Downtown Rents

[Gannon]

They are tearing down the Brewsters much too soon, if only they'd have waited another six months...some investor would've seen their viability.

But watch as Danny finds a way to turn that jail fiasco into oddly secure apartments. If he has a brain, he's already on it.

[Gannon]

there are roughly thirty senior citizens who would like to have a word with ol' Danny-boy about their rushed evictions...I'll dig up what I can find and report back...

[detroithealth]

They are tearing down the Brewsters much too soon, if only they'd have waited another six months...some investor would've seen their viability.

I agree about the Brewsters! I always thought they looked structurally sound enough - and you can't beat the location. Seemed like a no-brainer to market as a rehab opportunity.

[MikeyinBrooklyn]

I agree about the Brewsters! I always thought they looked structurally sound enough - and you can't beat the location. Seemed like a no-brainer to market as a rehab opportunity.

I can't speak about the Brewsters because I am not overly familiar with them, but I think major rehab projects can be much more costly than tear down/new developments [[I am aware that many things are torn down and yet to be redeveloped). To merit rehabbing it either needs to be mostly cosmetic work on a building with "good bones", or a project of such architectural or historical merit that they will be able to charge a real premium on the reno'd units.

I think Detroit's pace of residential development in both downtown and midtown is fine. First, there are many more units than there were five or ten years ago, and they are largely occupied. Second, a number of projects are underway. Third, a true "boom" in housing could very possibly bust. Lastly, we shouldn't forget that as more commercial comes to downtown/midtown, a lot of real estate [[both land and existing buildings) might make more sense as commercial developments than before Dan Gilbert transformed the downtown office market. So, that might be giving some pause to develors, which is not a bad thing. Opening a moderate amount of units each year, supported by the market, will lead to healthier prices and lower vacancy rates in the long run. I think Corktown and neighborhoods along the "Lodge corridor" will be the location of more housing development in the next ten years than downtown and midtown.