Possible Redevelopment of Downtown Skyscraper, Other Projects in Works

[Tuere]

This is very exciting news regarding development projects!

Does anybody have a good guess at the 30-plus story project downtown mentioned in the article? or the Midtown and Corktown projects?

From the Crain's article:

"Fundrise has done about 35 deals since its launch in 2010. None of them has been in Michigan, but it’s in talks with local developers about using its crowdfunding platform for projects in the state.Because of federal rules on soliciting securities, and because the agreements are still being hashed out, Fundrise can’t say precisely which properties are under discussion. But Miller said talks are ongoing over 10 deals and four of those “are a little further along than talking.” He expects to close on those four this year.

Among those four properties are a Corktown warehouse that would be converted to restaurant and retail use; an empty downtown Detroit building of more than 30 stories that would be put to retail, restaurant and possibly hotel use; and a property near Great Lakes Coffee in Midtown that would have restaurant or retail on the ground floor and apartments in the upper levels.

The fourth project is the redevelopment of the former Tiger Stadium property. Fundrise and Bloomfield Hills-based developer Larson Realty Group last month announced a possible crowdfunding angle to the project. The crowdfunding portion of the capital raise would take place in fall and have a cap of $500,000, or 10 percent of the project’s preferred equity. The agreement between Fundrise and Larson has not been finalized, though, so the details could change."


http://www.crainsdetroit.com/article/20150111/NEWS/150119995/fundrise-to-bring-real-estate-crowdfunding-to-Detroit

[Spartan]

I'm pretty sure the only 30-story empty buildings downtown are the Book and the Stott

[dmike76]

And the Stott is owned by a negligent Chinese investment firm, as well as not totally abandoned. What else could it be besides the Book Tower?

[313WX]

I'm betting it's The Book Tower.

I don't think the David Stott tower is for sale...

[animatedmartian]

In Midtown, the possible properties could be Strathmore or the Hammer and Nail Building. I'm thinking it's more likely Strathmore since that project is being done by Midtown Inc.

It could be any number of properties in Corktown especially depending on where you think the boundaries of the neighborhood are. It must not be a very big warehouse if there's no residential component to it

[SpartanDawg]

oh wow.. the downtown project has to be the book tower they're referring to.. like mentioned the Stott is not abandoned at all [[although has real shitty owners)

and the property in midtown near great lakes?? are they referring to the strathmore hotel renovation? that's already well under way as well so i'm wondering if it's something else?

[dmike76]

I guess it could be the Strathmore. Looking at the map, I don't anything else extremely close to Great Lakes that needs redeveloping.

[mwilbert]

I think the wording on the 30+ story building announcement is rather odd. You could only fill up a small portion of such a building with retail and restaurant uses, so the dominant use would have to be something else. Someone who is seriously thinking about doing such a redevelopment should know what that is, not "possibly hotel use."

The Book Tower is my favorite downtown building and I would love to see it re-occupied, but I think I will remain skeptical for the moment.

[animatedmartian]

I think the wording on the 30+ story building announcement is rather odd. You could only fill up a small portion of such a building with retail and restaurant uses, so the dominant use would have to be something else. Someone who is seriously thinking about doing such a redevelopment should know what that is, not "possibly hotel use."

The Book Tower is my favorite downtown building and I would love to see it re-occupied, but I think I will remain skeptical for the moment.

There is no announcement, that's why the wording is odd. This isn't supposed to be known until the deal is done which is why they're intentionally vague about it.

I read it as it's a given that it will be residential with some hotel floors and retail and restaurants on the ground floor. There's no other possible uses.

[innercitydoc]

In Midtown, the possible properties could be Strathmore or the Hammer and Nail Building. I'm thinking it's more likely Strathmore since that project is being done by Midtown Inc.

The Strathmore has secured funding and has been under renovation for the past month or so. Hammer and Nail? Maybe but there is a smaller abandoned building just north of it that may be a candidate as well.

http://detroit.curbed.com/archives/2...rathupdate.php

And today:

http://www.mlive.com/business/detroi...l#incart_river

Possible candidate:

https://www.google.com/maps/@42.3511...aQ!2e0!6m1!1e1

[animatedmartian]

The Strathmore has secured funding and has been under renovation for the past month or so. Hammer and Nail? Maybe but there is a smaller abandoned building just north of it that may be a candidate as well.

Strathmore only secured a remediation loan [[and a state grant). There's yet to be an announcement on the rest of the funding and the announcement tomorrow could either rule it out or confirm that it's one of the properties.

[Mind field]

Just hope that if/when the Book Tower is redeveloped, they take a page from the developers of the Whitney Building and not from the developers of the Broderick Tower....especially when it comes to exterior lighting.

[mikeg19]

Just hope that if/when the Book Tower is redeveloped, they take a page from the developers of the Whitney Building and not from the developers of the Broderick Tower....especially when it comes to exterior lighting.

At this point, we've been through this exact same scenario, what, like 5 times in the past 10-15 years with the Book Tower? I don't believe anything on this building, and won't, until I see a groundbreaking ceremony.

It's been brought up on here before. How would the Book Tower get around that exterior fire escape? Would they need to get some sort of waiver or enclose that thing?

And I agree. They need to light that thing up. I know, it's a jumbled mess of design and a lot of critics think it's a gaudy monstrocity, but I happen to like the building quite a bit. It's got a lot of character, although I'm sure nobody but the pigeons can see the incredible detail 350ft up.

[Danny]

What plans for skyscrapers in Gilberttown Detroit? Detroit is not ready for another crystal palace. Developers should take any baby step at a time. Detroit is no Chicago, New York City or Seattle.