The Redevelopment of Detroit

[Rizzo]

DecoJim, thanks for the link. But I'm wondering if we can keep the hot topic of the light rail / BRT discussion in the metro transit thread.

[DecoJim]

Chrysler will occupy the top 2 floors of the Dime Building and will rename it the Chrysler House.

Chrysler plans to move about 70 staffers into the top two floors of the 23-story office tower near downtown's Campus Martius Park. Chrysler CEO Sergio Marchionne will have an office in the building, which will serve as the home of the company's Great Lakes Business Center and other corporate functions.

http://www.freep.com/article/2012050...oit-celebrated

Another take on the same story with mock up of renamed building:
http://www.mlive.com/auto/index.ssf/...ime_build.html

[Rizzo]

Keep the good news coming!

[Docta_Love]

Excellent news indeed! While 70 workers is not going to be a game changer for downtown, the presence of CEO Sergio Marchionne is symbolically important in sending the message that Chrysler is investing in the city's future. It is also more of an important story within the context of all of downtown's recent momentum such as the renovations of the David Broderick & Whitney Buildings and the buying spree by Dan Gilbert. Hopefully this additional presence of a major international corporation will spur the relocation of more high-tech companies along "Webward Ave".

[Docta_Love]

Ford deal to sell Saline auto components operation to French supplier Faurecia also brings 500 jobs
Tom Walsh
The Detroit Free Press
May 3, 2012

In a three-party deal announced today, Ford moves a giant step closer to concluding a seven-year effort to dispose of its old auto components operations, while French auto supplier Faurecia expands its U.S. footprint and a new joint venture is formed in Detroit that brings 500 manufacturing jobs to the city.

http://www.freep.com/article/2012050...text|FRONTPAGE

More jobs for city is always good news, but its even better to hear that Ford is restructuring in a way that preserves manufacturing jobs in the region. As opposed to just selling the division off to some heartless venture capitol firm that would gut the operations here and ship what remains off to Mexico.

[DecoJim]

For at least the second time in its history, the Penobscot Building has been sold in a foreclosure sale, this time to Triple Properties of Toronto (Andreas Apostolopoulos, president and CEO) for a mere $5 million.

Mr. Apostolopoulos plans to put money into the building and aggressively market its office space at low rates. The current vacancy rate is about 50%.

Detroit Free Press:
http://www.freep.com/article/2012050...SS04/120505008

Crain's Detroit (requires subscription or lucky google search):
www.crainsdetroit.com/article/20120506

Since the Crain's article says the Penobscot has 1.2 million square feet, I assume that the deal includes all three connected buildings: Penobscot Building (1905), Penobscot Annex, and Penobscot Building (1928).

This appears to be good news but this building has changed hands many times in the last few decades. At least there is no mortgage to go bad.

Never has the "Location, Location, Location" mantra of real estate been more graphically illustrated by comparing Detroit to New York city. The price paid this time for the Penobscot was less than the cost for any one of a number of single floor luxury apartments sold in NYC.

[uaarkson]

Da fuq? There are single family homes in Grosse Pointe worth more than $5 mil.

[Rizzo]

Let's hope the new owners keep this viable and boost occupancy. Now is a great time with the wave of jobs and businesses moving into downtown.

Oh and crossing my fingers the observation deck will one day reopen