New life for the Book

[Lorax]

seems rather different from



As you know, $1200 would be less than $3/ft. $2500 would be $5/ft. Both of those are a lot less than $10/ft. I guess I'm a bit confused as to what you actually think people should be charging for this space vs. what they are actually asking.

Less than 10 bucks psf was the idea, and quite a bit below that would be even better, and is available, as I mentioned even in downtown Birmingham.

Wasn't intending to get into the weeds on this discussion- I have looked at various spaces, some ground floor, and in a completely different scenario, looked at above ground floor spaces as loft living spaces for a friend/employee who may end up managing my store.

Regardless, they are all overpriced if they are still vacant, especially if the landlords are actively seeking tenants.

Detroit Dad and Mom are so right when it comes to loft conversions. To my way of thinking, loft living is 3-5 thousand square feet, raw, with plumbing, 16 foot windows, and an anitquated freight elevator with wooden slatted pull-down. And this should be available in Detroit's old industrial spaces for 5 bucks a square foot, since heating it would be a challenge, assuming the utilities are paid by the tenant. Some of these buildings in other northern cities the utilities are included.

We had looked at lower Woodward, but with businesses closing, such as Borders, and high vacancy rates, we are at the point in that area where landlords need to get creative if they are to attract tenants. I am willing to pay for a build-out as well, new bathrooms, handicap accessible, etc.

If it's already in place, all the better, it just depends on the space itself, and a willing participant in a landlord.

Would love something in the newly restored Book Tower if that indeed happens, and as I mentioned above, have looked into the Fisher Building, which would be a good choice for us.

[DetroitDad]

That seems like it would be tough to heat and cool, or is that included?




Are they still doing that? It was never the same after Hudson's left and I don't think I ever went after they did. I figured it would just die out.

Heating and cooling is included, but everything except electricity is included at the others. I think I forgot to mention, those other buildings go for $700-$1,200 for a two bedroom. I really don't know who is renting there, but it seemed way over priced even to me.

[SaintMe]

Just noticed that the part of the roof that was missing is now covered with . . . something.

Oh, and it's green.

Detroit rises.

[d.mcc]

Why can't a skyscraper be green???

[RickBeall]

I checked out BuildingsOfDetroit's pictures of the exterior stone detail on the Book. It looks like its all going to need to be recalked in a couple years. Wow! You could keep a crew going year round just calking. Maybe we should get volunteers, like they did with the Train Station.

[EastSider]

I checked out BuildingsOfDetroit's pictures of the exterior stone detail on the Book. It looks like its all going to need to be recalked in a couple years. Wow! You could keep a crew going year round just calking. Maybe we should get volunteers, like they did with the Train Station.

I think they refer to it as tuck pointing.

[buildingsofdetroit]

I checked out BuildingsOfDetroit's pictures of the exterior stone detail on the Book. It looks like its all going to need to be recalked in a couple years. Wow! You could keep a crew going year round just calking. Maybe we should get volunteers, like they did with the Train Station.

Time to bust out the frosting bags to redecorate Kamper's cake.

[WALD0123]

I've read through these threads and I apologize if I missed it but who are these guys? Does anyone have a website? Who are the principals? What is their experience? You don't come from nowhere to do $320 million projects in the worst economy in decades in the city of Detroit. And if you are coming from nowhere and don't have the experience or financing, you have no chance.

[dcmorrison12]

Article about the Book bldg/ Tower renovation in Model D Media

http://modeldmedia.com/devnews/book110309.aspx


"The Key Investment Group, comprised of developers that have worked on Campus Martius, Compuware and the Ford Rouge Plant, has announced the first of its six planned mixed-use developments in the city of Detroit -- the renovation of the Book Building and Tower on Washington Blvd. in Downtown"

"The team hopes to close on the purchase of the buildings in November and begin construction in June 2010, says chief financial officer RoseMarie Dobek. There will be 260 rental residences, a common residential area and three floors of retail that will be accessible by the Rosa Parks Transit Center and the Detroit People Mover Times Square Station. The entire project will be built with strict attention to sustainability -- think living roof, energy-efficient windows and geothermal heating and cooling -- with LEED Gold being the development's goal."






"Key Investment's other five projects are still confidential. Dobek says they will be announced in December along with details of the plans financing, although she says "no city funds, no pension funds, no HUD and no gap" monies are being utilized. There will be four more developments downtown and one on the east side; one will be a LEED- and Green Seal-certified hotel. In total, Key will be investing $320 million into Detroit in the next 3-1/2 years and be bringing 970 new residences online."


Sounds solid

[crawford]

Six developments downtown, and not a penny from the public! Why not 60?

There has never been a major downtown development in decades absent public dollars. But this unknown outfit is planning six! And in a great economy with strong demand and liquid credit markets!

But don't worry, it's reported in Model D, so it's definitely happening...

[davewindsor]

"Key Investment's other five projects are still confidential. Dobek says they will be announced in December along with details of the plans financing, although she says "no city funds, no pension funds, no HUD and no gap" monies are being utilized. There will be four more developments downtown and one on the east side; one will be a LEED- and Green Seal-certified hotel. In total, Key will be investing $320 million into Detroit in the next 3-1/2 years and be bringing 970 new residences online."


Sounds solid

So, let's get this strait. They're gonna invest $320 million into Detroit to bring 970 new residences. That means they've got to make $330,000 per condo just to break even. Yeah, that seems realistic. I'd like to know who their lenders are because I'd love to borrow money from them.

[j to the jeremy]

Well they're also going to charge rent to businesses in their buildings, supposedly.

[kathy2trips]

The Book Building is one of the last...maybe THE last Italianate skyscraper in the US. I'm thrilled it's being saved for future generations, no matter of the configuration. It's welcome good news in a week full of bad news~

[royce]

Bad week? Was there something that I missed?

[Lowell]

DaveWindsor, I think you need to factor in other uses for that space such as retail in your math. I.e. it doesn't just all go for condo development.

[mwilbert]

I am skeptical of the whole thing, but the Model D article didn't say Key wouldn't take any public money; it listed a few kinds of public money they were not using--that isn't the same thing. In particular, I am sure there are many historic rehabilitation tax credits that will be used.

[buildingsofdetroit]

Dan Duggan of Crain's Detroit has a great blog looking at this mysterious deal:

http://tinyurl.com/y9hvoao

[Detroit500]

This is a very weird situation, and I wish we heard more news updating this, and where were those other 6 projects that were to be announced in December?

[DetroitZack]

The Book Building is one of the last...maybe THE last Italianate skyscraper in the US. I'm thrilled it's being saved for future generations, no matter of the configuration. It's welcome good news in a week full of bad news~

Actually the Royal Palm Hotel and Lafayette Building are both Italian Renaissnace style of architecture as well. But needless to say, the Book Building is a one of a kind.

[Lorax]

I've noticed eerie silence from this Key Investment Group. The dates for future announcements have come and gone. Let's hope for the best.

[Detroit500]

My guess is they're trying to get Ferchill to jack up his price.

[Motown Madman]

According to Buildingsofdetroit.com the group that bought it will restore the tower to look like, well...what it did in the good ol' days. They plan to put in the copper roof it used to have. They also want to clean the facade, something that hasn't been done in years, because apparently the book used to be white, but I guess all the smoke from cars dirtied it up.

[esp1986]

According to Buildingsofdetroit.com the group that bought it will restore the tower to look like, well...what it did in the good ol' days. They plan to put in the copper roof it used to have. They also want to clean the facade, something that hasn't been done in years, because apparently the book used to be white, but I guess all the smoke from cars dirtied it up.

Well, unfortunately, there was supposed to be an announcement regarding this project sometime in December, but we are still waiting...

It has always had a copper roof though, it has just been oxidized to green... They just planned to replace the copper roof, much like they did with the three copper towers on top of the Book-Cadillac.

I don't want to be pessimistic, and I am hopeful this project will come through, but each passing day makes the possibility of this less likely... it was a great idea, but like a lot of projects downtown in recent memory, it probably won't come to fruition.

[buildingsofdetroit]

My guess is they're trying to get Ferchill to jack up his price.

That, my dear friend, is a very good guess. I don't know any inside news, but the fact that the DEGC wasn't at the news conference announcing the project doesn't exactly instill confidence.

[Motown Madman]

Well, unfortunately, there was supposed to be an announcement regarding this project sometime in December, but we are still waiting...

It has always had a copper roof though, it has just been oxidized to green... They just planned to replace the copper roof, much like they did with the three copper towers on top of the Book-Cadillac.

I don't want to be pessimistic, and I am hopeful this project will come through, but each passing day makes the possibility of this less likely... it was a great idea, but like a lot of projects downtown in recent memory, it probably won't come to fruition.

There was an announcement saying they were going through with it. It's going to be just another apartment building. And yes, I knew the copper was oxidised, I guess I was too lazy to type that in. The same thing happened to the Statue of Liberty, I know.