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Book-Cadillac renovation deal nearly complete

detroitfan

By detroitfan
in Detroit

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Zissou Burg

Zissou

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It costs a lot to live downtown? I heard it wouldn't be all that pricey because demand for it isn't that high.

I was reading on another website where they were discussing this very issue and they came to the conclusion that someone making 30,000 a year could live downtown but not the most comfortable lifestyle. Thats why I think its gonna be tough for Allan since he has a huge architecture work load already, unless he has some sort of connection.

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Allan Metropolis

Allan

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Downtown lofts start at around $600. There are deals out there, though. I was looking with one potential roommate, but in the last couple days some things have changed.

I think my friends and I have decided to go in on a house. My friend is looking to buy, and between the four of us, we've got it all worked out so that it would be dirt cheap to live in a nice neighborhood. 10 minutes to LTU, 10 minutes to downtown...can't really beat that.

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Jin Kim Whistle-Stop

Jin Kim

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There are place in downtown that does start at around $600. But it came to me as a surprise when I started to pay attention a few years back that downtown Detroit costs just as much as downtown Ann Arbor when comparing apples to apples (e.g. size, quality of materials, quality of construction, amenities, etc.)

Not that there's anything wrong with that. It's just that like ZachariahDaMan, I would have thought relatively lower demand would be in favor of the renter/buyer. However, it turns out supply is more constrained than demand.

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Marcel Unincorporated Area

Marcel

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There are place in downtown that does start at around $600. But it came to me as a surprise when I started to pay attention a few years back that downtown Detroit costs just as much as downtown Ann Arbor when comparing apples to apples (e.g. size, quality of materials, quality of construction, amenities, etc.)

Not that there's anything wrong with that. It's just that like ZachariahDaMan, I would have thought relatively lower demand would be in favor of the renter/buyer. However, it turns out supply is more constrained than demand.

$600 is very reasonable. i was told that they started off no less than $1,200 a month

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Jin Kim Whistle-Stop

Jin Kim

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$600 is very reasonable. i was told that they started off no less than $1,200 a month

I should make it clear that most places, the places that's been discussed on this forum like the Merchant's Row, are easily into $1000 and above for one bed room apartments (think ~$1 per square foot per month and you're going to be relatively safe). If you're talking condos, you're easily looking at the same price or more as the pricey loft style condos in Royal Oak and Ann Arbor. That's not considering, paid parking, increase in insurance, increase in taxes, etc.

That was the point I was trying to make, though not clearly. While there are places for less, you're not looking at bargains by moving into downtown Detroit. If anything you're going to be paying the same price as some of the most expensive parts of the metro area.

As I've mentioned in other thread, I would not be seriously considered moving into downtown if it were not for the fact that I'm single and work in downtown. Even then, I don't think my coworkers are completely off base when they tell me I should move to Royal Oak or Ferndale instead. I should also note that the down sides of living downtown is decreasing steadily and hopefully it won't be long before decision to move downtown will be a no brainer decision, particularly for those working in downtown.

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Allan Metropolis

Allan

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It really depends on what you are looking for. If you want more of a traditional artist's loft, you can get it for $600. There are deals downtown, you just have to know where to look. ;)

For Kales you're looking at $750-$1500, and for LoMR you're looking at $1000+.

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Allan Metropolis

Allan

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Allen, you and I must have a different definition for "traditional artist's loft" b/c I don't think such things exists in downtown. Or do you mean outside of downtown?
I'm talking exposed brick walls, gigantic open spaces (no walls), wood floors, exposed heating. I can think of such places in Greektown, Harmonie Park, and Capitol Park. These are buildings off the beaten path...buildings most people don't think of. Some of the buildings actually look abandoned...but they aren't.

My friend had a loft in Capitol Park for $450/mo. I almost got a loft in Capitol Park for $600 - it was more because it was on the top floor and it was more finished off - it had a nice kitchen & bath.

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Jin Kim Whistle-Stop

Jin Kim

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My friend had a loft in Capitol Park for $450/mo. I almost got a loft in Capitol Park for $600 - it was more because it was on the top floor and it was more finished off - it had a nice kitchen & bath.

Okay, considering I work basically a block away from Capitol Park, if there is such loft for rent there then I'm VERY interested.

Which buildings are you talking about? There are few buildings that looks to be in process of being renovated (along Grand River for example) but they don't look to be renters ready, yet.

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Allan Metropolis

Allan

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1215 Griswold. The building is raw loft-style space. My friend had half of a floor. They had a blank slate to work with. They did some things, like refinishing the original floors, which were almost black from years of use. There was a loft for rent on the top floor the last time I heard. It's probably taken now, but it's worth a shot.

The Capitol Park Building has lofts...actually there was a recording studio there at one point (White Recording Studio - 5th floor, if I remember correctly). The building seemingly does not have hot water, but there are people living and working in the building. There was an article in the paper last year that made the building sound like a total craphole, but it is not. It is old and has slid by with minimal maintenance. I just recommend not taking the elevator...that thing is tricky to use (it is one of those old manual elevators).

35 W. Grand River has lofts, but I have never been in there.

There are a couple buildings near Greektown that are lofts too. Word about these places are often spread by word of mouth only. Craig's list might help too, though.

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ZachariahDaMan Burg

ZachariahDaMan

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The following is in the Detroit Free Press today:

DEVELOPMENT

Book-Cadillac deal appears near

When is done deal really done? In the case of Detroit's long-vacant Book-Cadillac Hotel, caution is always advised. Real estate circles have been buzzing for weeks that a much-awaited renovation deal is almost ready to be announced for Ferchill Group of Cleveland to renovate the downtown hotel and operate it as a Westin.

But no closing date has been set, and as of this week lawyers were working out the complex financing. Of course, a previous deal with Kimberly-Clark Corp. to renovate the Book-Cadillac was announced with great hoopla a coulpe of years ago and promptly fell apart. Will this deal fare better, if and when it's done? We'll see.

There is also a nice picture of the Book-Cadillac on the front of the Business section if you want to see it.

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Guest Lmich

Guest Lmich

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But, that is a news blurb; it is not an entire news article. It's equivalent (in size and purpose, IMO), to simply posting the first paragraph, or so, of an article and has no specific listed author.

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RustTown City

RustTown

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Yeah, there is far too much already behind this project for it just to fall apart, totally, again. The building is no completely cleaned and gutted, and there is both intense private and public interest in seeing this go through. It may not go off exactly as planned (what projects do in any city?), but the downtown Detroit of even this year is different than the downtown Detroit of 2 years ago. And that, of course, is in a good way.

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Jin Kim Whistle-Stop

Jin Kim

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From what I've been able to peek inside from time to time, it looks like a complete gut job to the bare bones. There are large sections of the lower floors that seemed to have been stripped to the i-beams.

So while I do not know what the original interior was like, I doubt they mean to preserve much, if any, of the original interior.

That is not to say that they won't rebuild to match the original interior, I guess, though.

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