Quote Originally Posted by Honky Tonk View Post
First of all, no one wants to "lift Detroit out of it's grave". Developers are investing in the City because of generous subsidies and tax incentives, and because they're taking a chance that they can turn a fast buck on their investment. Residents are moving in because it's currently the IN thing to do. If they really wanted to "lift Detroit out of it's grave", they would claim residency and start ponying up City taxes.
Every dollar [[multi-millions in this case) that pours into the city is likely to have a more positive outcome over dereliction, abandonment or lack of maintenance. The motivation of investors is inconsequential. So what if they're motivated by money and profits. The fact that these investors are considering Detroit should be celebrated and encouraged rather than looked upon with suspicion. If it means the city offers concessions and teasers, why not? Government offers every home owner with an incentive through homesteading and mortgage interest tax relieve but no one complains about that. NEZ has lured more otherwise non residents in. That's a success, no?
Besides all that, if this building remains rent only like Kales, David Whitney or The Albert, then the investment is long term, not a quick flip.