  Apbest Member Username: Apbest Post Number: 576 Registered: 03-2006 |
http://www.modeldmedia.com/developmentnews/griswoldgb10107.aspx (Message edited by apbest on July 09, 2007) | ||
Johnlodge Member Username: Johnlodge Post Number: 987 Registered: 10-2003 |
Can't wait for that + the BC to be finished. Gonna be good times. I think we should have a forum party to celebrate. | ||
6nois Member Username: 6nois Post Number: 365 Registered: 11-2006 |
I think the smaller units for a younger group is very interesting and probably a very smart move on the part of the developer. Kudos. Can't wait to see the building going up. | ||
Rbdetsport Member Username: Rbdetsport Post Number: 303 Registered: 11-2005 |
"At the ground-breaking, details of additional units being added to the original 80 will be announced." Maybe a taller Building? | ||
Mdoyle Member Username: Mdoyle Post Number: 126 Registered: 10-2006 |
wow. Additional units sounds very exciting. Perhaps the Griswold developers know something we don't about a possible Quicken move. | ||
Dabirch Member Username: Dabirch Post Number: 2334 Registered: 06-2004 |
They are announcing additional units because they were not able to sell all of the more expensive units. I would not call it exciting or good news -- but I would call it a smart move to adapt to the realities of the marketplace. | ||
Rbdetsport Member Username: Rbdetsport Post Number: 304 Registered: 11-2005 |
It says additional units ADDED to the ORIGINAL 80. | ||
Ndavies Member Username: Ndavies Post Number: 2681 Registered: 10-2003 |
So how do you add additional units inside a fixed outer size? You split larger units into smaller units. You then end up with more units with some of them smaller in size. From the article: quote: | ||
Cushkid Member Username: Cushkid Post Number: 81 Registered: 08-2005 |
They are halving units to create more i.e. making two cheaper units out of one expensive one. | ||
Jt1 Member Username: Jt1 Post Number: 9526 Registered: 10-2003 |
If some are going to be reduced into smaller units it will be more than the original 80 but not more square footage or building. Just my guess. | ||
Hudkina Member Username: Hudkina Post Number: 26 Registered: 12-2004 |
which means that they are carving up 80 larger units into probably 100 smaller units. I would prefer that anyway, that makes it more affordable for the people who want to live downtown but can't afford a $1 million penthouse. I could afford $120,000, which is probably the targeted price for some of the smallest units. | ||
Dabirch Member Username: Dabirch Post Number: 2335 Registered: 06-2004 |
Yes -- additional units added -- because they are cutting some of the larger units up into multiple smaller ones. quote: | ||
Dougw Member Username: Dougw Post Number: 1781 Registered: 11-2003 |
I think we just set a forum record for number of people answering the same question at the same time...  | ||
Gistok Member Username: Gistok Post Number: 4773 Registered: 08-2004 |
OK, while you guys are haggling over the number of units, no one noticed that the number of parking floors mentioned does not match the initial diagram...  The article mentions 6 floors of parking, the diagram shows 9 floors of parking. What gives? | ||
Mackinaw Member Username: Mackinaw Post Number: 3206 Registered: 02-2005 |
They'll sell more units, faster with more diverse, cheaper offerings. I'm wondering about how, with those lower prices, the possibilities of someone renting their condo may or may not be enhanced. Their monthly payment would clearly have to be comfortably lower than the rent that the market dictates. Early on, probably none of these will be rentals, but after a few years, someone who had snagged one of these for 150-200k may want to offer a rental if the downtown residential market heats up more. | ||
Thejesus Member Username: Thejesus Post Number: 1593 Registered: 06-2006 |
I'm disappointed to learn the market wasn't there for the larger units...and splitting the units into 600sq ft seems really small to me...I (technically) live alone and I get claustrophobic in my 1100 sq ft place if I'm in there too long... Also, it would have been cool if they had designed the balconies to hang off the building, like the ones at Crosswinds Garden lofts and the Ellington, instead of going with the Trolley Plaza-style...just a thought | ||
E_hemingway Member Username: E_hemingway Post Number: 1246 Registered: 11-2004 |
Usually when a developer says quote: that means prices will start at $199,000, maybe $189,000. My guess is that price range will bring them closer to real market demand but still above it. The closer those split, 600-square-foot units are to $150,000 the quicker they'll sell in this market. | ||
Gistok Member Username: Gistok Post Number: 4775 Registered: 08-2004 |
Maybe so Thejesus, but I bet those folks buying the condos on the 1st condo floor with the huge balconies don't mind them the way they are. | ||
Lmichigan Member Username: Lmichigan Post Number: 5771 Registered: 10-2003 |
The Model D media link isn't working for me. In fact, it doesn't seem to have been updated in a week or so, which is very rare. | ||
Detroitstar Member Username: Detroitstar Post Number: 695 Registered: 01-2006 |
I don't mean to hijack the thread at all, but I guess there is no way of avoiding it without starting another thread...oh well. With the BC, Griswold, (maybe)1001 Woodward and various other ventures in this neighborhood, what are the chances that we see something happen at the Lafayette Building anytime soon. I dont know about you guys, but if I was an out of towner I would not want to spend major $$ to stay at the BC with a view of an empty building right across the street. | ||
Beantown Member Username: Beantown Post Number: 47 Registered: 10-2006 |
Try this link: http://modeldmedia.com/developmentnews/griswoldgb10107.aspx Also, Gistok, this link doesn't mention six stories of parking and nine stories of condos - not sure where you got that. It has always been 9 stories of parking on top of 1-2 floors of retail (depending on how you count them), then six stories of Griswold condos on top of the parking. (Message edited by beantown on July 09, 2007) | ||
Apbest Member Username: Apbest Post Number: 577 Registered: 03-2006 |
I edited the original post with the new link..they changed it those sneaky bastards http://www.modeldmedia.com/dev elopmentnews/griswoldgb10107.a spx | ||
Beatsworking Member Username: Beatsworking Post Number: 76 Registered: 08-2004 |
They definitely changed the article as well. It originally mentioned six floors of parking as Gistok stated. They must have caught the (apparent) mistake and edited it. | ||
Mind_field Member Username: Mind_field Post Number: 742 Registered: 10-2003 |
Depending on how "huge" and "mind-blowing" the Quicken announcement is, i bet it will be the tipping point for projects with any doubt or uncertainty based solely on "if" there is enough demand. And the rest of downtown's vacant structures will just have that much more interest in redeveloping them. I'm certain the days of downtown having more than one or two vacant large buildings are numbered. | ||
Lmichigan Member Username: Lmichigan Post Number: 5772 Registered: 10-2003 |
I don't know. To me, the 'tipping point' in terms of large-scale projects will be when most developments can get off the ground with little to no city, state, and/or federal subsidy, and I think that's quite a bit down the road. But, maybe my definition is a little strict. | ||
Gistok Member Username: Gistok Post Number: 4782 Registered: 08-2004 |
Thanks Beatsworking... I thought I was losing my mind.... cuz I swore I saw "6" floors of parking this morning! See.... the movers and shakers of Detroit DO READ our comments!! | ||
Thejesus Member Username: Thejesus Post Number: 1594 Registered: 06-2006 |
Mind_field: I wouldn't overestimate the impact a Quicken announcement will have on the development of vacant structures... Say Quicken moves 3,000 of it's workers downtown, which I feel is on the higher end of what's likely...and say 10% of them decide to reside downtown at some point in the next 5 years , which also seems like a higher-end estimate given the patterns we see with current downtown workers... that's a few hundred additional downtown residents at best in half-a-decade...while it'll be a positive thing for residential developers, I don't see this announcement alone being a tipping point for the development of vacant structures...it will take a couple more Compuware/Quicken-type moves before we see a noticeable impact on the downtown residential market | ||
Lmichigan Member Username: Lmichigan Post Number: 5774 Registered: 10-2003 |
I agree with that to a point, but would also add that downtown captures quite a strange cross-section of individuals and households. You may have those that work downtown, but you also have a lot of urban pioneers (both before and after downtown became "cool"), many of which do a reverse commute. | ||
Supergay Member Username: Supergay Post Number: 65 Registered: 05-2006 |
Apbest has some weird backdoor entrance. To Model D I mean. But claims to no connection. Weird ... quote: If only for a laugh ... | ||
Gistok Member Username: Gistok Post Number: 4787 Registered: 08-2004 |
... or to proofread their sloppy journalism... | ||
Bob Member Username: Bob Post Number: 1513 Registered: 11-2003 |
Here's a question. Does anybody know how many Compuware employees have chose to reside downtown? That may help help us understand how a Quicken move might help the downtown housing market. | ||
Emu_steve Member Username: Emu_steve Post Number: 403 Registered: 11-2006 |
to followup on Thejesus's point about not overestimating the effect of a Quicken move. From afar, I'm wondering if the number of units being built, converted, planned, etc. might not be more then the market can absorb? We are talking downtown, Mid-town, Brush, riverfront, etc. Are there already developments (say in Brush or Mid-town) which are moving slowly? | ||
Planner_727 Member Username: Planner_727 Post Number: 126 Registered: 07-2006 |
... I remember a downtown housing market study in recent memory that pegged the downtown only demand at 5,000 units. I could be making that up... correct me someone who knows. | ||
Bijouloveshues Member Username: Bijouloveshues Post Number: 10 Registered: 07-2007 |
so exciting I wish I could afford to move downtown! | ||
Danny Member Username: Danny Post Number: 6189 Registered: 02-2004 |
YAY! GENTRIFICATION It kicks out the po'folks and brings in the rich. | ||
Detroitbill Member Username: Detroitbill Post Number: 271 Registered: 09-2006 |
The poor thankfully have lots of space in Detroit to live. If you do not have gentrification in areas you have no hope for a economic base to develop downtown. Hopefully development will then bring some jobs that can help to employ the poor. | ||
Kid_dynamite Member Username: Kid_dynamite Post Number: 108 Registered: 06-2007 |
Well, Danny, that's the plan. I'm not sure how anyone could consider that a bad thing. | ||
Tkelly1986 Member Username: Tkelly1986 Post Number: 340 Registered: 01-2004 |
Danny you seem like a bitter broken record, Give it a rest, Detroit is changing just as it changed between the 1950-80 that created the current demographic. However, whether you like it or not, many feel the current change it is a good thing. | ||
Lmichigan Member Username: Lmichigan Post Number: 5777 Registered: 10-2003 |
Planner 727, The number of residential units the downtown is predicted to be able to absorb, according to the 2006 market study, is only 1,700 (340 annually) through 2011. But, that is just for downtown proper. I guess if you include all of the core inner-city neighborhoods (i.e. East Riverfront, Lafayette Park, Brush Park, Cass Park, Woodbridge, Corktown, and the rest of Midtown) perhaps, you could get that number up to 5,000, but that still seems a bit high, especially without steady job growth. | ||
Beantown Member Username: Beantown Post Number: 48 Registered: 10-2006 |
Lmichigan - to which market study are you referring? I believe that there have been a few over the past years. Without taking the time to find them all, I seem to remember one from Zimmerman-Volk Associates, Beebe and Associates, and the UofM Urban Planning study, perhaps among others. I seem to recall the Volk study being a little outdated, and the UofM study being the most optimistic for residential demand. | ||
Lmichigan Member Username: Lmichigan Post Number: 5779 Registered: 10-2003 |
It was the study put together by Brookings Institution, Social Compact, and UofM released in October of last year. But, of the different numbers I've seen, none have ever been close to 5,000 for the decade. The Katherine Beebe & Associates September 2006 predicts that downtown can absorb 1,700 more by decades end. So, they are all pretty close into what they think downtown can add. This is on top, of course, the 2,400 or so units that have been developed in downtown since 2000. (Message edited by lmichigan on July 11, 2007) |
