Gilbertville on the River: Acquires Roberts Riverwalk Hotel

[Lowell]

Another acquisition by Gilbert's real estate empire is the former Parke Davis site Roberts Riverwalk Hotel. News just in, details behind Crain's paywall.

[EastsideAl]

This is good news. Hopefully they quickly put some money into the place, which is long on potential but short on execution.

We had some relatives stay there not long before pandemic for a family event and they reported a hotel that was in a state of semi-dilapidation and badly in need of updating and more attentive management. If recent reviews are any indication, they were very much not alone in feeling this way.

[JBMcB]

A bit of schadenfreude I engage in is reading reviews of bad hotels. The Riverwalk is a good one. Cars being broken into in the "secure" parking lot, then the intermittently on-duty security guards asking for a tip. Reservations going missing. Not being able to check in because there is simply nobody at the front desk, or anywhere else in the lobby, in the middle of the day. Then, there are the rooms...

[stasu1213]

Many Detroiters complained about Gilbert gobbling up these buildings. What these Detroiters don’t want to admit is that when Gilbert purchase buildings he bring them back to life unlike most of these so called local developers and business persons whom had purchased buildings in the city and just sat on them for tax purposes or renovated them with flimsy materials then operate retail or businesses in these buildings that give poor services

[Gistok]

Dan Gilbert already bought up a big chunk of River Place, so the former Omni Hotel he just bought gets added to the riverfront property that Gilbert now owns...

https://www.freep.com/story/money/bu...se/5088903001/

And Gilbert also bought up a 4.4 acre land between River Place and Chene Park...

https://www.deadlinedetroit.com/arti..._detroit_river

And of course Gilbert also bought the former GM/UAW training center on the riverfront near River Place....

https://www.freep.com/story/money/bu...it/8994236002/

He is gobbling up the best of the east riverfront... which is really great news. With the extra empty land that he bought up in this area, the potential for the future in this riverfront area is awesome!

[Zacha341]

Roberts Riverwalk Hotel Detroit [Review]

This was a very long slide downward. Reviews indicate that. I attended an event there years back and the decay and neglect was starting. Along with entrenched, surly staff and security issues.

I wonder if on the way down [bad ratings increasing, pre-COVID] there was not some upper management greed involved? Where you have underpaid-untrained, disinterested, or over-whelmed staff and lower-middle management, or lack of staff. Add to that not enough investment and maintenance pushed back into the business?

A bit of schadenfreude I engage in is reading reviews of bad hotels. The Riverwalk is a good one. Cars being broken into in the "secure" parking lot, then the intermittently on-duty security guards asking for a tip. Reservations going missing. Not being able to check in because there is simply nobody at the front desk, or anywhere else in the lobby, in the middle of the day. Then, there are the rooms...

[Richard]

Many Detroiters complained about Gilbert gobbling up these buildings. What these Detroiters don’t want to admit is that when Gilbert purchase buildings he bring them back to life unlike most of these so called local developers and business persons whom had purchased buildings in the city and just sat on them for tax purposes or renovated them with flimsy materials then operate retail or businesses in these buildings that give poor services

I do not think it is an issue with Gilbert obtaining so many properties that has people stand offish,more so and rightly so they have the memories of what happens to a city that puts most of its eggs in one basket and that basket collapses.

Its taking lessons learned and not wanting to repeat the past,it’s not a negative,it’s a positive and they are looking for more investment diversification,which is what the city should also be doing.

We all know that when somebody does that kind of investing they have a tendency to have control over the city which gives the citizens less say in the future.

If people did not care they would not say anything,positive or negative,and that would be worse.

When they announce projects,they are looking for public input and trying to pump people up,because the next question will be - how much are the taxpayers ready to put up in order to help fund this.

No opposition from anybody is what got the city in the mess of slumlords to start with.Opposition is good,it keeps people on their toes.

I like the looks of this building,it has class and character and does not even look like a hotel,more fitting of Detroit verses some box that screams hotel like the thousands of hotels across the country.Hopefully it will receive justice in the rehabilitation.

[Lowell]

I will unabashedly say Gilbert and his Bedrock have saved Downtown Detroit. For the reasons others of you have cited above, I am delighted to see them add this decaying hotel to their portfolio. They buy properties, they fix them up, they get tenants.

This has created thousand of jobs, many of them low skill and entry level, added tax revenue, and best of all has visually enhanced downtown and been an inspiration for other developers. He didn't just start a ball rolling, he started a juggernaut. Heck, even the Ilitch's have been stirred off their behinds.

Can you imagine Ford making their move on Corktown and the Michigan Central with the downtown that existed pre-Gilbert? And even there, Gilbert has not torn down, but has saved great portions of our architectural heritage. This has been done this without major controversy and at great risk.

DetroitYES began 25 years ago with the Fabulous Ruins of Detroit tour. For any doubters I invite you to take that Downtown Ruins Tour. https://www.detroityes.com/downtown/index.php

[stasu1213]

I do not think it is an issue with Gilbert obtaining so many properties that has people stand offish,more so and rightly so they have the memories of what happens to a city that puts most of its eggs in one basket and that basket collapses.

Its taking lessons learned and not wanting to repeat the past,it’s not a negative,it’s a positive and they are looking for more investment diversification,which is what the city should also be doing.

We all know that when somebody does that kind of investing they have a tendency to have control over the city which gives the citizens less say in the future.

If people did not care they would not say anything,positive or negative,and that would be worse.

When they announce projects,they are looking for public input and trying to pump people up,because the next question will be - how much are the taxpayers ready to put up in order to help fund this.

No opposition from anybody is what got the city in the mess of slumlords to start with.Opposition is good,it keeps people on their toes.

I like the looks of this building,it has class and character and does not even look like a hotel,more fitting of Detroit verses some box that screams hotel like the thousands of hotels across the country.Hopefully it will receive justice in the rehabilitation.

Other developers especially local one had chances of maintaining properties that they owned or newly required properties that purchased. Many had just sat one them doing very little renovations. Remember the judge that owned the Wurlitzer building on Broadway? It had taken a developer who probably an outsider to bring that building back to life.

[Richard]

Other developers especially local one had chances of maintaining properties that they owned or newly required properties that purchased. Many had just sat one them doing very little renovations. Remember the judge that owned the Wurlitzer building on Broadway? It had taken a developer who probably an outsider to bring that building back to life.

Most of those were speculators and not developers and it’s sad because the city traded a lot of history for parking lots.

But they still had to have a free rein with little accountability,and that was on the city leadership at the time.

There had to be a series of events to happen in order for Mr Gilbert to do what he is doing and it was set up for him or anybody else really,I was talking to the guy that used to run the real estate arm back then on the phone,it was right before the bankruptcy after they bought several properties and the current governor at the time had just announced that all tax credits were cancelled and no more were going to be released.

There was alot of concern about moving forward with any projects at that time and the city became the only city in the country where investors could not rely on tax credits or incentives when buying dilapidated buildings,that one decision actually opened the door for 1 investor locally to acquire property cheap because nobody else in the country was going to under those conditions.

After a majority of those properties were acquired the freeze was lifted but at that time,like that single investor said,I already have purchased all the low hanging fruit,it was after that you saw prices double on downtown properties which at that time equaled any other city investment wise without the drama of a bankruptcy and a broke city.

Savior ? I am not sure about that,on person was picked to play the role,handed 200 million in taxpayer money to go shopping and a laundry list of tax breaks and incentives where all of those rehabilitated properties will not be contributing to the tax rolls for up to 30 years.

That balance of major properties coming online and contributing to the tax base in order to lesson the load on the current residents versus long term is out of balance,outside of trickle down you have literally removed over 200 of the most valuable properties from the tax rolls and shifted the load over to the current residents.

You guys basically hired somebody to rebuild the city,it cost you 200 million down and payments over 30 years for the rehabilitation of those buildings.

Nobody really saved anything,if Kilpatrick had not been removed,if the bankruptcy had not happened,Detroit still would have existed but without those two things happening first,nothing else would have happened.

Mr Gilbert had the money to do what he is doing before even the bankruptcy,years before,and the bankruptcy would not have been necessary but he waited until that moment when the stage was set,the slate was clean then made his move as if by design.

One cannot really say he saved the city,because it was set up so only he could save the city by design,cannot say nobody else was willing to come forward because at that time it was set up so nobody else could come forward.

Not saying what he is doing is not beneficial to the city,just not sure people understand the heavy cost that is coming with all of this and all the other projects recently announced.

The only way the taxpayers are going to benefit is if lots more people move into the city in order to make up the difference,lots like 50,000 more because as it stands for every building coming online it’s another direct tax increase for current residents that own property and they can only stand so much.

The crypto guy was a billionaire,it all disappeared over night,it has happened to some of the strongest companies in the country,it all comes crashing down overnight.

Got a plan B ?

[canuck]

Sweet looking building. Well worth the effort to improve it.

[Zacha341]

Yep. Who was the owner of Roberts? What else did/ DO THEY OWN?

Many Detroiters complained about Gilbert gobbling up these buildings. What these Detroiters don’t want to admit is that when Gilbert purchase buildings he bring them back to life unlike most of these so called local developers and business persons whom had purchased buildings in the city and just sat on them for tax purposes or renovated them with flimsy materials then operate retail or businesses in these buildings that give poor services

[renf]

I wish to strongly endorse what Lowell has written about the importance
of Dan Gilbert's investments to the renewal and revitalization of downtown
Detroit. There are few, if any, older industrial cities that have seen their
downtowns and some residential neighborhoods revitalized in the manner
of Detroit's revitalization since 2014. There are several factors explaining the revitalization of Detroit and Gilbert's investments are toward the top of that list.

[stasu1213]

Most of those were speculators and not developers and it’s sad because the city traded a lot of history for parking lots.

But they still had to have a free rein with little accountability,and that was on the city leadership at the time.

There had to be a series of events to happen in order for Mr Gilbert to do what he is doing and it was set up for him or anybody else really,I was talking to the guy that used to run the real estate arm back then on the phone,it was right before the bankruptcy after they bought several properties and the current governor at the time had just announced that all tax credits were cancelled and no more were going to be released.

There was alot of concern about moving forward with any projects at that time and the city became the only city in the country where investors could not rely on tax credits or incentives when buying dilapidated buildings,that one decision actually opened the door for 1 investor locally to acquire property cheap because nobody else in the country was going to under those conditions.

After a majority of those properties were acquired the freeze was lifted but at that time,like that single investor said,I already have purchased all the low hanging fruit,it was after that you saw prices double on downtown properties which at that time equaled any other city investment wise without the drama of a bankruptcy and a broke city.

Savior ? I am not sure about that,on person was picked to play the role,handed 200 million in taxpayer money to go shopping and a laundry list of tax breaks and incentives where all of those rehabilitated properties will not be contributing to the tax rolls for up to 30 years.

That balance of major properties coming online and contributing to the tax base in order to lesson the load on the current residents versus long term is out of balance,outside of trickle down you have literally removed over 200 of the most valuable properties from the tax rolls and shifted the load over to the current residents.

You guys basically hired somebody to rebuild the city,it cost you 200 million down and payments over 30 years for the rehabilitation of those buildings.

Nobody really saved anything,if Kilpatrick had not been removed,if the bankruptcy had not happened,Detroit still would have existed but without those two things happening first,nothing else would have happened.

Mr Gilbert had the money to do what he is doing before even the bankruptcy,years before,and the bankruptcy would not have been necessary but he waited until that moment when the stage was set,the slate was clean then made his move as if by design.

One cannot really say he saved the city,because it was set up so only he could save the city by design,cannot say nobody else was willing to come forward because at that time it was set up so nobody else could come forward.

Not saying what he is doing is not beneficial to the city,just not sure people understand the heavy cost that is coming with all of this and all the other projects recently announced.

The only way the taxpayers are going to benefit is if lots more people move into the city in order to make up the difference,lots like 50,000 more because as it stands for every building coming online it’s another direct tax increase for current residents that own property and they can only stand so much.

The crypto guy was a billionaire,it all disappeared over night,it has happened to some of the strongest companies in the country,it all comes crashing down overnight.

Got a plan B ?

I knew a person who lived in an apartment building in Lafayette Park. I was told that the owner purchased the whole property in 2012 for only $5,000,000. Other investors were willing to pay more fir that property. The owner promised to revitalize to property to it's 1963 glory. The buildings still are badly need of repairs, all sorts of credits were allegedly used to dig into the earth to draw up heat and cool air for the lobby but the units themselves still have drafty windows that need to be replaced. That is one example of so called speculators or investors doing bare minimum to properties they had purchased but charging high rent