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GRDadof3

50 Monroe to get de-skinned?

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walker    171

So I guess, according to x99's analysis, we misunderstood. It is not the building that is going to be de-skinned by our clever developers, it is the city's budget.

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x99    365

Taxable value is going to jump up because of CWD's purchase. It has nothing to do with the appeal. Whether taxes should be factored into a valuation in the property tax dispute arena is debatable. Increased occupancy, long run, should not result in an uncapping of taxable value. That's the real money the City doesn't want to lose, but probably will. An assessment of $18 million on a building for which you paid $7 million is outrageous, no matter how you try to figure it. Ballpark guesstimating, CWD's price looks fair based on occupancy and expenses. The only way they go down in flames is if the vacancy rate reported here was a result of management issues, and future projected vacancy would be much higher. I suspect that's going to be the meat of the City's argument. Personally, I think its a tough sell. Whatever happens, CWD cannot really lose if the current over-assessed taxes were factored into the purchase price, which I suspect they were. CWD has a golden opportunity, and I hope they do well with this investment. They might just be making so much money off of this thing in the long run that re-skinning it makes sense. Foreclosures really do make the physical community a better place in the long run because they cause prices to reach a level where reinvestment makes sense.

Anyhow, thanks for reading along. I hope it was at least somewhat interesting and not too boring.

x99, what makes you so confident that they will win the appeal? and what is the real value of the property? I guess that is the real question but in raising the valuation of the property if they win they also (maybe not) instantly increase the taxable value. it seems rather circular. even if they don't get the property tax rebate/decrease it still seems like a win for them though.

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GRDadof3    1830

Basically the building at $7 million is only worth the land it sits on (at current market prices for land downtown). Reminds me of a dumpy little cottage on an exclusive lake up north.

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GR8scott    79

The old image would be awesome, I was always amazed at how 80s that building looked (not necessarily bad) even thought its 100 years old but seeing it restored would be awesome. Now if only there was a large iconic skyscraper built in the parking lot for a skyline centerpiece!

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SupercityGR    71

The old image would be awesome, I was always amazed at how 80s that building looked (not necessarily bad) even thought its 100 years old but seeing it restored would be awesome. Now if only there was a large iconic skyscraper built in the parking lot for a skyline centerpiece!

 

Someone is starting to sound and think like me lol

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GRDadof3    1830

According to permits at the city, it sounds like demolition of the interior is set to begin. 

"Tear out walls and partitions as well as ceilings to prepare for building renovations." 

 

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joeDowntown    664
On 6/21/2012 at 10:00 PM, joeDowntown said:

They definitely stripped the ornamental pieces off, but if the kept the window alignment somewhat the same and didn't pop a boatload of holes in it, it seems doable (for a price :)).

 

dt-50monroe-old1-facade.jpg

dt-50monroe-old2-helmer.jpg

 

dt-50monroe-old5-overview.jpg

Thought I'd bump this to the top as it's relevant. It'd be interesting to know how much of the window configuration is the same, just under the new facade. They definitely chiseled the beauty out of it before re-skinning, but that could be fixed. 

And hey, look, there's a carnival going on in this picture. I heard downtown was a real fun time back in this era. haha.

Joe

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GRDadof3    1830
1 hour ago, MJLO said:

That kind of looks like a very modern CRC church.

That's the new Ada Bible Church, downtown HQ. :lol:

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x99    365

Pardon my ignorance, but what in the world is that?  For a half-baked sketch, it's still a lot better than most of the recent proposals...  

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WMrapids    247
1 hour ago, x99 said:

Pardon my ignorance, but what in the world is that?  For a half-baked sketch, it's still a lot better than most of the recent proposals...  

 

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GRDadof3    1830
1 hour ago, ironyisadeadscene said:

On the north side of the building near Monroe, a small section of the new skin is removed,  and you can see brick. It's hacked to hell and back,  but it's there. 

Seriously, they're going to de-skin?! This will be awesome to watch. 

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joeDowntown    664

I don't think it matters as much what shape the northand south side are in. It'll be the east and west side that matters. They were nothing special to begin with, and the south side had a giant hole blown out of it in the eighties (?). I'll have to drive by and get a photo. It would be fascinating to watch those buildings get reskinned. Then I'd love to see something on the parking lot (formerly proposed to be the hotel). Hopefully something fairly substantial :)

Joe

 

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GRDadof3    1830
9 hours ago, joeDowntown said:

I don't think it matters as much what shape the northand south side are in. It'll be the east and west side that matters. They were nothing special to begin with, and the south side had a giant hole blown out of it in the eighties (?). I'll have to drive by and get a photo. It would be fascinating to watch those buildings get reskinned. Then I'd love to see something on the parking lot (formerly proposed to be the hotel). Hopefully something fairly substantial :)

Joe

 

Didn't a large brick smokestack they were tearing down crash into the South side of the building and make that hole? I seem to remember someone posting that here years ago. 

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ctpgr34    184
36 minutes ago, GRDadof3 said:

Didn't a large brick smokestack they were tearing down crash into the South side of the building and make that hole? I seem to remember someone posting that here years ago. 

Yes, in talking to someone with knowledge of the situation, they will de-skin both and see what they have.  They will assess once they see what they have.  

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walker    171

 

38 minutes ago, GRDadof3 said:

Didn't a large brick smokestack they were tearing down crash into the South side of the building and make that hole? I seem to remember someone posting that here years ago. 

 

Yeah, here it is from the first page of this thread:

On 6/21/2012 at 11:33 AM, Gorath said:

You know what they say about the internet. If you post a picture, it's on the internet forever.

 

Found pitsch_oops.jpg

 

http://picasaweb.goo...CNqX2BXQ-P-PR4g

 

 

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GRDadof3    1830
1 hour ago, walker said:

 

 

Yeah, here it is from the first page of this thread:

 

Thanks! I think I remember there's actually a picture of the smokestack collapsing. I'll see what I can find. 

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