$4.7M HQ for the Pension Board?

**Genesyxx** · August-19-09, 08:04 AM

DETROIT [[AP) - Detroit's two embattled public pension funds are planning to build a $7.4 million headquarters along the Detroit River.
The three-story, 33,400-square-foot building would be built between the UAW's headquarters and the River Towers Apartments on vacant land zoned for high-rise residential. It would house the pension funds' administrative, accounting and legal operations, with room for 100 parking spaces.
The Detroit Free Press says officials at the General Retirement System for the City of Detroit, the pension plan for retired city workers, and the Detroit Police & Fire Pension Fund have submitted plans.
The City Planning Commission will vote Sept. 17.

**Gannon** · August-19-09, 08:11 AM

Wow, what crassness.

In a city FULL of empty buildings...

**ejames01** · August-19-09, 08:37 AM

These people are shameless.

**Detroitnerd** · August-19-09, 09:26 AM

I'm getting angry.

**digitalvision** · August-19-09, 10:12 AM

Thoughts...

1) This is a waste of money. Even more so when you think about the fact that at one point 1001 Woodward was invested in by various pension funds, and it sits virtually empty and has connected parking. 60 people do not need a new building, let alone a 4.7 million dollar one.

2) This also shows an example of the suburban-preferred layout of many so-called "leaders" and others involved in the city.

3) Regardless of the layout, this is a total waste of money that Bing needs to be vocally be against. There's no need, and frankly, if they want a suburban style office building outside of downtown proper, there's plenty that exist.

**mjb3** · August-19-09, 10:32 AM

Pensions are unfunded, unsustainable and bankrupting all forms of govt.

Why are they still around? Why can't they do what the private sector did and convert them all to 401K's, like the rest of us get?

**heedus** · August-19-09, 11:05 AM

Originally Posted by digitalvision

Thoughts...

1) This is a waste of money. Even more so when you think about the fact that at one point 1001 Woodward was invested in by various pension funds, and it sits virtually empty and has connected parking. 60 people do not need a new building, let alone a 4.7 million dollar one.

2) This also shows an example of the suburban-preferred layout of many so-called "leaders" and others involved in the city.

3) Regardless of the layout, this is a total waste of money that Bing needs to be vocally be against. There's no need, and frankly, if they want a suburban style office building outside of downtown proper, there's plenty that exist.

Agreed on all three points, except I don't think either of Detroit's two pension funds were in on those deals. Regardless, didn't Papas buy that entire building for $5.4 million last year? I bet he'd be willing to unload it to the two pension funds for a cool $2 million profit [[the Freep story says the new construction would cost $7.4 million, not $4.7 million). I know that a building of that size requires a lot of maintenance and the pension boards would only occupy a couple of floors, but they would have attached parking and their choice of offices overlooking the city. What is wrong with these people? Someone needs to step up and display some real leadership by calling these organizations out. Bing? Granholm? Anybody?

**Trumpeteer** · August-19-09, 05:00 PM

Is the old Broadhead Naval Armory on Jefferson still empty? If so, wouldn't that possibly make a good home for them and make use of a great building with the Art Deco murals inside?

**davewindsor** · August-19-09, 09:14 PM

Originally Posted by heedus

didn't Papas buy that entire building for $5.4 million last year? I bet he'd be willing to unload it to the two pension funds for a cool $2 million profit [[the Freep story says the new construction would cost $7.4 million, not $4.7 million).

Try $19.5 million for 1001 Woodward in 2008. The attached 12-storey parking garage, which had a secured $14million bank loan was assumed to make the deal work. The $5.5million cash he paid was just for the value of the building itself that was 90% vacant. I don't even think the city bylaw would allow you to buy a huge 330,000 square foot building like 1001 without a parking garage or even sever the parking garage from a transaction. $19.5m - $7.4m is a $12.1 million loss. http://www.crainsdetroit.com/article.../SUB/802250335

**Detwa** · August-19-09, 09:35 AM

Wait - they want the money to build a better office building FOR THEMSELVES???? Is this a joke????

**Blueidone** · August-19-09, 09:51 AM

Absolutely ridiculous IMHO. Gannon is right...there is plenty of available space in the current buildings. Spend money rehabbing an old building.

**gnome** · August-19-09, 09:52 AM

The only real surprise is that they are planning on building in Detroit and not in Hawaii.

Buy American · August-19-09, 10:37 AM

The City of Detroit retirees earned their pensions. 25, 30, 40 or more years of service to the City entitles the retiree to a pension under agreements with Detroit.

**bailey** · August-19-09, 10:52 AM

Originally Posted by Genesyxx

DETROIT [[AP) - Detroit's two embattled public pension funds are planning to build a $7.4 million headquarters along the Detroit River.
The three-story, 33,400-square-foot building would be built between the UAW's headquarters and the River Towers Apartments on vacant land zoned for high-rise residential. It would house the pension funds' administrative, accounting and legal operations, with room for 100 parking spaces.
The Detroit Free Press says officials at the General Retirement System for the City of Detroit, the pension plan for retired city workers, and the Detroit Police & Fire Pension Fund have submitted plans.
The City Planning Commission will vote Sept. 17.

Is it 7.4 mil or 4.7?

Post this over on the Lafayette thread. Development of empty lots CAN happen!

MIRepublic · August-19-09, 05:08 PM

There was already a thread on this.

**EastsideAl** · August-20-09, 12:47 AM

A terrible waste of city worker's money, and a very inappropriate location = BAD IDEA.

**jt1** · August-20-09, 07:57 AM

Originally Posted by Genesyxx

DETROIT [[AP) - Detroit's two embattled public pension funds are planning to build a $7.4 million headquarters along the Detroit River.
The three-story, 33,400-square-foot building would be built between the UAW's headquarters and the River Towers Apartments on vacant land zoned for high-rise residential. It would house the pension funds' administrative, accounting and legal operations, with room for 100 parking spaces.
The Detroit Free Press says officials at the General Retirement System for the City of Detroit, the pension plan for retired city workers, and the Detroit Police & Fire Pension Fund have submitted plans.
The City Planning Commission will vote Sept. 17.

Just appalling.

**stasu1213** · August-20-09, 09:28 PM

I think the pension fund should be left alone or put in an account, draw intrest and be there when the city employees retired and need it for themselves. It shouldn't be used for people like Monica Conyers or anyone else to misuse it without a vote from the pension holders which are the city employees.

MIRepublic · August-20-09, 09:56 PM

Huh? What are you talking about? I simply asked if Windsor has any zoning classifications that don't include a parking requirement.

MIRepublic · August-21-09, 04:29 AM

From a Freep article, today:

Stampor said the funds have spent six years trying to purchase a building with 25,000 to 30,000 square feet for its 60 employees, who now work in the Coleman A. Young Municipal Center on Woodward. They didn't want to use a building they own on Adams Avenue because it wasn't the right size, he said.

Does anyone know what building on Adams they are talking about. This whole thing sounds like a lot of BS, to me.

crawford · August-21-09, 09:07 AM

My guess is that a few top employees live in the Pointes, and so this is convenient for them.

Company locational decisions are usually guided by the residences of the executives.

There's a reason Chrysler chose Auburn Hills. It's 10 minutes from Bloomfield Hills.

**Gannon** · August-21-09, 09:11 AM

MY guess is that a few top employees live in the Pointes, and they've always been jealous of their neighbor's river views...

**Hypestyles** · August-23-09, 05:10 PM

curious... the Free press Sunday 8/23, has an extensive article about new goings on..

**Mackinaw** · August-23-09, 05:31 PM

This is an awful idea. Write the planning commission.

This outfit needs standard downtown high-rise office space...not a riverfront campus. Absurd.

**Spaulding** · August-24-09, 01:17 PM

The Pension funds owns 28 West Adams, next to the Kales Building, according to CoStar Data there is about 200,000 vacant sf in that building.

The Phone number to the city planning commission is 224.6225
address

City Planning Commision
Attn: Rezoning 7850 East Jefferson
Coleman A Young Municipal Center
2 Wordward Avene, suite 202
Detroit, MI 48226
email: cc-cpc@ci.detroit.mi.us