United Artist Building [[and Theater?) to be renovated

[MikeyinBrooklyn]

I think Olympia is going to develop this building. It is taking much longer than any of us would like, but we should bear a few things in mind. Until 5 years ago, the foolhardy thing would have been pouring money into a project there. Lease or sale prices for either residential or office redevelopment would not have likely brought in enough money to cover the costs of the project. Secondly, a project on a building like this will need to involve lots of people beyond architects and construction workers. And attempting to salvage the theater [[hopefully as a performance space; at least in some meaningful way) will be a real challenge as well. Olympia is certainly slower than Dan Gilbert in developing projects, but Gilbert is a pro real estate developer. Olympia are pizza and sports people. Anyway, as it is, the downtown market is in such a condition right now that Olympia would almost be losing money if they neither developed nor sold it. I'm guessing they are finalizing a "wow" plan that turns it into a very nice place to live or work, with the theater being reopened in some fashion. That is what I am hoping; I also think it is the logical step for Olympia to take with the property.

[Junjie]

I think Olympia is going to develop this building. It is taking much longer than any of us would like, but we should bear a few things in mind. Until 5 years ago, the foolhardy thing would have been pouring money into a project there. Lease or sale prices for either residential or office redevelopment would not have likely brought in enough money to cover the costs of the project. Secondly, a project on a building like this will need to involve lots of people beyond architects and construction workers. And attempting to salvage the theater [[hopefully as a performance space; at least in some meaningful way) will be a real challenge as well. Olympia is certainly slower than Dan Gilbert in developing projects, but Gilbert is a pro real estate developer. Olympia are pizza and sports people. Anyway, as it is, the downtown market is in such a condition right now that Olympia would almost be losing money if they neither developed nor sold it. I'm guessing they are finalizing a "wow" plan that turns it into a very nice place to live or work, with the theater being reopened in some fashion. That is what I am hoping; I also think it is the logical step for Olympia to take with the property.

I would love to see that. Really hope you're right. It would do a lot to build their credibility in general.

[DetroiterOnTheWestCoast]

I think Olympia is going to develop this building. It is taking much longer than any of us would like, but we should bear a few things in mind. Until 5 years ago, the foolhardy thing would have been pouring money into a project there. Lease or sale prices for either residential or office redevelopment would not have likely brought in enough money to cover the costs of the project. Secondly, a project on a building like this will need to involve lots of people beyond architects and construction workers. And attempting to salvage the theater [[hopefully as a performance space; at least in some meaningful way) will be a real challenge as well. Olympia is certainly slower than Dan Gilbert in developing projects, but Gilbert is a pro real estate developer. Olympia are pizza and sports people. Anyway, as it is, the downtown market is in such a condition right now that Olympia would almost be losing money if they neither developed nor sold it. I'm guessing they are finalizing a "wow" plan that turns it into a very nice place to live or work, with the theater being reopened in some fashion. That is what I am hoping; I also think it is the logical step for Olympia to take with the property.

While you're once again defending and cheering Olympia, what you are in effect saying is that [[1) Olympia Development is not really a development company but just pretends to be one, [[2) they have been sitting on properties [[slumlord style, I guess) waiting for others to create favorable market conditions, and [[3) even after excusing their doing nothing, you admit that they are 5 years behind the curve