15 replies to this topic

[detroitjohn]

Im a newbie to this forum so I will start off by introducing myself.My name is John ,I am a Detroit resident,Im 22 years old and I am very interested in urban development. As we all no that because of the state of our current BUSH economy alot of projects are on hold or have been scrapped.Does anyone have information on some of these projects or others that I may have forgot!Oh yeah whats up Nat! YDB

Book Cadillac-moving forward
Pick-Fort Shelby-moving forward
@twater-cancelled
Globe Trading Lofts-?
Detroit Elevator Lofts-?
The Griswold-cancelled
Quicken Loans-moving forward
Cadillac Centre-?
1001 Woodward-?
Chene East-?

some pics of the Book,Pick-Fort, and others
Detroit Development

Edited by detroitjohn, 02 October 2008 - 07:44 PM.

[Lmichigan]

I've heard at DetroitYes that Cadillac Centre is more likely than not a dead project.  And, last I remember, after the condo project failed in 1001 there wasn't ever any proposal after that save for upgrading the building's systems for possible reuse as an office building, but never any new proposal.

[wolverine]

Griswold is technically on hold since it was a separate component of the parking structure.

Globe Trading lofts is still a go I believe.

Chene East is still a go.

[Lmichigan]

I don't get why some continue to call The Griswold as "on hold", when it is effectively dead.  Things aren't going to get better for real estate for at least another two years, and are, in fact, to get worse.  Just because the developer may still have the desire to develop a thing doesn't make a project 'on hold.'  For all intents and purposes, the project (as we know it, and as it was proposed) is effectively dead.  I don't get why people have a hard time saying that.

Just so you know, Wolv, this wasn't directly solely or even mostly at you, but towards this idea that projects that don't get off the ground in time, in Detroit, especially, have a more-likely-than-not chane of getting built.  That just hasn't ever been the case in post-war Detroit.

Edited by Lmichigan, 05 October 2008 - 07:15 PM.

[tapezord]

my guess is that people probably figure that since the garage was designed to have the residential, it would be easy to get the residential restarted once the market rebounds.  Thats probably wishful thinking as its never quite that easy.

I suppose that I wouldn't rule this one out though given the drastic change in this area.  Capitol Park has incredible potential and I think we're already starting to see signs of change around the park with a few new bars opening and of course the book cadillac.  Whether that translates to residential spinoff, I don't think anyone can be sure... especially in this "market."

[Allan]

The Griswold has been canceled.  The city is in negotiations with developers to develop office space on top of the structure.

Developers have their eyes on Capitol Park.  Unfortunately, both proposals for redevelopment that I'm aware of are on hold because of the poor housing market.  I do not expect to see much outside of written proposals for either project until things pick up again.  The city is going to start aggressively cleaning up Capitol Park once the bus terminal moves out of there.  It should be a nice change.



I've also heard that the developers of the Fort Shelby have been trying to get the Book Tower, but the BT owners won't sell for a reasonable price.  I can't say I'm surprised, unfortunately.  I have a bad feeling about the owners of the Book.  I'm convinced that they intend to sit on the building and let it decay, since nobody wants to offer them what they're asking for it.

Broderick Tower is aggressively pursuing financing.  The project got held up when the primary lender bailed, and then got held up again as the economy and housing market totally fell apart.  They are back to rental units, again, with the intent to turn the building into condos in 5 years.  It is my understanding that they are ready to start as soon as the new primary lender signs onto the project.  The project is out for bids right now (for about the 5th or 6th time).

[Lmichigan]

Allan,

Speaking of the Book Tower, can you help me understand it's current status?  It got kind of confusing.  So, Susan sold it off to the Pagan Organization, who turned out to be a wannabe-development firm.  Pagan apparently defaulted on the loan given to it by KSI Capital.  Last I heard Pagan was trying to say that Susan still owned the building so she'd have to pay the loan.  KSI Capital isn't a development firm, so I don't suspect anything from them.

Is any of what I heard, true?  Who exactly owns this building, today?

[detroitjohn]

I guess today will determine whether Cadillac Centre is officially dead!I just dont understand why the developers and the DEGC wont just put it on hold.Also today is the dealine for the Tigerstadium conservacy to pay the city $219,000 to hault demolition.Anyone heard anything?Going to get a good night shot of Book cadillac!

[tapezord]

Great insight as always, Allan.

[Allan]

Lmichigan, on Oct 6 2008, 02:08 AM, said:

Allan,

Speaking of the Book Tower, can you help me understand it's current status?  It got kind of confusing.  So, Susan sold it off to the Pagan Organization, who turned out to be a wannabe-development firm.  Pagan apparently defaulted on the loan given to it by KSI Capital.  Last I heard Pagan was trying to say that Susan still owned the building so she'd have to pay the loan.  KSI Capital isn't a development firm, so I don't suspect anything from them.

Is any of what I heard, true?  Who exactly owns this building, today?

I don't know enough to really clarify that whole scenario.  That whole scenario is a huge legal mess.  Susan does not have any stake in the building anymore, and as far as I know, the Pagan organization is still the owner.  Pagan did default on the loan; it is unclear whether they were able to work something out with KSI or not regarding their ownership.

[Lmichigan]

So, I shoot off an email to KSI Capital a few days ago and to my surprise they write back.  They say that they don't own the building, anymore, but don't say who does.

[Allan]

Ownership of the Book is foggy.  The best I can come up with is Book Tower II Development Company, LLC.  The owners are apparently out of state owners, and they purchased the building sometime earlier this year (around March).  

Beyond that, I don't know what to tell you.

[wolverine]

One of the buildings included in the Broderick Tower redevelopment collapsed and is entirely destroyed.  Saw it the other day going down Woodward.

[Allan]

I can't say I'm really surprised that the building collapsed.  What does surprise me is that it collapsed before the Fine Arts Building!

That Church's Chicken building was in BAD shape.  Its roof was damaged from people throwing stuff off the roof of the Broderick.  Not to mention that the roof leaked long before anyone ever started throwing stuff down onto the building.  The back of the building where the kitchen used to be was the worst.  The floor had several holes, and the whole thing was spongy under foot.  A couple of feet of water in the basement wasn't unheard of either.

[mn_body_detroit_hrt]

Just thought I would share....check it out.

www.brodericktower.com

[Lmichigan]

I guess I'm glad that they finally decided to update it. lol