CPA Building Update

[mikeg19]

Article on the CPA building on Michigan Ave. Looks like the city wants it demolished per a new inspection, but the owners have a plan to redevelop the area. The article states that it is currently being boarded up and the graffiti is being cleaned off. Anyone witness that progress?

http://www.detroitnews.com/story/bus...town/70227348/

[313rd]

The building was boarded up earlier in the week where the car had previously drive through. That is the only part that was secured.

I'm glad that the city has put these owners on notice.

This weekend for parade day, all the people would have been exposed to the unsafe environment surrounding the building.

[Mackinaw]

I assume/hope the demo notice is just leverage by the city. As the Freep has reported, the owners are "waiting for the rents to go up." Well, fine, but secure the damn building, otherwise you are just like any other terrible slumlord. And btw, there's a shit ton of work to do. Perhaps by the time you get financing and do the work, the rents will be what you want. I mean, look at that location...and you can also likely sell off nicely-executed condos for north of 200k/apiece.

[detroitbob]

this group also owns the Fowler Bldg. on Woodward Ave next to the SS Kresge/S. L. Byrd buildings and it is the worst looking on the block. Apparently they won't rehab or at least do any visual enhancements unless rents meet their expectations...could the Fowler building could pass safety and engineering criteria?

[DetroiterOnTheWestCoast]

I assume/hope the demo notice is just leverage by the city. As the Freep has reported, the owners are "waiting for the rents to go up." Well, fine, but secure the damn building, otherwise you are just like any other terrible slumlord. And btw, there's a shit ton of work to do. Perhaps by the time you get financing and do the work, the rents will be what you want. I mean, look at that location...and you can also likely sell off nicely-executed condos for north of 200k/apiece.

I'm always amazed by slumlords who are "waiting for the rents to go up" while taking actions that harm the area, and impede any such rent increase. At a minimum, clean up and secure the property. If you want to wait for things to "improve" before taking on a project, OK but by letting a property further decline and being a drag on the area, you are delaying that day.

[belleislerunner]

Robert Zalkin is the principal of Sequoia. If one really wanted to invest their alleged reckless track ownership, an email or phone call is all it takes.

[Hypestyles]

the building's not that big. What could it-- by itself, realistically be converted into?

[rb336]

the building's not that big. What could it-- by itself, realistically be converted into?

They own the whole block, so it is unlikely that renovation would be "by itself"

[dangelo]

This is the problem with all slumlords. They are all "waiting" for the right moment.
We need to have laws in place that if you buy a property in Detroit you are required to rehab it within a certain amount of time, before they can sign on the dotted line. That would avoid this kind of crap that is so prevalent in this city.

[Honky Tonk]

This is the problem with all slumlords. They are all "waiting" for the right moment.
We need to have laws in place that if you buy a property in Detroit you are required to rehab it within a certain amount of time, before they can sign on the dotted line. That would avoid this kind of crap that is so prevalent in this city.

Or it would discourage anyone from buying anything, and you'd end up in the same boat anyway.

[animatedmartian]

Or it would discourage anyone from buying anything, and you'd end up in the same boat anyway.

Not necessarily. Developers could likely get government subsidies and probably redevelop a building for low-income or senior housing.

[mikeg19]

I think that they could manage to do something similar to what they are doing with the Land Bank auctions for homes, although it would obviously have a longer timeline on rehabbing the structures due to their size vs a home. I think it's currently 6 months for homes to be brought up to code, and a little longer for historic structures. Why not give it 12 months to be brought up to code and 24 months for complete rehab? I'd think that falls within most timelines [[besides something like a Packard Plant or a Book Tower, etc) for it to not scare off real investors.

[313rd]

In addition to securing and boarding up the place, there has been some recent activity in the last few weeks. The removed all the grafitti from the windows [[speaking of did the state employee, ever get in trouble?) There was also a bobcat removing some larger items.