  Digitalvision Member Username: Digitalvision Post Number: 509 Registered: 11-2003 |
Interesting... Just heard a report on WDET (sorry, no link) and it looks like that company who's putting together the grand new development across Campus Martius is investigating either selling or re-capitalizing the Penobscot building. I wonder if they're going to use that cash to do the new development. I've heard some interesting rumblings about the new project, but I'm thinking positively, because they are rumblings. WDET cites a freep article that I can't find online - I may go out and get a print edition at lunch. Penobscot is gorgeous, the only thing against it is that it doesn't have connected or included parking. Parking is a real deal breaker for almost all office space decision makers - even those who would like to be downtown - it's why I think 1001 will be a great success if executed properly. The Penobscot rates are reasonable for what you get, but the additional parking charge per employee is a bear, especially in a not-so-great regional office market. The real estate gurus in here could illuminate the hows and whys they're doing this more than I. I just know what I know :-) | ||
Tetsua Member Username: Tetsua Post Number: 1394 Registered: 01-2004 |
http://www.freep.com/apps/pbcs .dll/article?AID=/20080122/BUS INESS04/801220341 | ||
Thejesus Member Username: Thejesus Post Number: 3259 Registered: 06-2006 |
"In the statement, Alex Dembitzer, Northern's principal and managing partner, said that Northern Group continues its strong commitment to Detroit, including its planned $150-million Cadillac Centre project." There you have it, folks. The Cadillac Centre project is dead. Anytime the head of a development project starts talking like that, it's bad news. | ||
Livernoisyard Member Username: Livernoisyard Post Number: 4902 Registered: 10-2004 |
The four-year "completion" date on essentially a high-rise project said wonders too. | ||
Higgs1634 Member Username: Higgs1634 Post Number: 286 Registered: 10-2005 |
quote: I would have expected getting to the ground breaking at least before talking like this. Usually this type of backpedaling is well after all the ribbon cutting and gold shoveling. | ||
Livernoisyard Member Username: Livernoisyard Post Number: 4905 Registered: 10-2004 |
Consider what has been stated before. Northern said that they would capitalize the Cadillac Centre themselves. Yet a short time later, they are looking around to sell or recapitalize their largest local asset--the asset they were using for their own prestige. Maybe they want to sell the P because they suspect that its future prospects are dimming in a troubled industry. The US economy is way too dependent upon consumer spending instead of manufacturing and vital services sought after globally. At some point, consumer spending won't be (isn't or wasn't?) enough to sustain the economy. | ||
401don Member Username: 401don Post Number: 222 Registered: 11-2007 |
Little off topic but I've never understood how on the one hand the country, both gov't and individual, are in massive debt and everyone's quick fix is more gov't debt and consumer spending. | ||
Lefty2 Member Username: Lefty2 Post Number: 949 Registered: 07-2007 |
It could just be that Northern wants to maximize cash flow for their new project and focus on it and not waste time and resources on the P. ^Consumer spending increases taxes to the state, and tax supported debt will give even more tax money eventually to the guv't and keep money circulating to keep businesses happy with a shot of cappuccino. (It also makes it look like the guv't is in control) | ||
Digitalvision Member Username: Digitalvision Post Number: 513 Registered: 11-2003 |
Agreed Lefty. Developers (in general) prefer new buildings to old. That's just the sad fact. They're easier to sell, manage, and make profit on. | ||
Hans57 Member Username: Hans57 Post Number: 260 Registered: 05-2006 |
I don't think they plan on flaking out on the city anytime soon. They just bought the Lafayette Towers and Alden Park Towers. It seems they genuinely see something in our city. http://modeldmedia.com/inthene ws/lafayettetwrs12708.aspx http://modeldmedia.com/develop mentnews/aldenprk12708.aspx | ||
Thejesus Member Username: Thejesus Post Number: 3265 Registered: 06-2006 |
^you're making the assumption that they *could* build this thing if they so choose, and that it's only a matter of whether they decide to or not | ||
Histeric Member Username: Histeric Post Number: 827 Registered: 10-2003 |
TheJeebus (how arrogant and offensive to have to argue with someone of that name) and Livernoisyard....keeping it real in the ...who knows where. You guys just don't get it and really don't care to. Must be cozy to sit in your armchair and throw darts. Your lives are really that lacking huh? I am sorry. Blah,blah blah, i am smarter than you, blah blah blah blah followed by some clever quip, blah blah blah. | ||
Thejesus Member Username: Thejesus Post Number: 3270 Registered: 06-2006 |
^lol wtf was that? | ||
Registeredguest Member Username: Registeredguest Post Number: 350 Registered: 10-2003 |
^^ It was what needs to happen more often on this site, stupidity and opinion for opinion's sake called out. | ||
Iheartthed Member Username: Iheartthed Post Number: 2566 Registered: 04-2006 |
They didn't decide to flake out on Cadillac Centre two weeks after it was announced to the public. I think they are just interested in selling the Penobscot. It's one of the few bright spots in the downtown office market. I would guess that they are trying to free up capital for other projects... | ||
Ro_resident Member Username: Ro_resident Post Number: 289 Registered: 11-2003 |
If you are offended by his name, wait til you see how he's dressed.  [Insert clever quip from "The Big Lebowski" here.] And, actually, I am a little concerned about the Penobscot Building. It seems to have changed hands two or three times in the past ~5 years. | ||
Lo_to_d Member Username: Lo_to_d Post Number: 45 Registered: 07-2007 |
Let me tell you something pendejo! |
