Discuss Detroit Archives - January 2008 Sale of commercial building in Birmingham sets record Previous Next
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Thejesus
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Username: Thejesus

Post Number: 3161
Registered: 06-2006
Posted on Thursday, December 27, 2007 - 6:46 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Birmingham sale may be record
$38.2M price equals $378 per square foot

A downtown Birmingham building developed by Burton-Katzman Development Co. has been sold for $38.2 million, a price real estate professionals have tagged as a record-setting sale based on price per square foot.





http://www.crainsdetroit.com/apps/pbcs.dll/article?AID=/20071224/SUB/712240315/legal/-/-/birmingham-sale-may-be-record
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Futurecity
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Username: Futurecity

Post Number: 730
Registered: 05-2005
Posted on Thursday, December 27, 2007 - 7:16 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

It's great that the record is set by a nicely-designed, zero-lot-line, urban building with proper first-floor retail. A building that anyone would be proud to have in their community.

A good lesson for the idiot-developers of the region. Build something right and they will come.

I can almost imagine a streetcar passing by the front of it...!
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Mackinaw
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Username: Mackinaw

Post Number: 4218
Registered: 02-2005
Posted on Thursday, December 27, 2007 - 7:20 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Well said, Futurecity.

Burton-Katzman came up with a killer plan for a 5-story building to be built on a parking lot on St. Clair Ave. above Kercheval in Grosse Pointe. I believe their plan lost out to another good (but not as ideal) plan for a 4-story neo-Tudor building that will be built there.
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Focusonthed
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Username: Focusonthed

Post Number: 1553
Registered: 02-2006
Posted on Thursday, December 27, 2007 - 8:29 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Imagine that, our great-grandfathers might have been on to something.

My corner, built 100 years ago (courtesy of Google Street View).



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Jimaz
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Username: Jimaz

Post Number: 4152
Registered: 12-2005
Posted on Thursday, December 27, 2007 - 8:40 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

quote:

Known recently for gaining Google as one of its tenants, the 101,000-square-foot building at 325 N. Old Woodward sold for $378 per square foot.

Why is Google there instead of A2 and what does Google do there?
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Apbest
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Username: Apbest

Post Number: 661
Registered: 03-2006
Posted on Thursday, December 27, 2007 - 8:40 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

what corner is that?
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Focusonthed
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Username: Focusonthed

Post Number: 1554
Registered: 02-2006
Posted on Thursday, December 27, 2007 - 8:44 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Apbest, that's Lincoln and Sunnyside in Chicago.
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Johnlodge
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Username: Johnlodge

Post Number: 4342
Registered: 10-2003
Posted on Friday, December 28, 2007 - 9:21 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

"Why is Google there instead of A2 and what does Google do there?"

Weren't they opening a cyber-cafe there on the ground floor? I believe they had moved to Bham from the Southfield Town Center.
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Thejesus
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Username: Thejesus

Post Number: 3163
Registered: 06-2006
Posted on Friday, December 28, 2007 - 9:24 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

It's strange to think that this little 3 story building in downtown Birmingham sold for more than twice what the Guardian Building sold for even though the Guardian is over 7 times larger

Guardian Building
-750,000 sq/ft
-$14,500,000

325 N. Old Woodward
-101,000 sq/ft
-$38,200,000
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Pjazz
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Username: Pjazz

Post Number: 104
Registered: 04-2005
Posted on Friday, December 28, 2007 - 9:36 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Location Location Location.
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Thejesus
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Username: Thejesus

Post Number: 3164
Registered: 06-2006
Posted on Friday, December 28, 2007 - 10:01 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

^Yep. It just really puts into perspective how bad the commercial RE market is in downtown Detroit.
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Ladyinabag
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Username: Ladyinabag

Post Number: 334
Registered: 03-2007
Posted on Friday, December 28, 2007 - 10:07 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Isn't that the old "Gap" building on the corner of Maple and Old Woodward? Birmingham is soooo bourgeois, new money. Boring. Let them spend all of that mockey, new money on an old building. Serves them right.
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Gnome
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Username: Gnome

Post Number: 522
Registered: 08-2007
Posted on Friday, December 28, 2007 - 10:33 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

The building is on the corner of Willits and old woodward, where the Jacobson's Menswear store was located.

I believe they did a three wall teardown of the building therefore actually qualifing as a re-hab and not new construction.

Dear Lady, for one who has it all together, you seem rather bitter over the good fortune of those folks. Unless you are so 'old money' that you feel no one should compete with your elevated social status; I'd think you'd salute them for their vision in making a success out of what had been a retail failure.

BTW the "gap" building is a Cosi.
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Thejesus
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Username: Thejesus

Post Number: 3166
Registered: 06-2006
Posted on Friday, December 28, 2007 - 10:40 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Re: the old money/new money distinction, I've never understood people like Ladyinabag who seem to think more favorably of people who are born into wealth than of people who worked to acquire it...I guess "old money" just doesn't impress me much
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Spacemonkey
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Username: Spacemonkey

Post Number: 289
Registered: 03-2006
Posted on Friday, December 28, 2007 - 10:43 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

TheJesus, there's nothing to understand about that kind of attitude. It's simply sheer stupidity.
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Focusonthed
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Username: Focusonthed

Post Number: 1555
Registered: 02-2006
Posted on Friday, December 28, 2007 - 11:51 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Duh, people that inherit money are more worthy of praise than those that work for theirs.

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