SBXL: Fresh sets of eyes on Detroit

[rbdetsport]

http://www.crainsdetroit.com/cgi-bin/artic...articleId=28708

This is very intresting given the fact that these developers have future plans in the works for Detroit. I wonder which two sites Ferchill has put its eyes on?

[Allan]

I'm going to throw the David Whitney Building & Free Press Building out there. Those two are ripe for rehab, particularly the Whitney. The Metropolitan seems like it could be another logical choice for them.

[rbdetsport]

The Metropolitan seems like it could be another logical choice for them.

Is there anything going on with the Metropolitan or did the plans fall though?

[Allan]

The Metropolitan is not under any sort of contract for renovation at this time. There was an article about the rehab by Larsen Realty Group a few years ago, but the article was premature. I don't believe they are in the picture at all anymore.

[hudkina]

I'd like to see more of the smaller buildings like the Metropolitan get renovated. People can forgive some of the larger empty buildings (Whitney, Fort-Shelby, etc.), but seeing row after row of abandoned storefront is what gives people a bad impression of the city.

[Mojo]

I can't wait to see what developments / rehabilitation projects come from all this. Whenever I bring out of towners to tour the D they always get excited by the potential the city has, and weirded out that people aren't capitalizing on it.

[RustTown]

I suspect that the Free Press Building (one of my favorites) will come to life after the waters are tested with the Lafayette nearby.

Is it just me, or does anyone else think Larson should try some smaller projects? It seems like they almost always bite off more than they can chew.

[hudkina]

Does the Free Press Building need any major work?

[RustTown]

Besides having the convert it to residential use, I'm pretty sure that it's in good shape. Farbman has been trying to sell it, so at least it's on the market which would point to it being in good condition.

[Zissou]

Id love to see the Ferchill group do the Metropolitan and maybe go over to Broadway and fix the Wurlitzer and some of the others along that stretch. If I ever win the lottery I will definitely plunk down a lot of money on Broadway. That stretch of road has so much potential.

[RustTown]

I'm surprised the Wurlitzer has held out for so long. The very thin size of the building makes it perfect for a one-unit-per floor residential reuse like what is going on at the Vinton.

[detroitfan]

You can thank the Wurlizter's speculating owner for that Paul Curtis who trying to sell the building $2,000,000 about twice what it is worth.

[Zissou]

He could make a ton of money doing the renovation himself. Its such a great building in what is becoming an emerging district.

[RustTown]

You can thank the Wurlizter's speculating owner for that Paul Curtis who trying to sell the building $2,000,000 about twice what it is worth.

Is he another one of those older "I'm so angry at what Detroit has become that I don't care anymore" kind of developers? Because, I've heard of at least one older downtown property owner that holds this view. Or, is he simply one of the more common greedy owners looking for someone to be dupped into paying exorbitant amounts to purchase the building?

[HolidayInnExpress]

I long believed that the decline of Detroit was mostly due to the self fulfilling prophesies of area residents and businesses, more so than structural economic conditions that warranted it. The articles note of the perceptions of developers from out of town, concerning the attitude of the area, is on point. I would disagree, though, with the perception that Detroiters as self deprecating. It may look like that way from the outside in, but reality is that components of the whole (metro area) deprecated one component of the whole, Detroit.

I can guarantee you that there are many people in Michigan who wish the worst for Detroit and who are made uncomfortable by the positive developments in Detroit. If they say one good thing about Detroit, it will be followed with a

[Mojo]

I can guarantee you that there are many people in Michigan who wish the worst for Detroit and who are made uncomfortable by the positive developments in Detroit. If they say one good thing about Detroit, it will be followed with a

[Zissou]

Any other details about this building the speaker was referring to?

[Mojo]

Any other details about this building the speaker was referring to?

None at all, I'm not sure if he was speculating or if he had some inside info.

[detroitfan]

Is he another one of those older "I'm so angry at what Detroit has become that I don't care anymore" kind of developers? Because, I've heard of at least one older downtown property owner that holds this view. Or, is he simply one of the more common greedy owners looking for someone to be dupped into paying exorbitant amounts to purchase the building?

Just greedy I'm sure it doesn't help that his wife is a Circuit Court judge.

Paul Curtis, a Detroit lawyer who owns the Wurlitzer Building, kept promising to redevelop the property, even as inspectors warned that it was a danger. ...

City records show Curtis paid $211,021 for the Wurlitzer in 1995, and a real estate broker says he wants $2 million. He owes $46,835 in delinquent taxes for 2002.

http://64.233.179.104/search?q=cache:pVcpm...16_20040216.htm