  Charlottepaul Member Username: Charlottepaul Post Number: 2086 Registered: 10-2006 |
Anyway, back to the thread. I just emailed a friend working on the civil/architectural stuff for this rehab project, and she said that there is NO PARKING DECK! Very surprising all in all considering many banks won't finance a project that doesn't have designated parking, let alone the fact that there are residential units atop the hotel levels! | ||
Charlottepaul Member Username: Charlottepaul Post Number: 2087 Registered: 10-2006 |
P.S. It is not bank financed; all tax financing. I guess when that is the case, you don't build anymore than you have to. | ||
Spiritofdetroit Member Username: Spiritofdetroit Post Number: 768 Registered: 11-2006 |
Ahhh, good catch Paul.... I remember some people on the board seeing this as a sign that banks were now considering different option for downtown detroit... Seemed too good to be true... | ||
Oldredfordette Member Username: Oldredfordette Post Number: 3341 Registered: 02-2004 |
There is a shitload of parking at the abandoned MGM Grand site. | ||
Pffft Member Username: Pffft Post Number: 1420 Registered: 12-2003 |
There's also that big parking garage just south of Fort and the BP gas station... I've stayed at renovated historic hotels in other cities where the parking is offsite, a few blocks away. You can either self park or the valets take your car there. I understand that a lot of DTE employees are in the MGM lot, not sure how many floors they take up though. | ||
Oldredfordette Member Username: Oldredfordette Post Number: 3342 Registered: 02-2004 |
They were parking there, but it's completely empty at night now. | ||
Rb336 Member Username: Rb336 Post Number: 3965 Registered: 02-2007 |
is Larry Brinker doing the renovations? | ||
Swingline Member Username: Swingline Post Number: 970 Registered: 11-2003 |
Charlottepaul said: quote:Not sure what is meant by "tax financing." Maybe "tax credit financing" was intended, but no project is ever completely financed by tax credits. Indeed, the project does have some bank financing from ShoreBank as well as loans from the General Retirement System and from HUD. http://www.crainsdetroit.com/a pps/pbcs.dll/article?AID=/2007 0430/SUB/70427040 (Message edited by swingline on December 07, 2007) | ||
Charlottepaul Member Username: Charlottepaul Post Number: 2110 Registered: 10-2006 |
Word is that they are burning through their budget pretty well, so they want to make the residential units low income to get additional financing. | ||
Burnsie Member Username: Burnsie Post Number: 1222 Registered: 11-2003 |
Whose word? | ||
Charlottepaul Member Username: Charlottepaul Post Number: 2113 Registered: 10-2006 |
from the architecture firm | ||
Eric Member Username: Eric Post Number: 1031 Registered: 11-2004 |
I hope your sources end up being wrong, low income housing doesn't belong in a upscale hotel. | ||
Wschnitt Member Username: Wschnitt Post Number: 44 Registered: 07-2007 |
That would be really, really bad. That would pretty much kill the project. | ||
Bvos Member Username: Bvos Post Number: 2246 Registered: 10-2003 |
I don't see how adding LIHTC financing to the mix would make the profit margins on the project work. The equity investment from the credits combined with rents they'd get from LIHTC would come no where near what would be needed to cover the actual costs of the project. They're doing all sorts of things to that building that are not LIHTC eligible (nothing bad going on, just non-eligible materials going in to go with the historic restoration). That seems pretty far fetched to me. They may be going after more historic tax credits and/or SBT (now MBT) credits if costs have gone up from the original financing estimates. | ||
Charlottepaul Member Username: Charlottepaul Post Number: 2123 Registered: 10-2006 |
I got this impression--sec. 8! | ||
Lmcdet Member Username: Lmcdet Post Number: 20 Registered: 06-2007 |
WHAT! No way!••• That makes absolutely no sense. Let's open a 3-4 star hotel and put low income section 8 apt right next to it! You put a double tree hotel next mid to upper income housing so they nay be able to afford some of the amenities provided by your hotel. | ||
Bvos Member Username: Bvos Post Number: 2250 Registered: 10-2003 |
Section 8 doesn't make sense even more. The reimbursement on that is even smaller than LIHTC and approved building materials are even more stringent. I think your friend is misinformed or selling you a line of sh*t. | ||
Charlottepaul Member Username: Charlottepaul Post Number: 2131 Registered: 10-2006 |
Well I think that she doesn't get it first hand. She only has an idea of what is going on but probably doesn't meet directly with the developers... | ||
Bob Member Username: Bob Post Number: 1613 Registered: 11-2003 |
Does anyone have some recent pictures of the work on the Fort Shelby? | ||
Bohemianrobot Member Username: Bohemianrobot Post Number: 58 Registered: 02-2007 |
I finally managed to get a pic... http://farm3.static.flickr.com /2210/2121145755_75745cf5ae_o. jpg | ||
Matt_the_deuce Member Username: Matt_the_deuce Post Number: 775 Registered: 10-2003 |
Very nice, Bohemianrobot. | ||
Sknutson Member Username: Sknutson Post Number: 1027 Registered: 03-2004 |
Great pic, Bohemian. I never expected to see the Fort Shelby all lit up. | ||
Tetsua Member Username: Tetsua Post Number: 1380 Registered: 01-2004 |
It's crazy seeing more and more of these dinosaurs lit up. | ||
Eric Member Username: Eric Post Number: 1047 Registered: 11-2004 |
Progress Report: $82 million Fort Shelby construction on schedule, on budget http://www.modeldmedia.com/dev elopmentnews/fortshelby12407.a spx | ||
Detroitstar Member Username: Detroitstar Post Number: 849 Registered: 01-2006 |
Bluff called on the whole "over budget, project in jeopardy" theory. | ||
Detroitbill Member Username: Detroitbill Post Number: 403 Registered: 09-2006 |
I know the family of one of the people developing this project, who owned the building originally and major financers behind it,, Its not in trouble at all.. There have been questions as to the price point for the housing aspect of it, meaning it should be more geared to middle price range, which would actually be very welcome, There was no consideration of part of it being Section 8 whatsoever. | ||
French777 Member Username: French777 Post Number: 289 Registered: 10-2006 |
Cool Photo of Pick Fort at Night Dec 18th http://flickr.com/photos/bohem ianrobot/2121145755/?addedcomm ent=1#comment72157603593205145 | ||
French777 Member Username: French777 Post Number: 322 Registered: 10-2006 |
any new info? | ||
Kslice Member Username: Kslice Post Number: 272 Registered: 04-2007 |
In that picture it looks like the building has no floors and one big light bulb in the middle. Like a Christmas village building. it is good to see it lit up though! | ||
Dbest Member Username: Dbest Post Number: 79 Registered: 03-2007 |
Section 8 ya right! laughing my ass off after that dumbass remark. Why would you believe something so idiotic. |
