  Downtown_dave Member Username: Downtown_dave Post Number: 232 Registered: 07-2005 |
Today, I heard that Ted Gatzaros will purchase the 1001 building at Woodward and Michigan - from a source in the building. The deal also includes the CVS parking garage next door. Perhaps his "restored" ownership in the Greektown Casino has enabled him to become more involved in downtown real estate. After 10 years of investigation by the Michigan Gaming Control Board, the board approved Gatzaros' application to become a 1-percent stakeholder in Greektown late October. Board members said they could find no reason to reject the request. Maybe he can bring a little magic to this building, after false starts as a condo property. | ||
Thejesus Member Username: Thejesus Post Number: 3212 Registered: 06-2006 |
Man I wish WC would have just purchased it and moved their offices there... I fear that building is going to remain vacant for a very long time now | ||
Jt1 Member Username: Jt1 Post Number: 11178 Registered: 10-2003 |
quote: That's what I was thinking as I read Dave's post. | ||
Thejesus Member Username: Thejesus Post Number: 3213 Registered: 06-2006 |
what are the chances some developer buys it at some point in the next 10 years and demos it to make way for a new building on CM? I certainly wouldn't miss it...not much history and it's mediocre architecture at best (in my laymen's opinion) how difficult would it be to knock it down without disturbing the new parking/retail structure.. | ||
Gistok Member Username: Gistok Post Number: 6107 Registered: 08-2004 |
What are you guys talking about?? This is Ted Gatzaros... not Michael Higgins or Dennis Kefellanos! Ted has a good track record for development. Plus he's got MONEY... he was 20% owner of Greektown Casino development before the Chippewa Indians bought his share for $124 million (after he didn't "initially" pass the state gaming commission). Anyone who has checked out the International Center or Atheneum Hotel in Greektown, knows he does quality work, and has a proven redevelopment track record. I'm quite happy that he's purchasing 1001, and am surprised that some are pessimistic! | ||
Thejesus Member Username: Thejesus Post Number: 3214 Registered: 06-2006 |
^I'm talking about the general lack of interest in that building as either residential or commercial space...I wasn't talk about the developer I don't know much about the developer, though I'd imagine he's have just as much trouble filling the space is such a terrible market for both commercial and residential space... (Message edited by thejesus on January 10, 2008) | ||
Hybridy Member Username: Hybridy Post Number: 197 Registered: 08-2006 |
if the cadillac center gets some quality retail and its used, 1001 will be sure to follow everyone is just waiting for the market to turn, WAITING | ||
Jt1 Member Username: Jt1 Post Number: 11179 Registered: 10-2003 |
quote: My bad, I was thinking of Kefellanos. | ||
Mackinaw Member Username: Mackinaw Post Number: 4314 Registered: 02-2005 |
From everything I know Gatzaros has a good track record in the City. I also wish the County had put its offices in this building that looks tailor-made for government. A 100% Campus Martius district will spur new interest in this building. I thought at least part of 1001 was offices for a bank? Charter One? Did they move a regional office out of there? There's a big difference between Gatzaros and Keffalinos, even if both are Grosse Pointe Greeks. (Message edited by mackinaw on January 10, 2008) | ||
Swingline Member Username: Swingline Post Number: 987 Registered: 11-2003 |
quote:The failed development proposals for 1001 Woodward have very little to do with the building's layout, amenities or architecture, and everything to do with the Class A office and residential condo markets in the CBD and throughout the region. In fact, the building's L-shaped floorplate design - rare for post-war skyscraper construction - actually increases its redevelopment potential because it can accomodate either modern office designs or residential designs that include far more window-accessible square footage than most of the office building conversion projects in other parts of the country. More windows equals higher values for the condos. As for the architecture, IMHO very few cities have an example of International-style modernism as successfully executed as 1001 Woodward. The luxurious polished marble exterior has aged gracefully. No boring concrete or steel cladding for this handsome structure. The floor to ceiling windows separated by slender marble mullions promote the modest height of the building and give it a lightness not easily transposed on a dark black/brown building. The expensive and richly grained white marble in the soaring lobby areas inspires the hard and important work of corporate office tenants. While it may not be a Seagram building-like masterpiece, 1001 Woodward easily avoids the suffocating banality of so many office towers built during the same era. | ||
Redetroit Member Username: Redetroit Post Number: 61 Registered: 04-2005 |
Jim Papas purchased 1001 Woodward, just so you know. Not sure what his plans are though. | ||
Downtown_dave Member Username: Downtown_dave Post Number: 233 Registered: 07-2005 |
Redetroit - really? My source had it backwards, then. The two (Papas and Gatzaros) were once linked in a number of deals - including the initial legislation that made casinos possible in Detroit. Thanks for clarifying. | ||
Sharmaal Member Username: Sharmaal Post Number: 1268 Registered: 09-2004 |
http://www.detnews.com/apps/pb cs.dll/article?AID=/20080110/U PDATE/801100493/1361 Related news? | ||
Thejesus Member Username: Thejesus Post Number: 3219 Registered: 06-2006 |
hmmm...interesting...that's definitely the union that owned it sucks for them | ||
Jt1 Member Username: Jt1 Post Number: 11180 Registered: 10-2003 |
COuld be. I am curious how they could have invested $28 MM in the building. | ||
Swingline Member Username: Swingline Post Number: 988 Registered: 11-2003 |
From the Detroit News AP Wire story: quote:This is incomprehensible writing and editing. The story says the labor union bought the building but then it says that the bank sold it. Huh? What was the "development strategy" and why was it "reversed?" This is what you get when "reporting" is reduced to tasking first-job 23 yr olds to re-write and regurgitate press releases. Yes, it's only an AP story, but it's insulting to read something and feel like you've been fed one of those goofy non-sequitur filled stories that college papers print on April Fool's Day. Sorry for the rant. | ||
Detroitbill Member Username: Detroitbill Post Number: 415 Registered: 09-2006 |
I agree about the architecture /appearance of the building, Considering its age the building still looks great, it is a good example of 60s/70s modernism and the material used was far superior than most CBD buildings and still looks good from the outside viewpoint. The way it sits behind the Campus Martius enviroment on the area I feel is rather impressive. With lights on at night the building looks even better considering its surroundings. It would have been an impressive condo facility with great views. | ||
Gistok Member Username: Gistok Post Number: 6114 Registered: 08-2004 |
Swingline, are you sure that the 1001 building skin is marble? It looks more like granite to me. Jim Papas, was the former Greektown partner of Ted Gatzaros. They co-owned the Atheneum Hotel, International Center, and the Fishbones and Pegasus restaurants before they broke up their partnership. Each got about 1/2 of the $248 million payment from the Chippewa Indians for their 40% interest in Greektown Casino (although it was not a lump sum payout). Anyway regardless of which of the 2 Greektown business owners bought 1001 Woodward, it's a good sign! | ||
Royce Member Username: Royce Post Number: 2505 Registered: 07-2004 |
First Federal of Detroit, which became First Federal of Michigan had it's headquarters there. The bank was bought out by Ohio bank Charter One. Charter One's administrative offices moved out of the building and are now located in Southfield. The bank has a branch that still remains there. The lobby is gorgeous. I can't see why some company wouldn't be interested in this property now that there is attached parking(above CVS). | ||
Matt_the_deuce Member Username: Matt_the_deuce Post Number: 777 Registered: 10-2003 |
One strike against this building would be windows that don't open, which many of todays Detroit inhabitors seem to demand - for better or for worse. It all depends I guess. Last time I checked, you couldn't open the windows in Trump World Tower either: http://www.trumpworldtower.com /photos.html Of course, all those people are too rich and sophisticated to want to go "hang out on the balcony!" Although a bit of fresh air now and again is quite nice.... Darnit, I'm really confused | ||
Fastcarsfreedom Member Username: Fastcarsfreedom Post Number: 230 Registered: 11-2005 |
I was just looking at a hazy old photo I took from the DPM in 1997 with the 1st Federal logo (and nearby, the NBD logo) visible. I believe Charter One's admin offices are in American Center, correct? I know the whole bank is now owned by Royal Bank of Scotland. Anyway...getting back to 1001--I agree that it's an absolute fantastic building--and the lobby is stunning--a contender amongst the great modernist lobbies downtown (the other greats being 1 Woodward and the afore mentioned NBD cheesegrater) | ||
Swingline Member Username: Swingline Post Number: 989 Registered: 11-2003 |
Gistok, you're right. The building curtain wall is granite, not marble. | ||
Llyn Member Username: Llyn Post Number: 1894 Registered: 06-2004 |
quote: The article also speaks of the bank "exercising its ability to manage the pension fund's real-estate portfolio" in context with the above quote. quote: lol | ||
Billk Member Username: Billk Post Number: 197 Registered: 09-2005 |
Crain's has a better article: http://www.crainsdetroit.com/a pps/pbcs.dll/article?AID=/2008 0110/REG/735045268/1017/-/-/fi fth-third-bank-sued-over-pensi on-fund-losses | ||
Fury13 Member Username: Fury13 Post Number: 3548 Registered: 10-2003 |
1001 Woodward is OK... but it's no Majestic Building. | ||
3rdworldcity Member Username: 3rdworldcity Post Number: 1003 Registered: 01-2005 |
The Operating Engineers had a co-owner going in: the Carpenter's Union Pension Fund. The Carpenters bailed early on. | ||
Gambling_man Member Username: Gambling_man Post Number: 1041 Registered: 11-2003 |
Jim Pappas is the one who is trying to purchase the building, not Gatzaros.....I don't believe he has closed on anything yet.... | ||
Mackinaw Member Username: Mackinaw Post Number: 4326 Registered: 02-2005 |
Yes I don't know how all these Greek names are getting mixed up so easily. Big differences here. Pappas owns Pegasus and Mosaic in Greektown as far as I know. I would think this would be his biggest purchase. | ||
Thejesus Member Username: Thejesus Post Number: 3241 Registered: 06-2006 |
Mogul buys 1001 Woodward http://www.detnews.com/apps/pb cs.dll/article?AID=/20080116/M ETRO/801160380/&imw=Y | ||
Gistok Member Username: Gistok Post Number: 6155 Registered: 08-2004 |
Hmmm... looks like Papas is planning on office space for that building. Like some folks mentioned before... a building that does not have the possibility for windows that open, becomes a liability for marketing as residential. |
