  Dougw Member Username: Dougw Post Number: 1366 Registered: 11-2003 |
http://www.crainsdetroit.com/a pps/pbcs.dll/article?AID=/2006 1009/SUB/61006030/-1/newslette r02 Excerpt:
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Motownman Member Username: Motownman Post Number: 32 Registered: 09-2006 |
Is the demand for housing downtown that high? | ||
Dougw Member Username: Dougw Post Number: 1367 Registered: 11-2003 |
Based on the article, I would say yes. Which makes some sense, given that the supply is not really all that large relative to the entire metro area. | ||
Bussey Member Username: Bussey Post Number: 250 Registered: 12-2003 |
Where does Jim Leyland live? Everyone always comments on how he walks to the ballpark and lives downtown.... | ||
Wilus1mj Member Username: Wilus1mj Post Number: 126 Registered: 05-2005 |
Jim lives at the Comerica Office or the Atheneum hotel | ||
Itsjeff Member Username: Itsjeff Post Number: 7011 Registered: 10-2003 |
According to the article, there's demand for downtown residential, but only if Detroit Renaissance will subsidize it. DR assisted Kales and other projects and proved what we know now: weathy people will pay quite a bit to live in lofts downtown. But it's a vicious circle. If they're trying to lure people with money, those people will want high-end residences with adjacent parking. That drives up costs. That's what's happening with the Lafayette Building. The soups spent enless years and money to secure the title, then gave Peebles the development rights. Peebles wants to build ridiculously expensive condos and, to lure those tenants, wants their own parking structure built with City assistance. Screwem. Built more modest units and let the tenants park at the parking deck already across the street. At some point, they have to demonstrate that historic reuse can succeed in Detroit without subsidies. | ||
Mind_field Member Username: Mind_field Post Number: 625 Registered: 10-2003 |
I wonder why there is a delay with the 1001 Woodward condos then if there is such a high demand? Also, why is the Ellington taking soooooo long to complete. Demand can't be that high. | ||
Tomoh Member Username: Tomoh Post Number: 260 Registered: 11-2004 |
Is it subsidy or investment? They seem to be calling it an investment and looking at it that way. Some things might never get off the ground without either a subsidy or an investment, but that shouldn't be an argument for not doing something. I read the article as saying that investing in downtown residential developments is a really good investment right now. | ||
Artistic Member Username: Artistic Post Number: 1 Registered: 09-2006 |
My understanding is that 1001 Woodward is still waiting for some of the floors to end there signed leases so all the offices can be cleared.Floors 13-20 are already completly cleared out and are in process. I have taken a tour of this building and it is pretty amazing. | ||
Apbest Member Username: Apbest Post Number: 204 Registered: 03-2006 |
welcome to the forum | ||
Artistic Member Username: Artistic Post Number: 2 Registered: 09-2006 |
Thanks Apbest | ||
Mind_field Member Username: Mind_field Post Number: 626 Registered: 10-2003 |
Artistic, Why would 1001 Woodward state the first units would be ready for occupancy at the beginning of this year then? Why would they say that if they knew they had to wait for office tenants' leases to expire? | ||
Corktownmark Member Username: Corktownmark Post Number: 218 Registered: 12-2004 |
Come on Mind_field should they wait for all floors to clear before selling the ones that are ready? Welcome to the Forum Artistic!! | ||
Artistic Member Username: Artistic Post Number: 3 Registered: 09-2006 |
Good question, I do not have the answer to that. I have been told that first occupancy should be around March 2007. I also think that when you take an office building and take it condo that there are many issues that arise as well as dealing with the city departments.These are not excuses, I certaintly hope this project moves forward. | ||
Mind_field Member Username: Mind_field Post Number: 627 Registered: 10-2003 |
That is my point Corktown_Mark, if demand for downtown housing was THAT great, 1001 Woodward would not wait until all floors cleared out that they intend to convert to residential. Maybe I'm wrong and there are other issues holding up the conversion, but I was told in 2005, that the first units would be ready for occupancy by February 2006. What will be very interesting to see is how well the Book Cadillac condos sell on Oct. 14. That is right around the corner! | ||
Ndavies Member Username: Ndavies Post Number: 2217 Registered: 10-2003 |
They may have to wait for all the soon to be residential floor to clear so they can reconfigure the building services. It would be difficult trying to run plumbing and electrical stacks through an occupied office. | ||
Northend Member Username: Northend Post Number: 942 Registered: 10-2005 |
1001 Woodward does not even have models ready. To "move the product" prices have gone down dramatically with still only a handfull of reservations (emphasis on reservations)if any. There are a dozen other developments that have been trying sell out for several years now. Even the all-successful Crosswinds has had numerous cancellations on its Loft @ Woodward Place which sold out in a world-record 6 hours! | ||
Planner_727 Member Username: Planner_727 Post Number: 66 Registered: 07-2006 |
I believe Jim Leyland lives at the Hilton Garden Inn, but it may be the Athenenum in Greektown. I don't think 1001 Woodward is going to wait to clear out those floors before they sell/occupy the top floors... the delay is not related to the 'clearing out'. The fund they are talking about is just that--a fund. It isn't a subsidy, per se, but instead a pool of low-interest investment capital for projects in downtown to be used as another source of funding. | ||
Ray1936 Member Username: Ray1936 Post Number: 848 Registered: 01-2005 |
Looks like Leyland's commute is a lot shorter than that of Matt Millen, he of Pittsburgh. | ||
Eastsidedog Member Username: Eastsidedog Post Number: 747 Registered: 03-2006 |
Northend has a point. There is a lot of stuff selling very slowly -- even as new projects are constantly announced. What I want to know is why anyone would buy one of these existing "new" units (built in the last few years) when you can just as esaily buy brand new. It seems there is an awful amount of supply -- but still the new announcements keep coming. | ||
Dialh4hipster Member Username: Dialh4hipster Post Number: 1800 Registered: 11-2004 |
Well it seems to me the key is to buy something that is unique, and not something that is being produced cookie-cutter style by the hundreds, unless you are planning on staying put for a while. Crosswinds is a great development, if that's a style that appeals to you, but it certainly would be difficult to sell your existing unit when they keep building new ones, unless you have an exceptional location or something else distinct about your place. The Grinnell Lofts in Corktown, as an alternate example, offer something that exists only in that building, and while rehab projects like that occur elsewhere, they will all be different. | ||
Ndavies Member Username: Ndavies Post Number: 2218 Registered: 10-2003 |
The reason to buy an existing unit is, it is usually cheaper than a new unit. Prices in a development escalate as they are built out. The real issue downtown is the lack of for sale units in the CBD. Almost everything in the CBD is rental. The Kales, Merchants row and Lofts on Woodward are still all rental. The real test will be when these units go condo. Will the renters of the lofts want to buy? People want to purchase lofts. The crosswinds condos are slow due to them being townhouses. The Garden Lofts sold out far quicker than the townhouses sold. | ||
Docmo Member Username: Docmo Post Number: 118 Registered: 10-2005 |
The Elliott building will be an interesting test of the market. Here's the email I recently received from them. Thank you for your interest in The Elliott Building, and your inquiry regarding the development of 1403 Woodward Avenue. Our project continues to move forward, thanks to the interest shown by you and many other potential buyers. The building known as 'The Elliott Building? was built for a Detroit entrepreneur, William Elliott, in 1894. The building's generous layout and premier location allow the construction of unique, spacious loft-apartments that are filled with light. An excellent team of architects, the Kraemer Design Group, and the construction firm of J.C. Beal insure that the building will be elegant, stylish, secure and well constructed using the highest quality materials and construction techniques. The historical context will be respected. We plan to further upgrade the exterior and fully participate in the revitalization of the historic treasures of downtown Detroit by restoring the cornice and roof balustrade. The original stairway, flooring and moldings will be reclaimed, and against this background, the latest fixtures and appliances will be installed. This building is unique, the location is perfect, and the life style being offered is a one-time opportunity. Only 15 loft apartments ? they won?t last long on the market. High-level security features and communications facilities will be included. Indoor, secure, on site parking will be available. All residents will have access to a roof deck. The loft apartments that face West will have balconies. Upgrade packages will be offered. The web site will be upgraded and updated, as more information is prepared. A range of prices will soon be announced on the web, and at that time reservations will be accepted via the web. I will advise you via email when these changes are posted on the web. You can expect to hear from me within a day or two. Construction is scheduled to begin in November, with occupancy at the end of 2007. Please contact us by phone or email. Perhaps you can let us know if any of the floor plans appeal to you and what your particular wants and needs might be. We continue planning to suit the desires of our potential residents. Thank you for your continued interest. Rosemary Aizer Woodward Grand Realty Co. LLC P.S. Since the response to the announcement of this project has been so enthusiastic and only 15 apartments will be available, we expect to sell out from plans. As the building will not be open to visitors until construction is complete, more detailed drawings and all pertinent information will be posted on the website. | ||
Docmo Member Username: Docmo Post Number: 119 Registered: 10-2005 |
New update on the Elliott Building website. They'll take your money now. http://www.theelliottbuilding. com/residential.htm | ||
Apbest Member Username: Apbest Post Number: 205 Registered: 03-2006 |
penthouses 925,000-1.5mil damn | ||
Docmo Member Username: Docmo Post Number: 121 Registered: 10-2005 |
Yeah, the lower floors are $250K-$675K. The penthouses are out of my range, but you sure could make a nice man room in one of those uppers. | ||
Mayor_sekou Member Username: Mayor_sekou Post Number: 92 Registered: 09-2006 |
Imagine in 20 years well be reminiscing when you could get a penthouse dowtown for just a million, thats a good problem to have I think. I mean Imagine if we ever if we ever see this downtown: http://brownharrisstevens.com/detail.aspx?id=364979 (Message edited by mayor_sekou on October 10, 2006) | ||
Kathleen Member Username: Kathleen Post Number: 1624 Registered: 10-2003 |
Detroit's core is blooming: Study shows downtown is attracting more young, educated residents as population in rest of city falls. "The city's emerging downtown is attracting a core of young, educated and well-off residents to new housing, boosting the population of the city's center even as the city as a whole continues to lose people. So says a new residential market study -- scheduled for release today during a presentation at the Detroit Athletic Club -- that concluded the demand for downtown condos and apartments will remain strong through 2010. The influx of the young and relatively affluent is moving downtown Detroit closer to a healthy mix of office, residential, entertainment and retail that city leaders are striving for, but also is creating a neighborhood in stark contrast to the rest of the city: mostly black, poor and shrinking. The study's purpose was to gauge the city's success in attracting residents downtown, and to use that information as a tool to woo further development. ...." http://www.detnews.com/apps/pb cs.dll/article?AID=/20061011/B IZ/610110357/1001 | ||
Mind_field Member Username: Mind_field Post Number: 628 Registered: 10-2003 |
this article is poorly worded :::shocking:::: Anyway, can anyone make sense of it? Did downtown dEtroit gain 118 new residents or 4,000 new residents? 118 seems like the more likely number, Which is kind of sad actually. | ||
Kpm Member Username: Kpm Post Number: 10 Registered: 08-2005 |
Yes, the math is confusing… From the article Kathleen posted: “Downtown core” grew by 118 residents since 2000; 400 new residences were built in the “downtown core” since 2000. “Greater downtown area” grew by 970 residents since 2000; 2,400 new residential units were built in the “greater downtown area” since 2000. The article states: “There is a demand for an additional 1,700 units in the next five years in the downtown core alone.” How so – given that 118 people have moved there since 2000, when 400 new residences were built during that same time? Seems supply far exceeds demand. Then the article goes on to say “About 4,000 new residents moved downtown from 2000 to 2005” -- are these in “downtown core,” “greater downtown,” or some other “downtown” region? And why is this number different that the ones above? These differing terms are confusing. Maybe someone who worked with the numbers can help explain them. Please. | ||
Tomoh Member Username: Tomoh Post Number: 261 Registered: 11-2004 |
The article says that 4000 new and more well-off people moved into the CBD in new and old housing while thousands of others left and weren't replaced. Only 400 new units were built in the CBD during that time so it makes sense that the total population increased by hundreds, not thousands. The population of the greater downtown area did increase by about a thousand though. |
