Lafayette Building Slated for Renovation

[RustTown]

I'm just speculating above, but I feel even if it wasn't used by the feds that the city would probably still want the location at the Commerce Building.

[rbdetsport]

http://www.globest.com/news/441_441/detroit/141427-1.html

Some more news..... $400 per sq. foot. That is alot of money. As much as each unit will be, it looks like they are trying to get as much profit as they can out of this. They will make a $10 million profit with 125 units and each selling for $400,000. The price tag of this renovation will be $40 million. All in all this is good news for the area. It sounds as if we will have the biggest renovations in the city at the time in the same area. The Book Cadillac and the Lafayette Building.

[statedude3]

Do you think people will pay that much to live in the corner of downtown that is still working to rediscover itself. I'm not saying the project will not be sucessful, but it seems significantly overpriced considering the current state of the neighborhood at THIS time. Thogh I could see this being reasonable when businesses get back online along Washinton, and the BC project is completed.

Damn, I just talked in a big circle.

[hudkina]

The Lafayette is basically right next door to Campus Martius Park, Compuware, the Financial District, and any new retail along Merchants Row. It's also next to the Washington Blvd. area. It's also only two blocks from the Michigan Ave. people mover station and in turn only two blocks from a lot of downtown. In any other city $400,000 would be a steal.

[RustTown]

I was thinking the same thing, but aren't the 600 Woodward single-floor lofts going for A LOT of money? This may be a precursor of truly high-end/luxury residential setting up downtown.

[Jin Kim]

In any other city $400,000 would be a steal.

But that's the point. It's not any other city.

BTW, being 2 blocks away from a people mover station is no perk. Seriously, Lafayette building is about 2 blocks away from about 6 people mover stations.

[statedude3]

based on the size of downtown, just about any building is about 2 blocks from a DPM station

[hudkina]

Which isn't really a bad thing, especially if you can start building up the downtown population. While it isn't that far of a walk from your apartment in the Lafayette Building to your job in the Ren Cen, it's just that much easier to get their via the people mover. Besides, who wants to walk 1/4 mile in snow or rain.

[statedude3]

I've never had a problem with tDPM, I've always thought it was a great resource for the thriving downtown that we are all craving. It's just mind boggling to think how awesome it would be if it was connected to other parts of the city.

[rbdetsport]

Is there any news on this renovation? With the BC Renovation happening already and the new parking garage that is set to go on the site of the DCB, I am suprised this renovation hasn't seen any movement. Or has there been movement and I just don't know about it?