Quote Originally Posted by SammyS View Post
I thought I read that Gilberts purchase off the Chinese was a little hostile due to the owners sitting in it too long. Not critizing, just wish we had more conditions layed down to prevent land banking. Penobscot now comes to mind.
During the Chinese tenure the building had severe flooding issues, the city got concerned and upset due to an absentee landlord... and they may have done some arm twisting to get them to sell it to Gilbert.

I agree that having too many eggs in one basket is a note for concern... absolutely.

However... who else was going to step up to the plate and spend a big wad of cash to restore the Stott [[won't be cheap)... and especially the Book Building/Tower... not a lot of developers with $300 million to spend on the Book alone come snooping around to buy Detroit real estate.

I look at the trade off of how many additional years will the buildings be empty and unheated. Even the Toronto owner of the Penobscot complex is doing as little as he can maintenance wise, and I would rather have Gilbert buy that as well.

If something should happen to Gilbert [[financially or otherwise).... at least if there has to be a fire sale of his buildings.... they will be in tip top condition... and not rusting hulks.