CPA Building Purchased...Renovations Coming?

**stinkytofu** · June-13-14, 01:54 PM

http://www.crainsdetroit.com/article...own-for-900000

**DetroiterOnTheWestCoast** · June-13-14, 02:32 PM

"The sale closed in late May. It had been on the market for more than 11 years, according to Washington, D.C.-based real estate information service CoStar Group Inc."

Sold for $900,000 after having been on the market for 11 years? I wonder how little it might have gone for a few years ago.

Great location for some residential?

**animatedmartian** · June-13-14, 02:34 PM

Curbed is also reporting that it was a bundled package that included the whole block to 15th street.

**DetroitPlanner** · June-13-14, 02:35 PM

Good news if it is not a holding company of Matty's!

**motz** · June-13-14, 03:05 PM

Originally Posted by DetroiterOnTheWestCoast

"The sale closed in late May. It had been on the market for more than 11 years, according to Washington, D.C.-based real estate information service CoStar Group Inc."

Sold for $900,000 after having been on the market for 11 years? I wonder how little it might have gone for a few years ago.

Great location for some residential?

IIRC, whoever owned the property has had the price at $900k for those 11 years, which even a year ago was a pretty steep price for an abandoned building in need of rehab. Glad someone snatched it up though!

**DetroiterOnTheWestCoast** · June-13-14, 03:18 PM

Originally Posted by animatedmartian

Curbed is also reporting that it was a bundled package that included the whole block to 15th street.

Indeed. Quite interesting. Perhaps a big development coming?
http://detroit.curbed.com/archives/2...-900k.php#more

**p69rrh51** · June-13-14, 05:35 PM

Designed by Alvin E. Harley. Conductor’s Protective Association Building-Protective Assurance Society 2238 Michigan Avenue built in 1923 Detroit, MI.

**pgn421** · June-13-14, 05:43 PM

I heard Matty owned the building

**ABetterDetroit** · June-13-14, 08:21 PM

Originally Posted by DetroitPlanner

Good news if it is not a holding company of Matty's!

Truth, how many times can that guy fly under the radar....

**Hypestyles** · June-13-14, 09:00 PM

I hope it's not the DIBC.

**Spartan** · June-13-14, 11:23 PM

Originally Posted by DetroiterOnTheWestCoast

Indeed. Quite interesting. Perhaps a big development coming?
http://detroit.curbed.com/archives/2...-900k.php#more

Makes me wonder if demo is more likely as a result :-/

**DetroitPlanner** · June-14-14, 09:52 AM

Originally Posted by Spartan

Makes me wonder if demo is more likely as a result :-/

That would make a great site for one of those new Walmart Markets! http://en.wikipedia.org/wiki/Walmart_Market

**wolverine** · June-14-14, 10:07 AM

Originally Posted by DetroitPlanner

That would make a great site for one of those new Walmart Markets! http://en.wikipedia.org/wiki/Walmart_Market

walmart has actually done a good job rehabbing historic buildings for their markets. At the very least it's some redemption

I'm glad for once you didn't yell Cheesecake Factory because I know from other threads you are obsessed with the place.

**Hypestyles** · June-15-14, 12:12 PM

!!!! If it ends up a mini-Walmart, it's going to cut into Honeybee's business. Gah!

**rb336** · June-15-14, 05:38 PM

nobody needs another WalMart, regardless of size

**motz** · June-16-14, 10:04 AM

Originally Posted by wolverine

I'm glad for once you didn't yell Cheesecake Factory because I know from other threads you are obsessed with the place.

WAIT!!! Did someone say the CPA building is going to become market-rate lofts with a CHEESECAKE FACTORY on the bottom two floors?!

**animatedmartian** · June-16-14, 10:37 PM

New York developer buys Corktown property, wants community input on what's next

“We feel privileged to be part of this renaissance [in Detroit] and want to hear ideas from the community on the best use for this property,” the company, owned by Vivek Garipalli and Robert Zalkin, said in a statement to Crain's.

“We view the opportunity as a blank slate. Having visited Detroit dozens of times over the last few years, we are struck by Corktown's potential and its increasing vibrance. We are in this project for the long haul and are very excited about what the future holds for Detroit and Corktown.”

In before mass suggestions of Cheesecake Factory.

Interesting tidbit about the developer.

[Sequoia Property Partners] owns and develops commercial and residential real estate and has property in New York, New Jersey, Washington, D.C., Chicago and Detroit. It “searches for opportunities that materially benefit from a 10-year or longer hold,” according to a news release.

**eliboyer** · June-17-14, 07:51 AM

Not only are renovations coming, but also an addition to the existing building. The current footprint renders it pretty much unusable for anything realistic today. Hence why they purchased all of the adjoining parcels.