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  #2701  
Old Posted Sep 8, 2014, 7:16 AM
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The Davenport it's looking great. It's been a long time coming. I'm glad to see them keeping much of the historic detail of the structure.

Speaking of all of the redevelopments, I'd be interested to see housing and/or residential construction permit data for the City of Detroit, and compare it to previous years. I imagine the numbers are still relatively small, and demolition numbers will most likely outpace them for quite a few years. But I'd definitely like to see what kind of baseline we're at.
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  #2702  
Old Posted Sep 9, 2014, 9:44 AM
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Originally Posted by LMich View Post
The Davenport it's looking great. It's been a long time coming. I'm glad to see them keeping much of the historic detail of the structure.

Speaking of all of the redevelopments, I'd be interested to see housing and/or residential construction permit data for the City of Detroit, and compare it to previous years. I imagine the numbers are still relatively small, and demolition numbers will most likely outpace them for quite a few years. But I'd definitely like to see what kind of baseline we're at.
According to SEMCOG: Total new units

2004: 923
2005: 1,051
2006: 698
2007: 654
2008: 516
2009: 118
2010: 616
2011: 922
2012: 404
2013: 314
2014*: 83

*possibly as of March.

Demoltions, yea. The city is averaging between 1,000 and 3,000 units a year. Though what's interesting about that is that it was higher in previous decades. Probably because it was mostly multifamily buildings then.
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  #2703  
Old Posted Sep 10, 2014, 4:10 AM
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$12.2M federal grant to help complete Detroit's M-1 rail project along Woodward

DAVID SHEPARDSON THE DETROIT NEWS

Detroit’s $136 million Woodward Avenue light rail project won $12.2 million in additional federal funding Tuesday — a major milestone that will help complete the effort.

The award represents the last major piece of financing for the M-1 Rail, although some lesser donations and tax breaks have yet to be buttoned up.

http://www.detroitnews.com/article/2...along-Woodward
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  #2704  
Old Posted Sep 10, 2014, 7:38 AM
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Originally Posted by animatedmartian View Post
According to SEMCOG: Total new units

2004: 923
2005: 1,051
2006: 698
2007: 654
2008: 516
2009: 118
2010: 616
2011: 922
2012: 404
2013: 314
2014*: 83

*possibly as of March.
Hmmm. Kind of disappointed. Short of the total collapse in 2009, which was the height of the recession, there is no discernable pattern, and really no sign that anything is really picking up. Are multi-family structures counted as a single permit (either construction or demolition)? Even the demo permits don't have much of a discernable pattern, and this is despite all of this fanfare in the past few years about all of this federal money coming in for demos and a system to handle them.

Of course, residential and demo permits are only part of the story. There are plenty of vacant units which were on the market which have been filled in the past few years which wouldn't show up in this kind of data. This data shows renovated and new construction, I imagine, in addition to the vacant stuff that hadn't been on the market in years that was demoed.
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  #2705  
Old Posted Sep 10, 2014, 8:19 AM
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The only noticeable pattern is in SFH permits. Those particular numbers rise and fall with the recessions.

Multifamily units are pretty stable and only seem to fall during recessions but never really get too high during expansions.

I'm pretty sure multifamily structures are counted based on the number of units within the structure. For instance, 1983 and 1984 had around 1300 multifamily units issued each year which coincides with construction of the Detroit City Apartments, Riverfront Towers, and the Millender Center (they were completed a few years later).

Keep in mind, attached-condos are considered separate from multifamily units though Detroit never really got a high number of those either.
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  #2706  
Old Posted Sep 10, 2014, 8:30 AM
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As much as I complain, next year will see some large increasees with DuCharme Place, Orleans Landing, Statler City, whatever starts construction at the Red Wings arena, etc...it'll probably be up there with 2011. This year is kind of the quiet before the storm, a staging year for all the projects to come.
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  #2707  
Old Posted Sep 10, 2014, 8:59 AM
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Exactly. I don't know what happened to the economy in 2013. It seems like it just crapped out almost going into a recession, but now suddenly in 2014 it's breaking records. Whatever, as long as it isn't another recession.

I'd also be pretty sure that before 2015 that Gilbert will finally start building (or just announce) the residential he seems to keep hinting at. Or at least I hope so. I'm also quite surprised he hasn't bought anymore property in a while. What's it been, like 2 months since his last purchase? Lol.
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  #2708  
Old Posted Sep 10, 2014, 9:13 AM
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He has been unusually quite as of late. The Ilitches kind of sped back into the drivers seat for the year. It seems as if development is moving out of the core north and east, lately. Though, Karp is still very much on the move in Capitol Park.
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  #2709  
Old Posted Sep 11, 2014, 7:24 AM
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In an interesting turn of events during the bankruptcy, Detroit struck a deal with holdout creditor Syncora that included credits towards the purchase of any city-owned property within 3-miles of the Detroit/Windsor tunnel. Syncora would be required to develop the property they purchase within 18 months after purchase. Syncora has specifically stated that they want waterfront property and there's quite a few options there.

One of the sites includes Joe Louis Arena. Though the JLA won't likely be demolished until 2016-2017 so chances are Syncora my buy something a bit sonner than that, but nothing it set in stone as of yet so it's possible.

This also makes it possible that Detroit bankruptcy will end within the month which is all good. But after the bankruptcy, the Syncora name might be around for a while.

http://www.freep.com/article/2014091...y-Syncora-FGIC
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  #2710  
Old Posted Sep 11, 2014, 7:31 AM
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I really think they are going to get the Ford Auditorium site. That'd make an awesome spot for a residential tower right next to the RenCen. You'd have to go fairly tall to maximize profits given the location.

But, regardless of the piece of land they get, with the millions they already make off the tunnel, and the money they'll now be making from the Grand Circus Park garage, this is a company with the wherewithal to get something major financed whenever this actually comes up.
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  #2711  
Old Posted Sep 11, 2014, 7:39 AM
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I really don't feel good about the deal with Syncora because they seem like a shady company that's just out to make a quick buck. You are giving them important key real estate and hope they build something great on it.
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  #2712  
Old Posted Sep 11, 2014, 7:47 AM
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Years ago, I'd have been skpetical of a deal like this. But, the city is in bankruptcy and we're dealing with something where they (Syncora) are legally bound to comply. If this (relatively) small price is what it takes to get them off the city's back, and we get new development out of it, so be it. The city certainly hasn't been proactive about redevelopment of its riverfront land. Thank god for the Detroit Riverfront Conservancy and private developers or Detroit would have nothing on the riverfront.

I guess what I'm saying is that this isn't Kwame making a backroom deal with some shell company.
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  #2713  
Old Posted Sep 11, 2014, 8:03 AM
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I don't know... They were ready to auction off the art in the DIA, so I don't really think you are going to get much development from them. I know the city wants to go through this as fast as possible, but you also need to be cautious of the long term effects.

This isn't a done deal either:

Quote:
Syncora won’t agree to settle with Detroit unless the banks release the insurer from its responsibility to cover the banks’ losses on an $85-million deal brokered in the spring to eliminate a costly swaps deal reached by Kwame Kilpatrick’s administration to secure a steady interest rate on a $1.4-billion debt.
http://www.freep.com/article/20140909/NEWS05/309090200
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  #2714  
Old Posted Sep 11, 2014, 9:49 AM
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I don't know... They were ready to auction off the art in the DIA, so I don't really think you are going to get much development from them. I know the city wants to go through this as fast as possible, but you also need to be cautious of the long term effects.
The worse that could happen is that they never actually use the credits to build anything and simply profit from the revenue from the other assets the city gave them.
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  #2715  
Old Posted Sep 11, 2014, 9:52 PM
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Growing Meridian Health needs 60% more space in new Detroit HQ


Quote:
The proposed size of the new Meridian Health Plan building in downtown Detroit has increased by more than 60 percent.

According to sources, the Detroit-based company needs up to 200,000 square feet more than the 320,000 square feet originally planned.

Increasing the building size is a result of faster than expected employee growth at Meridian, which has office space in One Kennedy Square and the Dan Gilbert-owned building at 1001 Woodward Ave.


With the revised plans for up to 520,000 square feet, the building would be 26 stories and likely cost more than $180 million.
http://www.crainsdetroit.com/article...new-detroit-hq

Wow!!! I can't wait to see the rendering for this thing.
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  #2716  
Old Posted Sep 12, 2014, 7:10 AM
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EDIT: It seems Crain's has since retracted the story. I wonder what's going on?
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Last edited by LMich; Sep 12, 2014 at 12:36 PM.
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  #2717  
Old Posted Sep 12, 2014, 12:19 PM
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It seems the source for the article wasn't particularly reliable...
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  #2718  
Old Posted Sep 12, 2014, 2:35 PM
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I'm more upset that the whole project ended up being cancel, but then I'm not surprised either since it was rumored to be. Still, it would have been nice to see a parking lot developed.
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  #2719  
Old Posted Sep 12, 2014, 6:01 PM
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I'm more upset that the whole project ended up being cancel, but then I'm not surprised either since it was rumored to be. Still, it would have been nice to see a parking lot developed.
I agree it is bittersweet. However at least they are staying downtown and expanding in existing office space, which should help downtown occupancies. Also the rendering the had previously shown was absolutely hideous. That location deserves much better than what they were proposing.
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  #2720  
Old Posted Sep 15, 2014, 7:26 AM
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More Detroit Medical Center expansion:

Quote:

Courtesy of Detroit Medical Center

Children's Hospital's new tower to focus more on critical care

By Jay Greene | Crain's Detroit Business

September 14, 2014

The new DMC Children's Hospital of Michigan patient tower — planned to begin construction in March and open at the end of 2016, with the entire project completed by 2017 — is expected to be more of a critical care facility than originally planned.

As the largest of the 15 specified capital projects required to be built when DMC was sold in 2011 to Vanguard Health Systems, the decision to build the cumulative $170 million tower project into more of a pediatric critical care wing was made for two primary reasons, said DMC CEO Joe Mullany:

There was a dire need to increase the number of neonatal and pediatric intensive care beds to treat a growing number of children who required such care, and that pediatric care is one of DMC's three regional specialty service lines that fit into its larger ambulatory care network strategy.

Last year, DMC was sold again, to Dallas-based Tenet Healthcare Corp., one of the largest investor-owned chains in the country.

The six-story, 185,000-square-foot children's tower features expanded neonatal and pediatric intensive care unit space, a new emergency department, new imaging equipment, larger operating rooms and advanced surgical equipment, and a patient-centered and lean architectural design.

...
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