Lowell Board Administrator Username: Lowell
Post Number: 4560 Registered: 10-2003
| Posted on Sunday, February 24, 2008 - 11:47 pm: | |
From the current Crain's, Jim Papas is making news...
quote:...Papas said, he's preparing to spend $3 million to revamp mechanical systems for 1001 Woodward, the former First Federal Building at Woodward and Michigan avenues, to ready it for office use. Papas purchased the 23-story building last month for $5.5 million from a company set up by the Operating Engineers Local 324 Pension Trust Fund, when the Macomb County developer who had bought it earlier defaulted on the land contract loan. That company, 1001 Woodward Office L.L.C., was controlled by Warren-based developer Lorenzo Cavaliere. He also bought the attached 12-story parking garage by picking up a $14 million bank mortgage that also was in default. While Cavaliere was proposing 128 condominiums in the building, with only a few floors of office space, Papas plans to offer all of the more than 330,000 square feet for offices, he said. That building never made sense to me as residential. Also noted... Papas is also adding $3.5 million of renovations into the Atheneum. Competition from the new casino hotels is having its first positive effect. |
Ltorivia485 Member Username: Ltorivia485
Post Number: 2991 Registered: 08-2004
| Posted on Sunday, February 24, 2008 - 11:54 pm: | |
This sounds excellent. We need more smart and creative minds in developing the city's downtown area. |
Hybridy Member Username: Hybridy
Post Number: 218 Registered: 08-2006
| Posted on Sunday, February 24, 2008 - 11:54 pm: | |
i said it before, as soon as the monroe block got a proposal 1001 would come back online |
Detroitstar Member Username: Detroitstar
Post Number: 975 Registered: 01-2006
| Posted on Sunday, February 24, 2008 - 11:59 pm: | |
I know the downtown office market is pretty weak right now, but that is probably the most desirable location downtown right now. Can you so called "experts" tell me what the odds are that this has a positive affect on the neighborhood? Will it be possible that the increase in foot traffic might help out nearby Capitol Park. |
Mwilbert Member Username: Mwilbert
Post Number: 96 Registered: 11-2007
| Posted on Monday, February 25, 2008 - 12:24 am: | |
Anybody fixing up a building is good, but in a weak office market you have to worry that they just pull tenants out of another downtown building. It is a pretty nice building, I hope they can pull tenants from somewhere else. |
Rjlj Member Username: Rjlj
Post Number: 473 Registered: 11-2003
| Posted on Monday, February 25, 2008 - 12:30 am: | |
Agreed Lowell, 1001 never made sense as a residential building. However, the challenge does exist in the near future as an office building. I hope he has the long term in mind. |
Hudkina Member Username: Hudkina
Post Number: 127 Registered: 12-2004
| Posted on Monday, February 25, 2008 - 2:07 am: | |
future home of Bank of America's regional offices? hmmm... |
Gistok Member Username: Gistok
Post Number: 6346 Registered: 08-2004
| Posted on Monday, February 25, 2008 - 12:03 pm: | |
I'm still waiting to find out where the $28 million that was supposedly spent redeveloping this building by a previous owner was spent on? |
Higgs1634 Member Username: Higgs1634
Post Number: 342 Registered: 10-2005
| Posted on Monday, February 25, 2008 - 12:17 pm: | |
the way I understand it, only a portion of the 28 mil went to the actual building...the rest (most) was for the parking deck. |
Eboyer Member Username: Eboyer
Post Number: 79 Registered: 01-2007
| Posted on Monday, February 25, 2008 - 12:40 pm: | |
Hudkina, 1001 Woodward is not great for BOA. Small floor-plates, not a renaissance zone, and generally an aesthetically unpleasant building. If and when they come down, they will make a splash. |
Gistok Member Username: Gistok
Post Number: 6350 Registered: 08-2004
| Posted on Monday, February 25, 2008 - 12:52 pm: | |
Although I'm no fan of modern, I do believe that 1001 is architecturally superior to One Kennedy next door. After all it's skin is made of granite (and glass). Few buildings are made of real stone anymore. |
Detx Member Username: Detx
Post Number: 106 Registered: 07-2007
| Posted on Monday, February 25, 2008 - 9:39 pm: | |
When was 1001 originally built? |
Wazootyman Member Username: Wazootyman
Post Number: 314 Registered: 02-2006
| Posted on Monday, February 25, 2008 - 9:49 pm: | |
Built 1963-1965, designed by Smith, Hinchman & Grylls (modern-day SmithGroup) |
Gistok Member Username: Gistok
Post Number: 6355 Registered: 08-2004
| Posted on Monday, February 25, 2008 - 11:37 pm: | |
Eboyer, I'm not so sure that Bank Of America would not consider moving to 1001 (if they are indeed thinking of moving). First of all it is in the heart of downtown... can't find a better location... and then it was a bank building until recent years, so the space may be ideal for that type of use. It is modern enough to still be considered possible Class A space, and as I recall it has very tall floors, with floor to ceiling windows. And it may be just the right size for their needs. And one last thing... BOA could end up getting quite a favorable lease. It would also tower over the nearby Chase Tower, and would add some "ompf" to the name "Financial District". Between the Chase Tower, One Kennedy, and 1001, 1001 is the most attractive of the three, IMHO. |
Royce Member Username: Royce
Post Number: 2566 Registered: 07-2004
| Posted on Tuesday, February 26, 2008 - 1:13 am: | |
Gistok, I agree with everything you said in your last post. |
Eboyer Member Username: Eboyer
Post Number: 82 Registered: 01-2007
| Posted on Tuesday, February 26, 2008 - 9:10 am: | |
Gistok, the key point is the fact that the building is not in a Renaissance zone. BOA is not moving to an area that is not deemed accordingly. Plus, I'm telling you, the floorplates are not large enough. |
Gpcharles Member Username: Gpcharles
Post Number: 11 Registered: 01-2008
| Posted on Tuesday, February 26, 2008 - 4:12 pm: | |
1001 Woodward was built as the HQ of First Federal Savings & Loan of Detroit. I worked there for 2 1/2 years. There are two "wings" to each floor connected by the central elevator lobby I would disagree that the floorplates are too small. |
Davecil Member Username: Davecil
Post Number: 5 Registered: 03-2007
| Posted on Tuesday, February 26, 2008 - 4:16 pm: | |
I hear he just hired an amazing detroit-based design firm to handle the marketing and identity of the building. |
Eboyer Member Username: Eboyer
Post Number: 85 Registered: 01-2007
| Posted on Tuesday, February 26, 2008 - 4:36 pm: | |
GpCharles, how big are the floorplates, would you say? If they are under 55,000-60,000, they are most likely to small. Remember, banks operate differently today than they did in the early 1960s. |
Rhymeswithrawk Member Username: Rhymeswithrawk
Post Number: 1141 Registered: 11-2005
| Posted on Tuesday, February 26, 2008 - 6:33 pm: | |
Anybody wonder what stood on the site of 1001 Woodward before it? I thought you'd never ask. Here's a link to a video montage of photos I threw together. Sigh. I'd much rather have the Majestic Building than 1001 Woodward. Alas. http://youtube.com/watch?v=tET oULBl-Xc (Message edited by rhymeswithrawk on February 26, 2008) |
Charlottepaul Member Username: Charlottepaul
Post Number: 2358 Registered: 10-2006
| Posted on Tuesday, February 26, 2008 - 6:49 pm: | |
"There are two "wings" to each floor connected by the central elevator lobby I would disagree that the floorplates are too small." "If they are under 55,000-60,000, they are most likely to small." Neither of these comments are very close to reality. Typical office floorplates built these days are +/- 25,000 GSF |
Keystone Member Username: Keystone
Post Number: 275 Registered: 10-2003
| Posted on Tuesday, February 26, 2008 - 7:08 pm: | |
The building is in great shape. Lots of windows, exterior skin is all granite and in excellent condition. Most of the interior floors have been demo'd, clearing the way for new development. Some mechanical issues, but seems to be under control. Elevators are like new. The lobby is fantastic. If you're in the area, peek in and take a look. I personally think the style is as good as anything in the City. The ceiling of the lobby reminds me of the NBD lobby. (An AKA building) Very cool. And, with attached parking, I think its a winner. |
Gambling_man Member Username: Gambling_man
Post Number: 1055 Registered: 11-2003
| Posted on Tuesday, February 26, 2008 - 7:19 pm: | |
Eboyer, how difficult do you think it would be for Jim to get it included in a Renaissance zone? I'm also not sure why that would be a hindrence anyhow? |