GM Buys Four Riverfront Properties

**stinkytofu** · June-04-14, 12:14 PM

Interesting. It seemed like they were getting quite serious about developing the wasteland east of the RenCen before the economy tanked. I'm hopeful this is a new beginning on that path. That area is just full of potential.

http://www.crainsdetroit.com/article...ont-properties

**motz** · June-04-14, 02:38 PM

I would love to see this area be more than three old restaurants that seemed to change hands at least once a year and a sea of chainlink-bound parking lots. The area has tons of potential, even if they threw up one parking garage to make up for the lost sea of parking. Glad to see GM snatch up a few more, I imagine they will be more proactive than the speculator crowd.

**401don** · June-04-14, 09:36 PM

Maybe they need more space to build a recall-call center?

GUSHI · June-04-14, 09:40 PM

Not funny,

Originally Posted by 401don

Maybe they need more space to build a recall-call center?

GUSHI · June-04-14, 09:41 PM

people lost lives, And without gm what's Detroit.

**401don** · June-04-14, 09:50 PM

Originally Posted by GUSHI

people lost lives, And without gm what's Detroit.

Yeah I know, and I'm as loyal to the Big 3 as anyone, but after refusing to fix the power steering on my G6 for 2 yrs. they just added the fix to 3 other recalls on it. Happy I survived when it went so cut me a little slack on this one.

**MikeyinBrooklyn** · June-04-14, 09:59 PM

I wonder what they are planning. Hopefully something pretty cool. The old [[pre-crash) plan, if I recall correctly, was a mix of condos, rental apartments, restaurants and a movie theater.

GUSHI · June-05-14, 05:26 AM

No problem,

Originally Posted by 401don

Yeah I know, and I'm as loyal to the Big 3 as anyone, but after refusing to fix the power steering on my G6 for 2 yrs. they just added the fix to 3 other recalls on it. Happy I survived when it went so cut me a little slack on this one.

**emu steve** · June-05-14, 06:38 AM

Originally Posted by motz

I would love to see this area be more than three old restaurants that seemed to change hands at least once a year and a sea of chainlink-bound parking lots. The area has tons of potential, even if they threw up one parking garage to make up for the lost sea of parking. Glad to see GM snatch up a few more, I imagine they will be more proactive than the speculator crowd.

Isn't it amazing that development seems to occur when conditions are 'right'.

I really doubt GM's 'grand design' was a bunch of surface parking lots.

An optimist sees a surface parking lot as a potential building [[or at worse a parking garage). And it is easier to develop a surface parking lot than a bad building and certainly some industrial site.

Who wants to bet that in say 10 years that 1/2 of the surface parking lot spaces [[in downtown from the river to say those parking spaces at the arena site) will be gone?

**mikeg19** · June-05-14, 08:32 AM

Very interesting, considering that area may be the terminus of the new 375 blvd. My guy says they sit on the properties until MDOT finalizes a plan, then they decide how to develop it. It'd be great to see some high rise condos there and bring density to the east riverfront. That, coupled with the east riverfront development, Orleans Landing, the Uniroyal site, I'm thinking the skyline will look a lot different in the next 10 years. At least, assuming the real estate market doesn't crash again as some are predicting. Who knows....

slow_motion · June-05-14, 08:47 AM

Originally Posted by emu steve

Who wants to bet that in say 10 years that 1/2 of the surface parking lot spaces [[in downtown from the river to say those parking spaces at the arena site) will be gone?

Such optimism. Based on what exactly? Nothing near what you're expecting happened between 2004 and 2014.

**emu steve** · June-05-14, 09:15 AM

Originally Posted by slow_motion

Such optimism. Based on what exactly? Nothing near what you're expecting happened between 2004 and 2014.

Do you expect that 2014 - 2024 will be like 2004 - 2014? [Are you related to Bham1982?

]

I would guess that development in the next 10 years will be double what happened in the last 10.

Why? The last decade included the worst financial crisis, i.e. financial balance sheet crisis, not the cyclical economic crises of the 80s, 70s, etc. since the Great Depression.

I see a lot of surface parking being developed starting with the arena site, then a parking garage behind the Park Tavern [[is that the name), I can see some by Bates, by GM Ren Cen, by the 'fail jail' site, etc. within the next 5 years.

I'd bet a savvy person who knows downtown Detroit like the back of his [[or her) hand could come up with a list of say 10 top sites to go from surface parking to something else.

The areas where surface parking will remain longest should be behind the Fox that area because I don't see a building catalyst happening there until the more strategically valuable land is eaten up.

**animatedmartian** · June-05-14, 09:34 AM

Originally Posted by mikeg19

Very interesting, considering that area may be the terminus of the new 375 blvd. My guy says they sit on the properties until MDOT finalizes a plan, then they decide how to develop it. It'd be great to see some high rise condos there and bring density to the east riverfront. That, coupled with the east riverfront development, Orleans Landing, the Uniroyal site, I'm thinking the skyline will look a lot different in the next 10 years. At least, assuming the real estate market doesn't crash again as some are predicting. Who knows....

If you check out the map they have for a possible district, you'll notice a huge new boulevard lining up with 375. Although, I think they have a hypothetical configuration where there are ramps connecting to 375 with surface lanes connecting to Jefferson. Either way, it'd probably work in GM's favor if 375 was completely converted to a boulevard so that there isn't a needlessly complex intersection. Of course, that's all assuming they haven't abandoned this plan since 2008.

http://www.renshorecondos.com/district.html

**jt1** · June-05-14, 10:34 AM

Originally Posted by slow_motion

Such optimism. Based on what exactly? Nothing near what you're expecting happened between 2004 and 2014.

Hello believe14. we've missed your wonderful insights.

slow_motion · June-05-14, 11:01 AM

Originally Posted by emu steve

1) Do you expect that 2014 - 2024 will be like 2004 - 2014?

2) I would guess that development in the next 10 years will be double what happened in the last 10.

1) Yes.
2) Your optimism is based on nothing more than feelings. There is no data to suggest your surge. Further, even "double" what happened between 2004-2014 isn't nearly the dream scenario you predict. "Double" would be... 1 more Starbucks, 4 brew pubs [[if the current all stay in business), 1 more grocery store, a few more converted lofts, a new Wayne St building? Sorry, but that isn't the surge in development that requires 1/2 the surface lots to have new development. Not close.

**jt1** · June-05-14, 11:12 AM

Originally Posted by slow_motion

1) Yes.
2) Your optimism is based on nothing more than feelings. There is no data to suggest your surge. Further, even "double" what happened between 2004-2014 isn't nearly the dream scenario you predict. "Double" would be... 1 more Starbucks, 4 brew pubs [[if the current all stay in business), 1 more grocery store, a few more converted lofts, a new Wayne St building? Sorry, but that isn't the surge in development that requires 1/2 the surface lots to have new development. Not close.

So, 2004-2014, which had the biggest economic collapse of all our lifetimes should be a mirror image of 2014-2024? That is some solid logic.

**motz** · June-05-14, 11:34 AM

Originally Posted by slow_motion

Such optimism. Based on what exactly? Nothing near what you're expecting happened between 2004 and 2014.

Man, did you live in the same state or country that I did for the last 10 years? Because if you did...

**Scottathew** · June-05-14, 11:52 AM

Originally Posted by 401don

Maybe they need more space to build a recall-call center?

That's off-shored. I have one of the Saturn Ions that is affected by and exhibits both recall issues [[car shuts off on hard bumps, and I am able to fully remove the key while in the RUN position).

I had an issue with recall notices going to the wrong address. I called the recall hotline and it was off-shored.

**Gannon** · June-05-14, 12:16 PM

I remember seeing a large model of what GM had planned for those parking lots east of the RenCen...it was in the lobby or second floor...but it was pretty spectacular.

Curious, they are one of the only players who could open this town up, beyond the grand plans of our savior Danny. I'm sure he's watching this like a hawk...hoping his pseudo-monopoly doesn't get too much competition.

**EastsideAl** · June-05-14, 12:36 PM

Originally Posted by slow_motion

Such optimism. Based on what exactly? Nothing near what you're expecting happened between 2004 and 2014.

...or at almost any other time in the city's history since the end of the 1920s.

**Scottathew** · June-05-14, 12:49 PM

Originally Posted by Gannon

Curious, they are one of the only players who could open this town up, beyond the grand plans of our savior Danny. I'm sure he's watching this like a hawk...hoping his pseudo-monopoly doesn't get too much competition.

I think Gilbert would be more than happy to have competition come in. He already owns so much property that it would greatly increase the value of what he already owns.

There's still plenty of Detroit that can be purchased at rock-bottom prices anyway.

**Gannon** · June-05-14, 01:27 PM

You're not thinking in terms of overall market supply and demand...only the land availability.

GM creates a few hundred thousand square feet of riverfront views for both Class-A offices and residential, it deflates his holdings without that view quite a bit. Not to mention breaking the lock he's trying to establish with parking. What he tried to do at Cobo was infuriating, glad they blocked him from that bs.

But overall, everybody wins. I'd love to see these parking lots morph into that amazing master plan...if that is what they're aiming for.

**bailey** · June-05-14, 02:13 PM

Originally Posted by jt1

So, 2004-2014, which had the biggest economic collapse of all our lifetimes should be a mirror image of 2014-2024? That is some solid logic.

why would 2014-2024 be any better than 1990-2000? the 90s had unprecedented growth and wealth creation for America, record deficits became record surpluses;22 million new jobs were created; unemployment, poverty, and crime were all low; and we hit the highest homeownership rates in history. How'd that work out for development and population growth in Detroit?

**Spartan** · June-05-14, 09:23 PM

Originally Posted by bailey

why would 2014-2024 be any better than 1990-2000? the 90s had unprecedented growth and wealth creation for America, record deficits became record surpluses;22 million new jobs were created; unemployment, poverty, and crime were all low; and we hit the highest homeownership rates in history. How'd that work out for development and population growth in Detroit?

What happened in 1988-1990 in Detroit?

**Mackinaw** · June-05-14, 11:30 PM

So Bailey you haven't noticed any cultural shift regarding views of Detroit and its future? Haven't noticed the population inflow which was virtually non-existent more than 10 years ago?