21 replies to this topic

[Ka3kab]

I just saw an article on WJRT.com, you can see it here, about Genesee Towers.  Basically, the city is saying the building is a health hazard now and have closed lanes closest to the building including three lanes on Harrison St and all lanes on 1st St from Harrison to the alley behind the building.

What is the deal with this place?  Any local insider info to share.

[dtown]

At this point, i wouldnt even be dissapointed if they just level the damn thing. It may be one of our only 2 tall buildings, but its a POS and a safety hazard. Doze it and put some shorter infill there.

Maybe this is a case where the city could use eminant domain.

Edited by dtown, 10 November 2007 - 03:05 PM.

[pachucoboy]

Value of Genesee Towers set at $6 million


By Cathy Shafran FLINT (WJRT) -- (12/07/07)--

A multimillion dollar price tag has now been attached to a downtown Flint building the city wants condemned.
The question now is, will the city still want to move on the Genesee Towers given a value that's  now pegged at $6 million?
No one on either side of this issue is talking publicly about this issue.
We found out about this through the Freedom of Information Act.  The value of the building was set in binding arbitration.
It was a year ago when we reported that attorneys for the building owner, Vijayakumar Vemulapalli, and lawyers for the city had agreed that the city could acquire the building for condemnation through eminent domain.
The only question at the time was the building's worth?  What was the fair market price  the city must pay to acquire the building?
Originally, the value question was scheduled to be decided by a jury trial. But  the two sides subsequently agreed to turn the decision over to a binding arbitrator.
That decision is what we've acquired through the Freedom of Information Act.
The final page of the document indicates that if the city intends to move forward and acquire the building, it would have to pay the owner nearly $5 million for the building, more than a $1 million for a third of the attorney fees and $34,000 to reimburse the expert witness costs.
That comes to  a total of $6 million that the city would have to pay for a building that was bought in 1977 by Kumar for $500,000.
A number of questions remain: Can the city appeal the arbitration ruling,  is it possible to work out any other deals, and if nothing changes, does the city have $6 million to buy a building that it wants to condemn and tear down?
According to ABC12's Cathy Shafran, it will be over a week

[ScheuerJD]

$6 million for that?

And why the hell is it called Genesee "Towers," there's only one, thank god.

[wolverine]

^  Yeah, I was thought about "towers."  Never knew why they named it that.

[Lmichigan]

"Towers" is a generic building name that is widely used all around the country to refer to just one structure.  It's more common in residential buildings names, though.

I really don't know about the price.  I know the building is in very rough condition, but I have nothing to compare it to.

[pachucoboy]

the date for purchase is wrong he bought it in 1997 for 500,000. Now the price is more than ten times? Idk I don't get it...

[ScheuerJD]

I think the property it sits on is worth more without the building on it. I seriously doubt anybody in their right mind would pay $6 million on the open market for that thing. The exterior is falling off, is probably a giant rat colony now and enough asbestos to give all of Flint cancer.

[pachucoboy]

Oh defenitely worth more than the structure. I always had this dream that the main parking lot, the genesee toweres site and the capitol theatre could become like a entertainment district with a name like "Capitol Hills" or something

[Lmichigan]

Still, it will suck to lose your city's tallest building, no matter how crumby and dangerous it may be.

[EastCourtStreet]

Lmichigan, on Dec 9 2007, 03:15 PM, said:

"Towers" is a generic building name that is widely used all around the country to refer to just one structure. It's more common in residential buildings names, though.

I really don't know about the price. I know the building is in very rough condition, but I have nothing to compare it to.

The price is BS and if the city pays that we truly are retarded.

The "Towers" refers to the fact that it is two towers stacked on top of each other.  A parking deck tower and an office tower.  Or at least that is how it was described to me.

[wolverine]

Lmichigan, on Dec 13 2007, 04:53 PM, said:

Still, it will suck to lose your city's tallest building, no matter how crumby and dangerous it may be.

I'd like to see it replaced with a more appealing tower with parking at the bottom and office/residential on top.

[Jim856796]

I would like to see the Genesee Tower replaced with a taller building that is about 80-90 metres high.

[Ka3kab]

Now that is wishful thinking.

[wolverine]

I can't imagine how any business would want to move into that building even if it is rendered structurally sound and some decent renovations were done on the interior.  It has a stark, cold appearance.  I'm curious as to what the demands are for class A office space are in downtown Flint.  If another office building were to be built with the same or else higher square footage, would it successfully lease all it's space?

Edited by wolverine, 06 January 2008 - 02:00 AM.

[VeeFan]

It could lease some of the space I think, but not all of it.  Demand for office space downtown has grown in the last few years but it's nowhere close to being able to lease all the space if another building were constructed there.

[Lmichigan]

A new tower would definitely be in a better position to be filled than even a renovated Genesee Tower.  It's doubtful that it's worth it but what we know is that Genesee Towers, as Wolv just showed above, is not an attractive office building in any regard besides the onsite parking.

[ZachariahDaMan]

The city should soon be the owner of the Genessee Towers.  Maybe something will finally be done with it?

http://www.mlive.com..._judge_ord.html

[Lmichigan]

Looks like things are finally starting to wind down.  It's unfortunate that the cost of litigation is going to end up costing the city many more times the values and price of the actual purchase of the tower, but at least it's going to get brought down.

[Lmichigan]

Looks like Don wants the thing down.  And, knowing Don, don't be surprised if you wake up one day and see him manning a wrecking ball, himself. lol

Flint Mayor Don Williamson says Genesee Towers Headed for Demolition; What Will Go on the Downtown Site?

Edited by Lmichigan, 31 October 2008 - 11:35 PM.