  Detroitman Member Username: Detroitman Post Number: 965 Registered: 06-2004 Posted From: 216.78.41.215 |
Ex-Federal Reserve Bank sold Crain's Detroit Business Jennette Smith April 24, 2006 The former location of the Detroit branch of the Federal Reserve Bank of Chicago has been sold. The 160 W. Fort St. Building was sold to a group of Seattle investors who are considering options for the property, said Dwight Belyue, broker-owner of Detroit-based Belmar Development Group who represented the buyers. One possibility is to convert the upper floors to lofts and leave the lower floors as office space, but Belyue said the group won’t have a plan for a couple of months. Terms were not disclosed, but the asking price was $2.9 million, said Brent Beshears, vice president for Colliers International who represented the Federal Reserve Bank in the deal that closed earlier this month. The 177,000-square-foot building was built in 1926 with an addition in 1950, according to CoStar Group. Also here's an update on the Staples store New Staples coming to Detroit Crain's Detroit Business Jennette Smith April 24, 2006 DeBartolo Development broke ground on a new Staples store and additional multitenant retail in downtown Detroit. The Tampa, Fla.-based developer is building a 14,000-square-foot Staples store and a 10,850-square-foot multitenant retail building on 2.5 acres at 2730 E. Jefferson Ave. at Jos. Campau Avenue The value of the project is about $6 million to $7 million, said Chuck Mady Sr., CEO of Exclusive Realty Inc. in Detroit. Mady said his company is courting national chains such as Panera Bread and Caribou Coffee for the site. Restaurant franchise Classic Chicken has signed on as a tenant, he said. The other brokerage on the DeBartolo deal was Farbman Group. The long-vacant site was the site of Doctors Hospital, closed and demolished in the mid-1990s. http://www.crainsdetroit.com/a pps/pbcs.dll/article?AID=/2006 0424/SUB/60421025/-1/toc | ||
Michikraut Member Username: Michikraut Post Number: 150 Registered: 05-2004 Posted From: 80.136.84.115 |
DeBartolo Development is a very large and successful company, they own or have built many of the malls throughout the Midwest and East Coast. Mr. Debartolo is a Notre Dame graduate and most of his kids went/are going there. Donates millions to different charities and built a dormatory and Science Building at ND. If they think there is growth opportunities in Detroit, then there must be, as he is pretty shrewd. | ||
Detroitduo Member Username: Detroitduo Post Number: 594 Registered: 06-2005 Posted From: 194.138.39.56 |
Yet another out-of-state developer investing in Detroit. A good sign. The local developers can continue to build their homes out in the Ex-urbs, but, everyone out side of the State seems to believe the most potential is in the City. Good for them... good for us! I can't help but to think that if the developers of the $billion project in Pontiac/Bloomfield would have made their development in Detroit (on the river, Corktown, Downtown, where ever), they would have been started by now and had it 1/3 completed already, instead of stuck in the mud... | ||
Itsjeff Member Username: Itsjeff Post Number: 5826 Registered: 10-2003 Posted From: 208.27.111.125 |
Uh, because projects in Detroit have a history of going off whiz-bang without any holdups? | ||
Merchantgander Member Username: Merchantgander Post Number: 1742 Registered: 01-2005 Posted From: 150.198.150.244 |
Itsjeff please name one project that had a hold-up, that only happens in the burbs.  | ||
Keystone Member Username: Keystone Post Number: 219 Registered: 10-2003 Posted From: 63.241.158.33 |
Fed Reserve sales price of $ 16.38 per square foot. How does that compare to other real estate sales? | ||
Itsjeff Member Username: Itsjeff Post Number: 5827 Registered: 10-2003 Posted From: 208.27.111.125 |
The Reserve has some unique issues. First, a lot of the building is made up of windowless vaults and storage areas. And it comes with its own money shredding/burning facilities, which every retail operation is so hot for. Still, it's attractive, well-mainted and has good parking for tenants. Lofts could work well there. | ||
Lowell Board Administrator Username: Lowell Post Number: 2526 Registered: 10-2003 Posted From: 66.167.210.27 |
"... it comes with its own money shredding/burning facilities." What's the big deal with that. Isn't that standard for every governmental building? LOL | ||
Alexei289 Member Username: Alexei289 Post Number: 1103 Registered: 11-2004 Posted From: 68.61.183.223 |
and most private corporations as well... you know... isnt this building butt ass ugly? maybe im thinking of the wrong building, but isnt this akin to a masterpiece concrete bunker with slits for windows? I dunno... I find it interesting tiger stadium can be torn down, but this ugly piece of shit will stay for future generations to puke at... | ||
Mikem Member Username: Mikem Post Number: 2434 Registered: 10-2003 Posted From: 208.54.14.97 |
https://www.atdetroit.net/forum/mes sages/36206/42845.html#POST353 543 | ||
Erikd Member Username: Erikd Post Number: 588 Registered: 10-2003 Posted From: 69.242.214.106 |
Check out the photo in the link above. The building has plenty of windows, and is quite nice-looking. | ||
Karl Member Username: Karl Post Number: 2091 Registered: 09-2005 Posted From: 68.230.22.99 |
"Belyue" Lowell, is this you in disguise? | ||
Atl_runner Member Username: Atl_runner Post Number: 1903 Registered: 10-2003 Posted From: 24.98.116.13 |
This has Super Bowl influence written all over it. It would be interesting to find out if that is the case here. I didn't read the article so I have no idea if this was discussed. | ||
Detroiternthemist Member Username: Detroiternthemist Post Number: 39 Registered: 01-2006 Posted From: 68.73.52.47 |
You know its like the girl next door yor remember her in braces...and ponytails. Now she's 18 and developing and all the boys from across the tracks are coming to date her. Thats our Detroit. My inside sources say major players have come up from Georgia and Texas scouting our city. | ||
Michigansheik Member Username: Michigansheik Post Number: 137 Registered: 09-2005 Posted From: 68.40.107.39 |
i'd like to have a vault (safe room) in my loft. according to our president we're at risk of being attacked! lol | ||
Mind_field Member Username: Mind_field Post Number: 548 Registered: 10-2003 Posted From: 209.240.205.61 |
I have a theory on why so many out of state developers are investing in Detroit. The back to the city trend is raging in this country from coast to coast, transforming formerly dead downtowns with only day use activity into vibrant bustling centers. St. Louis, Atlanta, Denver, San Diego, Chicago practically every major city's core in this country is seeing major new investment and development. This trend has been a lot slower in the Detroit area for the usual reasons, but it is taking hold slowly, I believe. These companies are watching the major cities in their homestates experience new prosperity and tremendous growth. Detroit, along with a select few other cities, is an undiscovered gold mine and these investors will be flush with cash if (not when) the trend catches on fire here. This really is a new golden age for American cities. | ||
Sknutson Member Username: Sknutson Post Number: 542 Registered: 03-2004 Posted From: 64.139.1.36 |
I think we're safe for the moment, but don't be surprised if the terror alerts are raised, oh, lets say around.....the end of October. | ||
Erikd Member Username: Erikd Post Number: 590 Registered: 10-2003 Posted From: 69.242.214.106 |
I think Mind_field is correct with his assement of this situation. Over the last 20(ish) years, there has been a boom in downtown redevelopment and mass transit projects in almost every city in America. It is possible that Detroit will be the lone exception to this national trend, but the recent surge in downtown development is convincing many investors that Detroit is finally catching up to the rest of the country. | ||
Michigansheik Member Username: Michigansheik Post Number: 144 Registered: 09-2005 Posted From: 63.65.97.67 |
oh for sure there terror alert will go up in october right before the elections, thats a given. I better make sure i have my canada trip planned so i can be where its safe! lol I think it helps that the DEGC and DDC and other groups are co-marketing and working with the city PDD to get things done, finally! | ||
Gistok Member Username: Gistok Post Number: 2017 Registered: 08-2004 Posted From: 4.229.24.203 |
Alexei789, that federal building doesn't look bad at all. And as for Tiger Stadium, it has a lot of sentimentality, but very little in the "beauty" department. | ||
Spartacus Member Username: Spartacus Post Number: 109 Registered: 07-2005 Posted From: 209.114.251.65 |
ATL: the fact Seattle was in the Superbowl is pure coincidence. |
