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  1. #1

    Default Penobscot building

    Any positive investment happening in this building? (other than the re-opening of the Caucus Club) What is the vacancy rate? And why didn't Gilbert pick it up when it was available for 6M?

  2. #2

    Default

    Quote Originally Posted by David L View Post
    Any positive investment happening in this building? (other than the re-opening of the Caucus Club) What is the vacancy rate? And why didn't Gilbert pick it up when it was available for 6M?
    And why can't the owners keep the red ball lit up?

  3. #3

    Default

    Because the Penobscot owner makes Illitch and crew look like saints when it comes to historic preservation and downtown building ownership. About the only thing worse would be if it were owned by Matty, and that is saying something.

  4. #4

    Default

    I have to look at the unevenly lit setbacks and lack of red ball every night. Makes me mad all the time... The only thing possibly worse is the new light shining up the Stott that's constantly changing color.

  5. #5

    Default

    They put in a which wich a year back. Athens souvlakis has the best Greek salads.

  6. #6

    Default

    Who had sold the Penobscott Building to its current owner?

  7. #7

    Default

    The ball uses really unreliable lighting tubes that are expensive and break often. Seems like LED would be a great solution here, but then again, the owners of this building aren't solutions kind of people.

  8. #8

    Default

    Triple Properties also owns the Silverdome. Does that give everyone a warm and fuzzy feeling?

  9. #9

    Default

    Quote Originally Posted by dmike76 View Post
    Triple Properties also owns the Silverdome. Does that give everyone a warm and fuzzy feeling?

    http://tripleproperties.com/

    under construction

    Whois registration is private

  10. #10
    Join Date
    Mar 2011
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    5,067

    Default

    I believe Penobscot is owned by a Toronto-based outfit. I know someone who handles the leasing for them.

    Building has good bones but all kinds of issues with building systems, and is cut up in a million smaller floorplans. Would take huge money to turn this into an "A" building. Downtown rents probably don't support such a renovation.

  11. #11

    Default

    How did the lighting atop the Penobscot function properly over decades without issue?
    And mostly during a time when LED technology was not an option.


    Quote Originally Posted by EGrant View Post
    The ball uses really unreliable lighting tubes that are expensive and break often. Seems like LED would be a great solution here, but then again, the owners of this building aren't solutions kind of people.

  12. #12

    Default

    Quote Originally Posted by rjlj View Post
    How did the lighting atop the Penobscot function properly over decades without issue?
    And mostly during a time when LED technology was not an option.
    I imagine the owners maintained it. Kind of obvious, but not for the current owners. A volunteer repaired it in April 2015, but it was out by October.

    http://www.freep.com/story/news/loca...ears/74733042/
    Last edited by archfan; January-15-17 at 03:24 AM.

  13. #13

    Default

    Triple Properties has been treading water with the Penobscot Building while it figures out whether to invest or flip. The market has improved significantly since 2012 or so when TP bought the building at a foreclosure sale for something like $5 million.

    Renovation of the building (it's actually 3 buildings) would be expensive. Floor plates are choppy and not conducive to large single tenant uses. There's lots of elevators and staircases. TP has little invested though so there's not too much downside to waiting on the market for a better flip result. In the meantime, the building is kind of languishing and tenant problems are multiplying. The large bank space on the first floor is now empty. HVAC and elevator problems are frequent.

  14. #14

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    "Alex Loewy, Penobscot account manager with Triple Properties, which manages the building, said he hopes to have the neon orb back to full illumination in the next couple of weeks, and they're researching the LED option. 'It's important,' he said of the orb. 'It's one of the things in Detroit — when you look at all the pictures — you see.'"

    Ha ha

  15. #15

    Default

    Went to a Tigers game last week and noticed almost all the exterior lights are now out. What this piece of trash is doing to the building is a shame.

  16. #16

    Default

    I had always said and still say "Follow the money" Who in city government at the time had given TP the heads up to buy this property not caring if TO didn't have a plan for the property but to sit on it. 2012 was the same year that the City of Detroit had taken ownership of Lafayette Towers from HUD then flipped the property to Greg Jackson for only $5,000,000 who had done minimal updates to the property

  17. #17

    Default

    Quote Originally Posted by Atticus View Post
    About the only thing worse would be if it were owned by Matty, and that is saying something.
    Why is everyone picking on Matty? He's made HUGE investments in Detroit. He's still on track for replacing all the windows at MCS by 2022, perhaps slightly before Elon Musk sends man to Mars.

  18. #18

    Default

    Quote Originally Posted by stasu1213 View Post
    I had always said and still say "Follow the money" Who in city government at the time had given TP the heads up to buy this property not caring if TO didn't have a plan for the property but to sit on it. 2012 was the same year that the City of Detroit had taken ownership of Lafayette Towers from HUD then flipped the property to Greg Jackson for only $5,000,000 who had done minimal updates to the property

    On a private sale the city cannot dictate who buys what and for how much.

  19. #19

    Default

    Quote Originally Posted by 48307 View Post
    Why is everyone picking on Matty? He's made HUGE investments in Detroit. He's still on track for replacing all the windows at MCS by 2022, perhaps slightly before Elon Musk sends man to Mars.
    How is the Riverside Park restoration coming along? Will it be open in time for the White Bass run?

  20. #20
    Join Date
    Mar 2011
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    Default

    There's nothing really "wrong" with the Penobscot. I'm in there sometimes, and know some folks involved in ownership and leasing. It has a variety of tenants and is in reasonable shape. It isn't like ownership is running a flophouse or something.

    Normal, thriving cities have a variety of building types serving a broad array of tenancies. Not every building downtown has to be a cube farm of mortgage-hawking 20-something bros from Shelby.
    Last edited by Bham1982; May-11-17 at 12:07 PM.

  21. #21

    Default

    Quote Originally Posted by Bham1982 View Post
    There's nothing really "wrong" with the Penobscot. I'm in there sometimes, and know some folks involved in ownership and leasing. It has a variety of tenants and is in reasonable shape. It isn't like ownership is running a flophouse or something.
    Normal, thriving cities have a variety of building types serving a broad array of tenancies. Not every building downtown has to be a cube farm of mortgage-hawking 20-something bros from Shelby.

    Obviously. But the problem most people have is that the Penobscot is arguably the most visible building downtown aside from the Renaissance Center, with the red flashing ball one of the most iconic aspects of the city. The ball has been out of order for a year or more at this point. The building owners are neglecting the lighting, which makes the skyline look crappy.

  22. #22

    Default

    Quote Originally Posted by Bham1982 View Post
    There's nothing really "wrong" with the Penobscot. I'm in there sometimes, and know some folks involved in ownership and leasing. It has a variety of tenants and is in reasonable shape. It isn't like ownership is running a flophouse or something.

    Normal, thriving cities have a variety of building types serving a broad array of tenancies. Not every building downtown has to be a cube farm of mortgage-hawking 20-something bros from Shelby.
    Interesting to see that you didn't throw a random Trump comment in with your pseudo-intellectual, pseudo-elite post.

  23. #23
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    Mar 2011
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    5,067

    Default

    Quote Originally Posted by Towne Cluber View Post
    Interesting to see that you didn't throw a random Trump comment in with your pseudo-intellectual, pseudo-elite post.
    Trump is a traitorous, racist, lying, narcissistic, mentally disturbed d-bag with less decorum and self-control than a toddler. Is that sufficiently "pseudo-intellectual" and "pseudo-elite"?

  24. #24

    Default

    Quote Originally Posted by Bham1982 View Post
    Trump is a traitorous, racist, lying, narcissistic, mentally disturbed d-bag with less decorum and self-control than a toddler. Is that sufficiently "pseudo-intellectual" and "pseudo-elite"?

    Actually,I think you have a crush on him and are portraying your anger because he rejected you. There has to be some really deep physiological things going on behind all of that.

  25. #25
    Join Date
    Mar 2011
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    Default

    Quote Originally Posted by Richard View Post
    Actually,I think you have a crush on him and are portraying your anger because he rejected you. There has to be some really deep physiological things going on behind all of that.
    Yes, the 90% of the planet that hates Trump must do so for "deep psychological things going on" as opposed to the fact that the most powerful position on the planet was just given to a deranged, p-grabbing idiot.

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