  Bvos Member Username: Bvos Post Number: 1372 Registered: 10-2003 Posted From: 64.148.226.17 |
WOW, Just off the Friends of the Book Cadillac ticker: The Book Cadillac AND the Fort Shelby secured their financing for renovation. We've heard rumors about the BC for a while, but the Fort Shelby thing virtually came out of no where. I think KK has taken a big step forward towards respectability in the preservation world. Now on to Tiger Stadium. P.S. Now we know why Skuler hasn't been seen around here lately. He's been burning the midnight oil to make this thing happen. For Release: April 3, 2006 Media Contact: Sylvia Crawford, 313-224-1398 Jamaine Dickens, 313-224-1066 DETROIT CLEARS WAY FOR DEVELOPMENT, JOB CREATION WITH $40 MILLION HUD LOAN GUARANTEE DETROIT-Today, Mayor Kwame M. Kilpatrick and U.S. Congresswoman Carolyn Cheeks-Kilpatrick announced that the U.S. Department of Housing and Urban Development (HUD) has approved the City of Detroit's application to transform a small portion of Community Development Block Grant (CDBG) funds into federally guaranteed loans, clearing the way to redevelop two vacant downtown hotels into thriving, multi-faceted businesses that will provide jobs for Detroit residents. HUD granted Detroit two Section 108 loan guarantees in the amounts of $18 million and $18.7 million respectively to redevelop the 33-floor historic Book Cadillac Hotel and the 22-story historic Fort Shelby Hotel into mixed-use developments that will create a combined total of nearly 900 jobs for Detroiters. "I am pleased to learn that HUD has approved our application to utilize current and future CDBG allocations to these redevelopment projects," said Mayor Kilpatrick. "Not only are they instrumental to continuing the revitalization of our downtown, but also to our efforts to improve the local economy through the creation of jobs for Detroit residents." "This is a direct result of the confidence that HUD has in Mayor Kilpatrick and in the efforts of business and community leaders to revitalize Detroit," said Congresswoman Kilpatrick. "Despite the economic struggles that are affecting cities throughout the country, Detroit is continuing to build relationships and secure support from developers and agencies such as HUD. This ensures that we can continue to pursue our goals to improve our city and quality of life for its residents." The Ferchill Group, developer for the Book-Cadillac, plans to redevelop the site into a four star Westin Hotel with approximately 455 hotel rooms, 67 market rate condominium housing units, a 31,000 square foot conference center, 119,000 square foot retail and restaurant space, fitness facility and a 550 space parking garage. The project is expected to create as many as 450 full-time jobs. According to MCP, LLC, developer for the Fort Shelby, the existing structure will be redeveloped into a 204-room Doubletree Guest Suites Hotel, 38,000 square foot conference center, 1,200 square foot retail space and 63 residential units. This project is expected to create 374 full-time jobs. Editor's Note: Section 108 funds will be used solely to assist with the hotel component of the projects. | ||
Tetsua Member Username: Tetsua Post Number: 567 Registered: 01-2004 Posted From: 69.246.26.190 |
https://www.atdetroit.net/forum/mes sages/5/69756.html?1144108772 | ||
56packman Member Username: 56packman Post Number: 176 Registered: 12-2005 Posted From: 129.9.163.234 |
fix that Schitt up! | ||
Rasputin Member Username: Rasputin Post Number: 3573 Registered: 10-2003 Posted From: 152.163.100.8 |
Operative sentence of article and Operative words in BOLD. "If I could ...." Black-atcha .... roflmbao and saying, "TEAR THAT SCHITT DOWN!". It's a waste of money. | ||
Andylinn Member Username: Andylinn Post Number: 1 Registered: 04-2006 Posted From: 68.40.195.233 |
(my first post, btw) Rasputin: true, such a development is maybe not cost efficient (or a waste of money as you said) HOWEVER... it is VITALLY important that Detroit shed the "if it's abandoned tear is down" mentality... of course in some cases, things must be bulldozed to make way for development... but cases such as the motown headquarteres being razed for a parking lot sicken me... what was that historic restaurant on jefferson near harbor town that was bulldozed to make way for a frikking ihop? crazy... we're losing the character and history that make cities so special (and superior to the modern mcmansion suburbs) .andy. (Message edited by andylinn on April 15, 2006) | ||
Andylinn Member Username: Andylinn Post Number: 6 Registered: 04-2006 Posted From: 68.40.195.233 |
bump. | ||
Mpow Member Username: Mpow Post Number: 186 Registered: 11-2003 Posted From: 200.65.7.239 |
Instead of giving all these abandoned buildings hugs, I propose giving them all to rasputin. | ||
Rustic Member Username: Rustic Post Number: 2337 Registered: 10-2003 Posted From: 128.36.108.81 |
Andylinn, apparently now it's spelled " bumb" not "bump" ... as in "Can I 'bumb' 149M$ offa ya to rehab the shell of a once swanky downtown Detroit hotel?" ... ... until someone gets a "yes" to that question you can bump these threads all day long but yer not gonna hear much ... | ||
Fnemecek Member Username: Fnemecek Post Number: 1573 Registered: 12-2004 Posted From: 69.219.103.87 |
It's worth pointing out that one of the contractors on the Book-Cadillac project has posted a job opening for the position of general superintendent. http://www.careerbuilder.com/J obSeeker/Jobs/JobDetails.aspx? IPath=JRKG&job_did=J3I81K5ZWZL Y92SX8XN&dv=dv&jrdid=&lpage=1& strcrit=QID%3dA6653204260493%3 bst%3dA%3buse%3dALL%3brawWords %3dbook-cadillac%3bTID%3d14428 2%3bCTY%3dDETROIT%3bSID%3dMI%3 bCID%3dUS%3bENR%3dYES%3bDTP%3d DR3%3bYDI%3dYES%3bIND%3dALL%3b PDQ%3dAll%3bJN%3dAll%3bPAYL%3d 0%3bPAYH%3dgt120%3bPOY%3dNO%3b ETD%3dJTFT%3bETD%3dJTPT%3bETD% 3dJTCT%3bETD%3dJTIN%3bRE%3dALL %3bMGT%3dDC%3bSUP%3dDC%3bFRE%3 d30%3bCHL%3dAL%3bQS%3dSID_GAFE P003%3bSS%3dNO%3bTITL%3d0%3bJQ T%3dRAD&sfascc=book-cadillac&C iBookMark=1&jobcount=1&sname=& lr=cbga_fep | ||
Itsjeff Member Username: Itsjeff Post Number: 5792 Registered: 10-2003 Posted From: 69.242.213.167 |
I'm curious about the math. Each project is getting about $18 million in HUD loans. The Book is a $200 million project, whereas the Fort Shelby is closer to $40 million. So the Book only needs a loan of roughly 10% to make it work, but the Fort needs 50%. When you add other tax credits and abatements, it looks like the Fort Shelby is getting less than half of its dollars from private investment, whereas the Book is getting closer to 80%. If the Fort can only be done with by obtaining half of its funding from federal loans, then, sadly, we might be able to apply Rasputin's assessment of the Book project to the Fort Shelby. | ||
Nellonfury Member Username: Nellonfury Post Number: 137 Registered: 03-2005 Posted From: 68.43.156.135 |
Let's bring out the crazy glue and start fixing!!!! | ||
Kenp Member Username: Kenp Post Number: 1 Registered: 03-2006 Posted From: 216.93.121.82 |
I believe the Hud loans are for the condo portion of the buildings. The Book will have 660 and the Shelby 600. Each probably around $300,000 each. I dont know this for sure but assume HUD money is for thye housing portion | ||
Kenp Member Username: Kenp Post Number: 2 Registered: 03-2006 Posted From: 216.93.121.82 |
whoops its 66 condos for The book and 60 for Fort Shelby, sorry. | ||
Sknutson Member Username: Sknutson Post Number: 520 Registered: 03-2004 Posted From: 67.114.23.202 |
Converted from a hotel to a hotel? | ||
Fnemecek Member Username: Fnemecek Post Number: 1576 Registered: 12-2004 Posted From: 70.236.145.111 |
Sknutson: Converted for a 1920s grade hotel to a modern one. In the 1920s, people spent very little time in their hotel rooms; opting for the lobbies and parlors instead. As a result, the rooms themselves tended to be very small. In the current hotel market, rooms have to be considerably larger if anyone is going to rent them for a stay. | ||
Sknutson Member Username: Sknutson Post Number: 522 Registered: 03-2004 Posted From: 67.114.23.202 |
Fnemecek: I know that's what they are doing, I just thought it was a bizarre choice of words. If I were to gut an old house and turn the interior into into a modern configuration, I would not tend to say that I was "converting it into a house." It's Monday and I feel like being nit-picky  (Message edited by sknutson on April 17, 2006) | ||
Fnemecek Member Username: Fnemecek Post Number: 1577 Registered: 12-2004 Posted From: 70.236.145.111 |
Itjeff: I don't know about the Fort Shelby deal. However, from what I know about HUD loans in general, I imagine the reason why the Fort Shelby is requiring a larger portion of its funding from government sources is that a larger share of its units will be held for low-income residents. IIRC, HUD normally requires that the project be mixed-income in nature (i.e., a portion reserved for low-income folks and the rest at market rate). Normally, for a condominium they would have to all be under the same roof, but if they bundled the B-C and Fort Shelby together they could have theoretically structured in such a way that the Fort Shelby has a larger share of low-income folks in order to accomidate for there being little if any at the B-C. This isn't the way the deals are normally structured. However, with enough political muscle behind them, it could be done. BTW - speaking of political muscle, did you notice that the name of a ranking member of the House Appropriations Committee is on the press release? Again, all of this is speculation on my part. I have not seen any financing documents nor have I spoken with anyone who has. I could be wrong on this entirely. For those lurkers who do know the details, you either already have my contact info or could find it in about 5 seconds. Please feel free to tell me that I'm wrong. | ||
Fnemecek Member Username: Fnemecek Post Number: 1578 Registered: 12-2004 Posted From: 70.236.145.111 |
Sknutson: Understood. I thought the way they phrased it was odd as well. But I'm so geeked at the mere fact of the B-C reopening that I didn't feel like making an issue of it. LOL | ||
56packman Member Username: 56packman Post Number: 204 Registered: 12-2005 Posted From: 129.9.163.105 |
Rasputin, at the risk of sounding like a broken record, go by any NEW construction in the D. Look at the makeup of the skilled workmen erecting steel, plumbing, installing electrical. You will see mostly caucasions, who drive their shiny F-250's from the far reaches of the metro for these good paying jobs. Go by any renovation of an exsisting building (tough to do in the D,too much money to be made "tearing that schitt down", an established old=bad, new=good attitude from our vanishing principal industry here) and you will see lots of brothers removing debris, helping skilled tradesman, and maybe, just maybe learning a trade. | ||
Kenp Member Username: Kenp Post Number: 3 Registered: 03-2006 Posted From: 68.62.31.237 |
After a little research, which I should have done before I said the funds where for the condo portion of the building, I re read the original email on this. The last two lines read: Editor's Note: Section 108 funds will be used solely to assist with the hotel component of the projects. |
