Most Valuable Downtown Detroit Real Estate

[iheartthed]

1. The same holds true for Downtown Detroit buildings. They’ve all sold for a fraction of what they cost to build.

2. So, are you now retracting at least some of your previous claims about the worth and use of arenas/stadia?

The point is that the Forum was never worth what it cost to be built without the Lakers and Clippers as tenants. The Forum will never be worth the equivalent of $16M USD1966 ever again, unless some pro team occupies it.

[Bham1982]

So your sketchy house-flipping background now makes you an expert on commercial real estate, complex financial analysis, and professional sports management?

I have no "house-flipping background" [[sketchy or otherwise) and my background obviously has nothing to do with your wacky claims.

[O3H]

Prime real estate needs to be occupied by clients willing to pay the price
[[usually in a cost related to the square footage they lease)

Approx. cost of office space at the moment
$25 per square foot in Detroit,
$32-$43 in Birmingham
$33 in downtown Ann Arbor
for comparable "Class A" office space

"Detroit's Class A office buildings — the Renaissance Center, -- One Detroit Center
and -- 150 West Jefferson — all held their rent around $20 to $22 [[per square foot)
until 2016, with modest annual increases," said Steve Morris of Axis Advisors Inc.


https://www.crainsdetroit.com/articl...till-a-bargain

[Towne Cluber]

In all cities, from New York to Los Angeles to Detroit, the sports stadiums are worthless for uses other than sports [[and an occasional concert). And there is a very, very limited market of professional sports teams. The stadium itself has no value without the team. This is unlike nearly every other building downtown, which can be re-adapted to other uses if the tenant disappears.

By the way, Madison Square Garden in New York has 40 concerts scheduled so far for the next 12 months. That's more than an "occasional".

[Towne Cluber]

Actually, this is a lie, irrelevant, and indicative of nothing except your extreme ignorance regarding commercial RE. You're completely lost here.

Again, the Forum sold for nothing, the value is inherent in the acreage, not the square footage, a comparison of downtown Detroit office buildings and suburban LA development sites is nonsensical, and all your claimed numbers are wrong anyways.

https://www.detroitnews.com/story/bu...ings/83681698/

[O3H]

A team has to play well in order to put butts in the seats.
For many in the area, those massive sites,
and tax abatements are abominable. [[see definition of abominable)

-Tigers won 2 World championships [[1968, and 1984) recently
-The Detroit Lions have never been in the SuperBowl.
-The last time the Red Wings won the Stanley Cup was in 2008

[Towne Cluber]

The sale of the building [[87,120 sq ft) at a cost of $13.4 million to the New York investment group included a surface parking lot north of the structure. The lot, located at 400 E. Fort St., occupies an entire city block.

http://www.dbusiness.com/September-O.../#.W70EFxYpCEc

[dtowncitylover]

It would be nice for that lot to be developed into something great. Despite other lots downtown, imo, it's the worst one to walk along now that Hudson's work is underway.

[O3H]

- RealEstate prices are always based what some idiot is willing to pay.
An asking price can be substantially higher than what "others"
may perceive the place to become down the road.
It's all based on hopes, hypes and desires, [[not necessarily realistic ones).