Quote Originally Posted by greekt0wn View Post
There is zero demand for this. 30 stories? Not only are you all very good at spending someone else's money but I'm wondering if you've thought about where he's going to find tenants for those floors? Robbing Peter to pay Paul. Oh I know, make it a hotel--because Detroit is such a booming vacation draw! I will be shocked if anything is there within 5 years. And the amount of care I have in a building that may be built in Detroit in 5 years is non existent. And I no zero idea why the average Detroiter would care about this when there are literally 1,000 other more important things that need your attention. Stop being suckers for the smoke and mirrors BS.
Actually it would seem that there is a fairly substantial demand for this. When you have 8, 10, 12 month wait lists to live in downtown & midtown, I'd say that's a fair measuring stick on what people want and is achievable. A 18-20 story building is most likely appropriate for the site. 30 Would be quite ambitious I'd think, and I'm not sold on the extra hotel space seeing as we have another hotel opening in the David Whitney shortly. I don't think were going to be seeing any 55 story towers being erected anytime soon, but growth is happening, and eventually buildings to rehab are going to run-out in downtown and midtown. Do you think Illitch would build a new entertainment, retail, sports, hotel, office complex for $650M if he didn't think there would be a return on investment? I doubt it. Gilbert knows what he's doing, and he has a track record. Until something blows up in his face, I'll continue to believe what he says.