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rbdetsport

Campus Martius District Is Booming

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With all this development going on in the area, a NY firm decided to poke there heads into the mix and buy the Penobscot and the First National. The article hints of Hudson's Block and Monroe Block coming into the mix very soon.

http://www.detnews.com/2005/business/0509/18/B01-318123.htm

I don't like that they say that the city is choosing a developer for "400 homes and entertainment venues." How about 400 condos or apartments?!?!? Monroe Block is going to be developed before Hudson's Block in my eyes. We have some news that Cadillac Square is going to be developed next year like the future plan had on it including Bagley Foutain. WO HO!!!!!

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I wish the new investment firm luck. The buildings change hands every couple of years because the banks foreclose on the buildings. The Penobscot in particular is a leasing nightmare. You've got all those offices in a 1920s skyscraper will small floor plates and no dedicated parking for the building.

I was interested to read that the occupancy rate for both buildings is 65% though. In February, the Penobscot was only at 20% occupancy. I really doubt that it rose 45% in 7 months. And if it did, what buildings did these offices move from? After all, I don't see people absolutely flocking to downtown in droves right now.

As for the Campus Martius developments...I still think we'll see the Hudson Block start construction before the Monroe Block. The parking is already there, as is the foundation and the steel supports. The Monroe Block is just a surface lot - no foundation, and they haven't solved the parking issues yet either.

Don't get caught up over the word "homes." An apartment or condo is a home. I think they used the word "homes" as opposed to "condo" or "loft" because the block is still in the very early planning stages. They couldn't fit 400 single family homes on that block is they tried. Maybe if they were 10'x10' cardboard shacks....

Does anyone know the size of the Monroe Block? I've been trying to find it online, but I can't find it, and the city of Detroit's website is not cooperating.

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How tall can the buidling be on the Hudson Block? I do hope that Hudson Block does get developed first into a 4 story retail center and if the block can support it, a 20-story Tower of residential and a hotel. It would be awesome to see that. How tall was the Hudsons Building?

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15-20 stories total. Hudson's was 29 stories (410 feet tall), or about 40 feet taller than the Broderick Tower.

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Allan, I'm pretty sure that the Penobscot, since 2000, has always posted above 50% occupancy. I'm not sure where you're getting the 20% from.

As for the article, it's once again, recycled information, and doesn't indicate a "booming" Campus Martius. As Allan pointed out, the Penobscot and First National Building have changed so many hands in the past 5 years it would make your head spin. I don't know how the author spinned this into good news. It's not bad news, either, but nothing we should be getting excited about.

What is comforting is all of the updates that have been done to the buildings in recent years. It will make this smaller floor plates and such just that much more attractive. Sometimes, it takes time to build an efficiently running property.

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When I worked at Merchant's Row last year, there was a rendering of the Hudson's Block that was about 15 stories tall. From the looks of it, the first three-or-so levels were dedicated to retail, in which the back side embraced the People Mover Track. Once the structure got above that, floors 4 and up, the building comprised a hotel, and office building. It had 3 wings, just like Cadillac Place in New Center is designed.

I believe the building can stand approximately 20 stories, but I wouldn't be surprised if the downsizing syndrome of Detroit chops it down to 7-10.

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Allan, I'm pretty sure that the Penobscot, since 2000, has always posted above 50% occupancy.  I'm not sure where you're getting the 20% from.

<{POST_SNAPBACK}>

I saw the 20% article in a Free Press article that was printed in February. In fact, I found the very article when I was running a search on the subject this morning. I can't find it now, but it's posted somewhere on this forum.

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