  Deandub11 Member Username: Deandub11 Post Number: 118 Registered: 05-2006 |
Whats the deal with this? http://www.freep.com/apps/pbcs .dll/article?AID=/20070717/NEW S02/70717039 | ||
Gistok Member Username: Gistok Post Number: 4859 Registered: 08-2004 |
Interesting... the company that recently (last 2 years) purchased the Guardian Building had grand plans that included building a parking structure on the Woodward site of that block (where that now empty 3 story glass building still stands). Then plans for the parking structure were put on hold, and now they're selling the building. | ||
Johnlodge Member Username: Johnlodge Post Number: 1129 Registered: 10-2003 |
Perhaps this is some posturing to get their leasing costs lowered at the Wayne Co. building. | ||
Rfban Member Username: Rfban Post Number: 140 Registered: 02-2004 |
^that's kind of what I thought. | ||
Detroit313 Member Username: Detroit313 Post Number: 395 Registered: 02-2006 |
Whoa, you mean to tell me the Wayne County Building is worth more tha the Guardian Building? If not, why can't the county buy the W.C.B. ? <313> | ||
Iheartthed Member Username: Iheartthed Post Number: 1168 Registered: 04-2006 |
That seems pretty cheap... | ||
Johnlodge Member Username: Johnlodge Post Number: 1130 Registered: 10-2003 |
It does seem really cheap. $14.5 Million for the Guardian? It's like an entire city block. (Message edited by johnlodge on July 17, 2007) | ||
Rb336 Member Username: Rb336 Post Number: 655 Registered: 02-2007 |
it does seem cheap, but if the county buys it, kiss it goodbye as a showplace | ||
Lilpup Member Username: Lilpup Post Number: 2449 Registered: 06-2004 |
gawd, I hope not. I'm not very impressed with the state's maintenance of the GM building either, though I appreciate they kept it from going empty. | ||
Gistok Member Username: Gistok Post Number: 4860 Registered: 08-2004 |
I thought the state was renting it from a company that was literally given it by GM and then remodeled it to lease to the state? | ||
Cman710 Member Username: Cman710 Post Number: 339 Registered: 07-2006 |
Yes, this would be pretty bad news. Not only does it increase the likelihood that they will vacate the County Building, but it also means that maintenance will not be a high priority. It would be sad to see the building weather the bad times of Detroit for so many years, but then have the government allow it to fall into disrepair. | ||
Thejesus Member Username: Thejesus Post Number: 1625 Registered: 06-2006 |
$14.5 million doesn't seem low to me...the Stott building went for what, $3-4 million not that long ago? This is a nicer building, but it's also 4x that amount... | ||
Motorcitydave Member Username: Motorcitydave Post Number: 35 Registered: 11-2004 |
Well, hopefully the money they end up saving, will go back into the building. | ||
Billk Member Username: Billk Post Number: 42 Registered: 09-2005 |
The article says they are purchasing other downtown property also, with a total value of $30 million. Perhaps they will buy the Wayne County Building. This should be interesting. | ||
Deandub11 Member Username: Deandub11 Post Number: 119 Registered: 05-2006 |
Kindof off subject, but how much was it bought for two years ago? | ||
Exmotowner Member Username: Exmotowner Post Number: 360 Registered: 06-2005 |
I dont think its off subject at all Dean, I would be interested in hearing what it was bought for prior too. | ||
Jt1 Member Username: Jt1 Post Number: 9588 Registered: 10-2003 |
Shouldn't Wayne County concentrate on delivering services as opposed to investing in buildings? I just don't see why a county with a high tax rate and a myriad of issues wants to own anything. Negotiate better lease rates, scale back required space but they should not be buying the building. Of course I am usually skeptical of Ficano's grand plans. | ||
Mackinaw Member Username: Mackinaw Post Number: 3245 Registered: 02-2005 |
$14 million is low. I am not happy about this. It was beautifully renovated, well occupied, and now I worry about it in the long run because the county will not keep the standards high. I'm assuming that the county can't fill the whole thing, and will become a landlord renting out remaining space. It's really strange that they will announce the purchase, with the county offices actually moving only being "possible" according to the Freep. WTF?!? | ||
Thejesus Member Username: Thejesus Post Number: 1626 Registered: 06-2006 |
all of you saying that $14 million is low, what are you basing that on? Have similar buildings in Detroit gone for a lot more than that recently, because the only one I know of is the Stott and that went for a fraction of what Wayne County just paid for the Guardian | ||
Fury13 Member Username: Fury13 Post Number: 1917 Registered: 10-2003 |
The Stott is in much worse shape and has a much smaller footprint than the Guardian (which is half of a city block). $14 million does seem low for one of Detroit's top 10 architectural treasures, though. | ||
Thejesus Member Username: Thejesus Post Number: 1628 Registered: 06-2006 |
Yes, the Guardian is a more desirable building but the Guardian went for 4 times what the Stott went for... You can say $14 million "seems" low but that's meaningless unless you're basing that on something...th Either way, $14 million is apparently what it's worth if that was the sale price... | ||
3rdworldcity Member Username: 3rdworldcity Post Number: 788 Registered: 01-2005 |
I have heard that it was purchased by the Sterling Group (as politically wired as anyone could be) for less than $3 million. SG invested a lot of money in renovations and did increase the occupancy. However, it is my guess that it has been a big money loser, and this is a very smart bail-out for the owner and not a bad deal for the County if it is able to occupy all the remaining space. What are the other terms? Does Sterling Group stay on as the manager, for a typical fee? (Message edited by 3rdworldcity on July 17, 2007) | ||
Mackinaw Member Username: Mackinaw Post Number: 3246 Registered: 02-2005 |
I can't (or don't want to) imagine the county trying to manage it. | ||
Tkelly1986 Member Username: Tkelly1986 Post Number: 365 Registered: 01-2004 |
Like I have said before, I wish Wayne Co. and the City of Detroit would sell the CAY, buy the MCS, remodel it, and consolidate all their offices in it. | ||
Jimaz Member Username: Jimaz Post Number: 2671 Registered: 12-2005 |
quote:I guess there's more to come after this story. | ||
Cman710 Member Username: Cman710 Post Number: 342 Registered: 07-2006 |
If the current owner was losing money, this would make much more sense (though still not necessarily be a good thing). Still, one would have rather seen the city fill vacant space rather than purchase space that is relatively well used. | ||
Billk Member Username: Billk Post Number: 43 Registered: 09-2005 |
According to Crain's, Wayne Co. is also buying the Detroit Savings and Loan Bank Building (at Woodward and Congress ) and a parking structure on First Street. www.crainsdetroit.com | ||
1953 Member Username: 1953 Post Number: 1431 Registered: 12-2004 |
Why not buy the Stott for $3.2 million? | ||
Fordaspiregv Member Username: Fordaspiregv Post Number: 2 Registered: 07-2007 |
I am not surprised. The old WCB is hard to work in. Room temperatures are way off (cold in one room, hot in another), technology requirements are hard to implement due to restrictions and many offices are "thrown together" with fake walls. Maybe they will vacate 415 Clifford and move offices out of the Monroe to fill the rest of the space. WC has too many buildings, so keeping everything in one place could save some money. While I don't appreciate my tax money going to real estate, I can see why they needed a better space. I would think that the old State/Federal Buildings would have been a more sensible choice. (Message edited by fordaspiregv on July 18, 2007) | ||
Wash_man Member Username: Wash_man Post Number: 456 Registered: 05-2006 |
How much will the city lose when this building becomes government owned and non-taxable? Anyone know? |
