Monroe Block Development

[Gistok]

Now that Gilbert's net worth is at $34 billion after his Rock IPO... does he still need financing for this project? Or would he just write them a check?

[iheartthed]

Now that Gilbert's net worth is at $34 billion after his Rock IPO... does he still need financing for this project? Or would he just write them a check?

"Need"? No. But yes, he will finance it, because why not? Also, it is probably much easier for them to get financing for the project now that they are so flush with cash.

[Gistok]

"Need"? No. But yes, he will finance it, because why not? Also, it is probably much easier for them to get financing for the project now that they are so flush with cash.

I figured as much. But banks like to put in stipulations... so much pre-leased, etc. He no longer HAS to "jump thru their hoops", so to speak. I wonder if him now being among the über-rich, if he still has to follow the same rules borrowing their money? Or if there is less risk involved for the banks lending him money, do the same rules apply?

[Dmberko11]

Now that Gilbert's net worth is at $34 billion after his Rock IPO... does he still need financing for this project? Or would he just write them a check?

😆 you know what? Good for Gilbert. The man has earned it. I’m happy for him. I hope his projects bring him a lot of money too. He’s done a lot for Detroit.

[Satiricalivory]

Maybe TCF could finance it, that would be great. All that business being done entirely in Detroit.

[Gistok]

Glad I got my house mortgage thru Gilbert's Rock Financial back in 1990. Back then his whole operations fit into about 10,000 sq. ft. on the 2nd floor of the Bingham Center Building next door to where I used to work at 13 Mile & Telegraph. He's come a long way!

[MrMichigan]

In addition to the ongoing utility work, they are moving dirt around near the lot line.

[shawring]

In addition to the ongoing utility work, they are moving dirt around near the lot line.

Is the utility work for the Monroe Blocks?

[MrMichigan]

Is the utility work for the Monroe Blocks?

No idea, but I doubt it. Looks similar to work they do throughout the city.

[MrMichigan]

Looks like they are replanting grass and perhaps opening the site back up ??

[MrMichigan]

https://www.freep.com/story/money/bu...gs/3385465001/

[Satiricalivory]

https://www.freep.com/story/money/bu...gs/3385465001/

Why link this here? It has nothing specifically to do with Monroe Block. That freep article is just the usual work from home discourse we've been hearing since March. Holds no more weight than a usual opinion posted here.

[401don]

Why link this here? It has nothing specifically to do with Monroe Block. That freep article is just the usual work from home discourse we've been hearing since March. Holds no more weight than a usual opinion posted here.

I think the opinions of commercial real estate professionals and U of M Business profs are worth reading.

[stinkytofu]

I think the opinions of commercial real estate professionals and U of M Business profs are worth reading.

Absolutely. It's very relevant.

It also does note that the Freep reached out to Bedrock regarding the status of the Monroe Block and Bedrock did not respond.

[Satiricalivory]

I think the opinions of commercial real estate professionals and U of M Business profs are worth reading.

lol a random real estate agent from Farmington Hills and a UofM college professor. Both have absolutely nothing to do with downtown commercial development.

Wow such heavy hitters weighing in.

Like I said, all the same armchair theories we've been hearing since for like 6 months. Freep clearly fished for whatever joe schmo who had an opinion to throw into this pointless piece.

[Satiricalivory]

Absolutely. It's very relevant.

It also does note that the Freep reached out to Bedrock regarding the status of the Monroe Block and Bedrock did not respond.

Bedrock already responded to this work from home stuff a month ago. They said there were no changes to their plans and that basically it was nonsense "speculation".

[401don]

lol a random real estate agent from Farmington Hills and a UofM college professor. Both have absolutely nothing to do with downtown commercial development.

Wow such heavy hitters weighing in.

Like I said, all the same armchair theories we've been hearing since for like 6 months. Freep clearly fished for whatever joe schmo who had an opinion to throw into this pointless piece.

Farbman Group has done projects all over downtown for decades.

[rbdetsport]

So about a week ago, we all got a bit excited to see Schmidt Hammer Lassen start posting renderings on their Instagram.. we thought it might mean a continuation as planned was near. I’ve worked in planning and design, but not architecture so I don’t know if this theory could be true, but is it possible that now that the project has been abandoned that the architect owns the drawings and can now make them public on their own? :’[[

[Satiricalivory]

The project hasn't been abandoned... they just got variances for the height and loading docks. WTF

The architect has had renders up since the very beginning, these aren't new. Yall are crazy, jesus.

[JK313]

Bedrock stated their reason for getting the variances approved now was so they can be ready to break ground as soon as they have a tenant signed. This project definitely isn’t canceled/dead, but it also isn’t breaking ground anytime soon. Especially with covid

[Satiricalivory]

Yes, but also it's pretty sure Quicken plans to occupy much of the space.

[Gistok]

The project hasn't been abandoned... they just got variances for the height and loading docks. WTF

The architect has had renders up since the very beginning, these aren't new. Yall are crazy, jesus.

Um.... no.... no one here is crazy... I've been posting here for almost longer than anyone. People just find articles, and repost them here on DYES, often without prejudice. And then we discuss them with a wide range of opinions as to what the articles actually mean. That's the way it's always been done here. You, in your 4 months here, need to not shoot the messenger.

[Satiricalivory]

Um.... no.... no one here is crazy... I've been posting here for almost longer than anyone. People just find articles, and repost them here on DYES, often without prejudice. And then we discuss them with a wide range of opinions as to what the articles actually mean. That's the way it's always been done here. You, in your 4 months here, need to not shoot the messenger.

Oh Lord. I didn't shoot the messenger. I was referring to the person who claimed the project was "abandoned" which is very much a crazy thing to say. I think you're confused?

And honestly I'm also sick of the Freep's bullshit. Even before the pandemic their whole narrative was that the economy was collapsing and development was imploding, look at their articles in 2019. It's as if they could have been written recently and you wouldn't be able to tell they weren't if you didn't know.

Oh, we'll see high profile projects go on hold you say? Except every big project they checked in with was under construction just as planned. Monroe Block has been on hold, it is on hold, that was already confirmed and we've known that for awhile. But it seems Freep just caught on to this? Also how does the one campus martius addition create a possible excess of office space when Quicken is occupying it and already committed to doing so? Little lies like that litter their work.

[Danny]

When I see the cranes there and ground being dig, I will believe it.

[Dmberko11]

Um.... no.... no one here is crazy... I've been posting here for almost longer than anyone. People just find articles, and repost them here on DYES, often without prejudice. And then we discuss them with a wide range of opinions as to what the articles actually mean. That's the way it's always been done here. You, in your 4 months here, need to not shoot the messenger.

This user is World’s Greatest, just with a different handle [[username), judging by how they talk and the constant anger and aggression