Jump to content

Detroit Clears way for Redevelopment of Book-Cadillac & Fort-Shelby Hotels


Allan

Recommended Posts


  • Replies 408
  • Created
  • Last Reply

I hope that all of the new rooms being constructed in the next few years won't oversaturate the market. Hopefully the casinos and the improvements around downtown will help drive in more convention traffic.

if you recall the article analizying the hotel market, they indicated that the way hotels work is that more hotel rooms available increase occupancy, not oversaturate them because more available hotel space encourages more conventions, etc.

Link to comment
Share on other sites

  • 4 weeks later...

Any news on the Fort Shelby? I just got back from Detroit. This morning, I walked over to the Fort Shelby and the Book-Cadillac Hotels. Work is very obviously going on at the BC, but the Fort Shelby looks much as it did several years ago. I hope the new developer is serious about the project. Why are there still "For Sale" signs on the Fort Shelby?

Link to comment
Share on other sites

When I read that all doubts that this would work just melted away, for me. I was remaining a skeptic, but it's kind of hard not to with million dollar penthouses being sold sight unseen. If they've already sold those, than the rest of the regular condos should sell without a hitch.

Link to comment
Share on other sites

Its interesting that the article states the majority of the units left are in the $300-$450k range, just a bit up from where they start at 280k. It looks like they had no problem selling all of the more high end units, even the record Detroit condo of $1.5M.

I think that's pretty cool that they had that much sucess selling the units that quick. I wonder if they do sell out if they'll add more condos to the plan?

Link to comment
Share on other sites

No, I wouldn't imagine that they would. The condos are a topping, the real bread-and-butter is made off of the hotel. They'd add more hotel rooms before they'd think about adding more condos, I'd think unless I have this all completely backwards.

This is a HUGE deal for the market, though. I was really skeptical about the luxury/up-scale condo market, but this erases almost all doubt for me that these type of projects can work. I really hope this means we may be seeing new construction condo towers in downtown sooner rather than later.

Link to comment
Share on other sites

To think that 40 units have been sold, 2 years out from occupancy says a lot about the demand, in my opinion.

Book Cadillac Condos, Crosswinds Garden Lofts, MidMed, Ellington and others all show that demand is strong enough that people will purchase homes without having ever set foot inside the building. I think this speaks well to the potential success of the east riverfront projects.

Link to comment
Share on other sites

This is a HUGE deal for the market, though. I was really skeptical about the luxury/up-scale condo market, but this erases almost all doubt for me that these type of projects can work. I really hope this means we may be seeing new construction condo towers in downtown sooner rather than later.
Link to comment
Share on other sites

I really doubt we'll see a residential tower on C-Mart, and I personally wouldn't want to see one there. the area along C-Mart, IMO, is for office space with ground floor retail and entertainment, or maybe a mixed use development. Residential just doesn't seem suited for the square. The lot is big, though, and perhaps they may put some residential along the back of the lot.

Link to comment
Share on other sites

I think a mixture of condo, office, hotel, and retail space could work there. There isn't enough demand for office space in the downtown core for a new building to be constructed on that site. Adding the additional space would create a larger building more suitable for the size of that lot.

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site you agree to our Terms of Use and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.