Owner of historic Cadillac Assembly Plant eyes $27 million residential conversion

[Airforceguy]

This will be great for New Center in addition to announced Henry Ford Hospital expansion.
New owner of historic former Cadillac Assembly Plant eyes $27 million residential conversion

A Detroit-based real estate firm is attempting to turn a historic TechTown neighborhood building into new apartments in a $27 million redevelopment.
Greatwater Opportunity Capital LLC purchased the former Cadillac Assembly Plant building at 450 Amsterdam St. between Cass and Second avenues for $3.35 million in April and is proposing to convert it into 90 rental units.The company is seeking Historic District Commission approval Wednesday to remove some parts of the building that were constructed long after it was built in 1905 and not deemed historic, as well as replace windows with contemporary but historically accurate ones.

https://www.crainsdetroit.com/real-e...ed-residential

[DetroiterOnTheWestCoast]

Is there any reason to think this is likely?

[Richard]

For 27 million?

Why do all of the renderings look so blasé?

I watched a program about a small company that is working on their second project converting an old textile factory up in northern Michigan,I cannot remember where but it is across from the lake.

They do it pretty cool,units that you can buy or rent,roof top pools and hot tubs,community rooms where you can have a party or get together,most of them have their own little balconies or gardens.

Most factory conversions that you see are just cut up into industrial style apartments and that’s it.

Thats like $280,000 per unit? Probably not going to be any affordable units there being it is under the $50 million threshold for have it to add investments into the community,but they are not saying how it is structured with incentives,maybe in the full article?

The people that parked the cars in the parking lot that has no charging poles,must have been drunk,they could not stay between the white lines.

[canuck]

For 27 million?

Why do all of the renderings look so blasé?

I watched a program about a small company that is working on their second project converting an old textile factory up in northern Michigan,I cannot remember where but it is across from the lake.

They do it pretty cool,units that you can buy or rent,roof top pools and hot tubs,community rooms where you can have a party or get together,most of them have their own little balconies or gardens.

Most factory conversions that you see are just cut up into industrial style apartments and that’s it.

Thats like $280,000 per unit? Probably not going to be any affordable units there being it is under the $50 million threshold for have it to add investments into the community,but they are not saying how it is structured with incentives,maybe in the full article?

The people that parked the cars in the parking lot that has no charging poles,must have been drunk,they could not stay between the white lines.

Yeah, the rendering was probably done in Sketchup by a novice.

[Richard]

When you expand the picture,upper left hand corner there is a ghost of a building cap behind the clear building alongside the proposed one,kinda Russianesk spires or something,either somebody was bored while doing the rendering or they took a photo of an existing building and made it appear as a rendering.

The cars are not American and the poor guy riding the bike with flat tires is getting a workout.

[canuck]

Lol. Good observation, Richard.