential conversion. Why that would be a concern with residential and not commercial is beyond me.

[downtownguy]

Wasn't the Dave Stott on the auction block along with the FPB? Wonder what will happen there..I was told residential may not be viable due to lack of parking when I was at the Skybar.

From the Freep article on the auction of the Free Press building:

Another online auction at Auction.com for the David Stott Building, 1150 Griswold in downtown, began Tuesday and is scheduled to end at midday Thursday. The leading bid was $3.5 million early this evening, which is short of its undisclosed reserve price.

http://www.freep.com/article/2013091...illion-auction

[innercitydoc]

I see. Bid currently at $8.5 mil with the reserve met...

[Hypestyles]

when will the new owner's identity be revealed? [side note-- now that Herman Kiefer is being vacated, it would have made a very good location for a comprehensive community health services center, especially partnering with various health industry-based organizations in the metro area.]

[gnome]

Does a parking lot being in the vicinity automatically mean there is dedicated parking? I spoke with a construction worker when I was on the elevator to the Skybar. I asked him if there were plans for renovation into apartments and he said not as of now. He was renovating some spaces into offices and specifically stated that parking was an issue for residential conversion. Why that would be a concern with residential and not commercial is beyond me.

While this may sound sarcastic, it isn't: the best inside info always comes from construction workers in elevators. Parking regulations in Detroit are singular in their Byzantine restrictions, so I would not doubt the veracity of your tip.

on the plus side, someone ponied up nearly 9 mil for the Stott. Seems like a lot for such a slender piece of property....with no parking.

[mikeg19]

on the plus side, someone ponied up nearly 9 mil for the Stott. Seems like a lot for such a slender piece of property....with no parking.

It does, considering the Penobscot went for half that not too long ago. Still, consider the location; to the west, Capital Park renovations are going to kick start and ramp up quickly soon with the Farwell and other buildings slated for rehab. To the east, Campus Martius and the soon to be built Gilbert condo/apt/retail/hotel whatever on the old Hudson's site. The no dedicated parking thing though could very well be a problem as you point out. I don't know how you sell that to someone shelling out $1000-$5000 a month in rent.

[royce]

Although this is a thread about the Free Press Building, I want to respond to the above post. There are two vacant buildings surrounding the David Stott Building. If these buildings were torn down, there would be room for a parking deck of maybe three or four floors. Also, a pedestrian bridge over the vacant east building to the parking garage on Woodward, with the CVS, could be another way to solve the dedicated parking for Stott residents.

[gumby]

Hate to agree with tearing down a building but Royce is right I don't think anyone would miss the building just south of the Stott Tower with What about Bobs? sign on it. Looks big enough for a parking deck as well.