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  #3761  
Old Posted May 14, 2017, 12:27 AM
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question for the detroit forumers..do any of you own property in the city?

what do you think about buying a vacant lot or two close to Woodward, maybe to develop as single family housing or re-sale in 5 or 10 years? Or buying a house in a nice but run down and eventually re-developable neighborhood like, i don't know, Dexter-Davidson?
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  #3762  
Old Posted May 14, 2017, 1:01 AM
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I'm wondering, why would you even ask on here if you're about to take the risk?

This is a US city with some sort of well-known fighting spirit. It wouldn't be such a risky spot for your money.

You take a close look at current development, then buy some property over there and make some money for yourself, or just shut the fuck up.
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  #3763  
Old Posted May 14, 2017, 1:39 AM
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Quote:
Originally Posted by dc_denizen View Post
question for the detroit forumers..do any of you own property in the city?

what do you think about buying a vacant lot or two close to Woodward, maybe to develop as single family housing or re-sale in 5 or 10 years? Or buying a house in a nice but run down and eventually re-developable neighborhood like, i don't know, Dexter-Davidson?
Sure, if I had a couple million dollars on hand. Otherwise it's a negative investment all around.

One house isn't enough to raise the value of land and assuming you get some sort of financing without any tax subsidies, you'll be in a whole bunch of debt by the time those 5-10 years pass. There's no way that Detroit's overall land values would be able to rise that fast for you to just break even because of the sheer volume of vacant land there is available to develop.
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  #3764  
Old Posted May 14, 2017, 7:54 PM
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Quote:
Originally Posted by mousquet View Post
I'm wondering, why would you even ask on here if you're about to take the risk?

This is a US city with some sort of well-known fighting spirit. It wouldn't be such a risky spot for your money.

You take a close look at current development, then buy some property over there and make some money for yourself, or just shut the fuck up.
can't argue with you

this looks nice:

detroit home
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  #3765  
Old Posted May 14, 2017, 7:56 PM
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Originally Posted by animatedmartian View Post
Sure, if I had a couple million dollars on hand. Otherwise it's a negative investment all around.

One house isn't enough to raise the value of land and assuming you get some sort of financing without any tax subsidies, you'll be in a whole bunch of debt by the time those 5-10 years pass. There's no way that Detroit's overall land values would be able to rise that fast for you to just break even because of the sheer volume of vacant land there is available to develop.
you really need a couple million?

see this area (just west of woodward)

seems some cheap stuff close to franklin blvd; very close to woodward also.
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  #3766  
Old Posted May 14, 2017, 9:21 PM
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Originally Posted by dc_denizen View Post
you really need a couple million?

see this area (just west of woodward)

seems some cheap stuff close to franklin blvd; very close to woodward also.
Maybe not a million, but either way it's a pretty risky gamble. It costs on average $75 to $100 dollars per square foot to renovate a home, assuming there's nothing major like fire damage or anything missing or critical to the structural integrity. That house on Leslie in your other post would have to sell for about $300,000 if completely renovated, at the very least. Comps in that are, at most, 60K. Not very optimistic odds.

It'd be even more expensive to build a new home on a vacant lot.

https://detroit.curbed.com/2016/9/9/...ood-low-income

These tiny homes are 300-400 square feet but cost about $48,000 to build. $160 dollars per square feet. The average home size in the Dexter-Linwood area is about 2100-2500 square feet. At $160/sq ft, you're looking at $400,000 houses. You'd need a decent number of units to sell to really stay in the green.

This could work in Midtown or Downtown, but out at Dexter and Davison? Maybe if a LRT was built up Dexter or Lindwood connecting to the QLine via Grand Boulevard. But I wouldn't hold my breath on that happening anytime in the near future, certainly not if I spent all that money now. Not only that, but this is a decently populated area and you'd have strong outcries of gentrification if nothing was done to help the residents already living there.
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  #3767  
Old Posted May 15, 2017, 3:55 PM
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According to the DHDC, this is in the works. Can't find any other info on it though.


https://www.facebook.com/DetroitHist...673877836582:0

Quote:
Detroit seeks to buy historic Lee Plaza tower for rehab
Matthew Dolan , Detroit Free Press May 14, 2017.



A long-delayed, ill-fated effort to revamp a vacant high-rise luxury hotel on Detroit's west side could be revived under a city proposal to buy the historic property from the Detroit Housing Commission.

It's part of a broader plan to be unveiled Monday proposing the transfer of nearly 400 vacant public housing units from the Detroit Housing Commission to direct city control, officials announced Sunday. Officials said the move will boost redevelopment opportunities and strengthen several neighborhoods.

The deal could bring more housing and rental assistance for lower-income residents if the sale and redevelopment of several apartment buildings are successful, according to city officials. It would encompass 385 units including Lee Plaza, Woodland Apartments and more than 100 single-family homes owned by the Detroit Housing Commission.

...

Current plans call for Lee Plaza to be marketed for resale and not torn down by the city, a Detroit official said Sunday.

City and Detroit Housing Commission officials did not immediately release full details of the plan. They are expected to discuss their proposed redevelopment with the news media inside Lee Plaza apartment building at 2240 W Grand Blvd. on Monday morning. Arthur Jemison, the city's housing and revitalization director, is among those expected to attend.

The deal is expected to go before City Council for approval later this week.

....
http://www.freep.com/story/news/loca...hab/321716001/
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  #3768  
Old Posted May 15, 2017, 10:53 PM
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Monday update, here ya go.

































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  #3769  
Old Posted May 15, 2017, 11:53 PM
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I'm not sure what to think of that Woodward public space, it cuts off the main artery of the city which doesn't really make any sense. I think they should focus more on a Hart Plaza renovation, it desperately needs it.

Pictures are greatly appreciated as always.
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  #3770  
Old Posted May 16, 2017, 1:38 AM
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Quote:
Originally Posted by animatedmartian View Post
Sure, if I had a couple million dollars on hand. Otherwise it's a negative investment all around.

One house isn't enough to raise the value of land and assuming you get some sort of financing without any tax subsidies, you'll be in a whole bunch of debt by the time those 5-10 years pass. There's no way that Detroit's overall land values would be able to rise that fast for you to just break even because of the sheer volume of vacant land there is available to develop.
Dexter Davison is too far off the beaten path but you make it sound like there aren't neighborhoods were it would work. A shell of a fixer upper that sold for 1k five years ago went for 70k in Islandview sold for 1k five years ago. Nice homes in the area are now asking and getting 100+k. The North End the parts of Virgina Park near Woodward are seeing price jumps given prominty to the QLine.

https://detroit.curbed.com/2017/3/20...slandview-sold

Last edited by skyfan; May 16, 2017 at 3:54 AM.
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  #3771  
Old Posted May 16, 2017, 2:27 AM
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wow virginia park looks awesome!
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  #3772  
Old Posted May 16, 2017, 4:12 PM
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So good. Thanks for the photos. Little Caesar's HQ fills in that space nicely and a glass structure will look cool next to the history.
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  #3773  
Old Posted May 19, 2017, 2:17 AM
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Quote:
Originally Posted by dc_denizen View Post
question for the detroit forumers..do any of you own property in the city?

what do you think about buying a vacant lot or two close to Woodward, maybe to develop as single family housing or re-sale in 5 or 10 years? Or buying a house in a nice but run down and eventually re-developable neighborhood like, i don't know, Dexter-Davidson?

I personally don't own any property in the city but a good friend of mine owns several i worked with her on several occasions renovating one of her home's in a neighborhood on the northwest side. The home i worked on first is in a neighborhood that while a bit of a rough side towards telegraph rd it backs up to the rouge river and surrounding natural areas a former golf course that Kwame Kilpatrick and his administration gave to a neighboring mega church in a deal that it would be preserved for the residents. Unfortunately soon after he was booted out of office the church declared that it didn't have the expertise to run a golf course and has kept it as a fenced off natural area ever since. Since this area of NW Detroit was an old haunt so to speak of ours we were able to find a good niche area that had steals in the "wood-frame bungalow" area of the neighborhood but she also had a friend of hers that was willing to rent right away when we were done and moved across telegraph and worked on another property that has vacant lots next to it to use for her business that she has bought for i think its $500 per lot from the land-bank if you own the adjacent lot

There are a lot of opportunities along the Grand River corridor from the Old Redford neighborhood with its small artist community and properties in its downtown that have been bought by the developer who is remodeling the Fisher Building in New Center, through the Grandmont - Rosedale Park area down towards the Grand River - Greenfield shopping district. Grand River ave. has seen a decent amount of small bouquet style shops opening along with streetscape improvements making the area more walkable.

However this part of the city is more of a suburban style even if it as a 20s-50s notion of what that means which is obviously a much more urban style than many other cities in the south and west. The Russell Woods neighborhood area between Linwood and Livernois south of Davison which is a mile or two northwest of Boston - Edison & Virginia Park and a mile or two south of the University District which is receiving the most attention of any area outside of the greater downtown area is where i would invest in. It may be another 5 years when areas like B&E, Virginia Park and The University District have been "gentrified" that Russell Woods would most likely see real strong interest from bigger investors, but Virginia Park was much like this 5 years ago a neighborhood of great architectural stock but bordered on a couple sides by rougher areas.

The Virginia Park story is a great one though if i recall correctly it was a married couple of no great means who invested in a home or two at a time later on as they had more and more success flipping and eventually went down the whole block renovation many vacant and or blighted homes. Now that development has really taken off in New Center the bordering areas are in a position similar to Woodbridge ten years ago when Midtown really started to take off.

I'm no expert please don't anyone sink their life savings on my word do your do diligence when looking at renovation an old home they may be a great bargain but the costs are high and the returns outside of the immediate downtown - midtown & n.c. areas will require time for a good return living in the home till then would be advisable.

However the city and some banks it has partnered up with i think chase is included are offering low interest loans for buying and renovating homes right now i cant look up the link because i don't have time but only a couple dozen have so far taken them up WDET our local NPR did a piece on the program not long ago trying to get the word out, so anyone who is interested can try and look the program up but i have a couple items i wanna post later anyways ill do a search then and leave the info if i can find it without too much effort. haha

Last edited by Docta_Love; May 19, 2017 at 2:41 AM.
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  #3774  
Old Posted May 19, 2017, 2:57 PM
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Great set animatedmartian you hit all the right spots on a beautiful day and just at the right time to catch so many the city's most important projects happening all at once at various stages all at this same time, a classic downtown photo-update during a "showpiece moment" in the city's revival with the q-line opening up and on a bright sunny day - well done!

Quote:


What a dramatically different influence the Book Tower is going to have on the skyline now that its showing its "true colors" this is moment i've been waiting for during this renovation we finally get to see the top of the Book getting its bath.



Great pic! You can really start to visualize what the finished product is gonna look like from this angle.

Quote:



Good to see a scaffold up on the Metropolitan Building too it looks like they've been taking the protective coverings off some of the windows too, looks like things are starting to get serious here too.

For anyone considering taking on a home renovation in the city there are tools available the loan and grants programs linked below these are pilot programs because some banks have been hesitate on lending in the city for a long time now and especially after the recession to non-millionaire's or above. So the idea is to longer term lower interest type of loans and grants for projects like buying and fixing up a vacant home helping to defray potentially prohibitive costs if the renovation of an old home is factored in for most people of middle class background. Detroit has high taxes because of its massive infrastructure that now serves a smaller population than it was designed for and there are some areas like insurance where costs are very high.

http://www.detroitmi.gov/How-Do-I/Ob...am-Information
http://www.detroitmi.gov/News/Articl...-Neighborhoods

I don't think i found the program i had initially heard of though if i come across it at a later date ill post it.

My friend was able to start a successful dog grooming and kenneling business because of the ability to purchase adjacent lots and vacant homes for $500 her and her boyfriend when they lived there or my friend when she lived there alone had an issue with their own safety or property.


Quote:
Global Automotive Alliance opens new HQ in southwest Detroit
By DUSTIN WALSH
Crain's Detroit Business
May 17, 2017



Detroit-based Global Automotive Alliance LLC opened this week a new headquarters at a former FedEx distribution center in southwest Detroit.

GAA acquired the 75,000-square-foot building at 2801 Clark St. in 2013 for an undisclosed price. The building includes 10,000 square feet of office space and space for a business incubator, which currently houses three entrepreneurial companies, said Sylvester Hester, GAA's president and CEO.

The move is part consolidation of its five subsidiaries under one roof and plans for growth, Hester said.

"This is the first time we've consolidated all of our businesses under one roof," Hester said. "Our companies used to operate as completely separate entities, but now is the time to integrate and share resources."

GAA's businesses include ARD Logistics, a national logistics and warehousing firm; Grupo Antolin Primera Automotive Systems, which assembles headliners for Ford Motor Co.; Global SQ, a quality inspection service provider for Toyota Motor Corp.; Key Logistics Solutions, a global logistics and supply chain services firm; and Vitech, a warehousing and distribution services firm.

GAA, a certified minority-business enterprise, has 11 employees in the new headquarters now with plans to expand that base over time, Hester said. GAA employs 1,600 globally.

....

GAA generated revenue of $229 million in 2016, down from $415 million in 2015 due to the selling off of its Vitech gas tank manufacturing assets.
http://www.crainsdetroit.com/article...thwest-detroit



Quote:
First phase of Packard Plant construction to begin next month

By KIRK PINHO
Crain's Detroit Business
May 16, 2017



Construction on the $16 million redevelopment of the former Packard Motor Car Co. administration building in Detroit is expected to begin in the next four to six weeks.

The developer, Peru-based Fernando Palazuelo, said at an event Tuesday morning at the Packard Plant said he "will not fail" in the effort to redevelop the dilapidated plant on Detroit's lower east side.

....

Once remediation and abatement on the 121,000-square-foot building, which sits windowless on East Grand Boulevard as part of the 3.5 million-square-foot shuttered plant, construction will begin to convert it into office and commercial space, said Kari Smith, director of development for Palazuelo's Arte Express Detroit LLC.

It is expected to take two years and cost $23 million, which includes soft costs, Smith said.

Crain's reported in January that construction was expected to begin in the spring.

The committed tenants for the four-story building include Silveri Architects, Environmental Consulting & Technology Inc., Testing Engineers & Consultants, Sterling Security and the Detroit Training Center, a nonprofit job training organization, Crain's reported earlier this year.

It's expected to cost $450 million to $500 million to redevelop the entire plant, which Palazuelo bought for just $405,000 in a Wayne County tax-foreclosure auction in 2013.

Many local real estate experts have expressed reservations about the project to convert the Packard Plant, which became a symbol of Detroit's decay and was long the target of vandals, arsonists, graffiti taggers and scrappers. They have a difficult time imagining an economically viable redevelopment of that scale at that site and with the uses envisioned.

Those include retail, light industrial space, multifamily and senior housing, office space, recreation and art all co-existing in a largely forgotten part of the city, one previously all but ignored by the redevelopment boom concentrated on Detroit's central core.

In addition to Smith and Palazuelo, others speaking at the event included Wayne County Executive Warren Evans and Detroit City Council member Mary Sheffield, who said the redevelopment is long overdue.
http://www.crainsdetroit.com/article...gin-next-month

Last edited by Docta_Love; May 19, 2017 at 3:42 PM.
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  #3775  
Old Posted May 19, 2017, 10:59 PM
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M-1 Rail is continuing free rides on the QLine until July to figure out how to deal with the crowds of folks using it.

Quote:

Ryan Garza | Detroit Free Press

Amid deluge of riders, QLINE announces free rides through July

By Eric D. Lawrence | Detroit Free Press

May 19, 2017

If you worried that you would miss a free ride on the QLINE, never fear. Detroit's new streetcar line will be free until July 1.

The extension of free rides is in part a response to the outpouring of people clamoring to get on board, which has led to some slower-than-expected service. Reports of packed streetcars have been widespread in the week since the line opened.

According to M-1 Rail, which built and operates the streetcar, QLINE had nearly 50,000 riders its first week, averaging 8,300 riders per day over its first weekend and 5,120 riders from Monday through Thursday. Those figures are based on observations from staff.

M-1 Rail plans to increase the number of streetcars on the route during heavy ridership periods.
They will use the time to develop a public education plan to speed up rider's use of the line.
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  #3776  
Old Posted May 24, 2017, 2:58 PM
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Quote:
Detroit Police Athletic League Gets $2.8 Million For Ballpark Project On Old Tiger Stadium Site
By Shianne Nocerini
Daily Detroit
May 22, 2017



The Detroit Police Athletic League’s (PAL) stadium under construction on Michigan Avenue in Corktown has a new presenting sponsor. The new facility located at the former Tiger Stadium will be called “The Corner Ballpark presented by Adient.”

Adient has given a multi-year gift of $2.8 million to PAL. It’s the largest in the history of the organization.

....

“Their support is going to help PAL improve and provide quality programming at every corner of Detroit, with a goal to increase the number of youth served from 13,830 in 2016 to 20,000 by 2020,” said Detroit PAL CEO Tim Richey. “Adient and the Adient Foundation have shown tremendous commitment to the city of Detroit and this gift will help provide PAL’s character-building programs to tens of thousands of kids each year at The Corner Ballpark presented by Adient and all across Detroit.”

The new stadium will be home to PAL’s headquarters, the Willie Horton Field of Dreams that will have a 2,500-seat capacity, a banquet facility, leadership center, dugouts, and locker rooms.



Earlier this year, it was announced that Meijer will support the Willie Horton Field of Dreams for $750,000.
http://www.dailydetroit.com/2017/05/...lpark-project/


Quote:
Boston-Edison house snags record bid in Land Bank auction
$240,100
BY ROBIN RUNYAN
MAY 18, 2017
Curbed Detroit



We posted this house a couple months ago as it was up for bid on the Detroit Land Bank Building Detroit daily auction. These Boston-Edison homes are quite popular, and this and another caused some traffic issues on the site. The house went back up on the auction yesterday and posted a record for the Detroit Land Bank auctions. The winning bid was $240,100.

It’s pretty wild, considering it’s on the west side of the Lodge and other homes in this area have listed and sold for around that price range. This 3,400-square-foot house wasn’t in nearly as bad condition as many auction houses, and still had some beautiful character to it. Those buying through the auction know they have to fix up the houses in a certain time frame (historical districts receive a little more time), so we’re looking forward to seeing the rehab on this one. Here are a few (two-year-old) pics inside.



https://detroit.curbed.com/2017/5/18...auction-record
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  #3777  
Old Posted May 24, 2017, 3:44 PM
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Quote:
Originally Posted by Docta_Love View Post
I personally don't own any property in the city but a good friend of mine owns several i worked with her on several occasions renovating one of her home's in a neighborhood on the northwest side. The home i worked on first is in a neighborhood that while a bit of a rough side towards telegraph rd it backs up to the rouge river and surrounding natural areas a former golf course that Kwame Kilpatrick and his administration gave to a neighboring mega church in a deal that it would be preserved for the residents. Unfortunately soon after he was booted out of office the church declared that it didn't have the expertise to run a golf course and has kept it as a fenced off natural area ever since. Since this area of NW Detroit was an old haunt so to speak of ours we were able to find a good niche area that had steals in the "wood-frame bungalow" area of the neighborhood but she also had a friend of hers that was willing to rent right away when we were done and moved across telegraph and worked on another property that has vacant lots next to it to use for her business that she has bought for i think its $500 per lot from the land-bank if you own the adjacent lot

There are a lot of opportunities along the Grand River corridor from the Old Redford neighborhood with its small artist community and properties in its downtown that have been bought by the developer who is remodeling the Fisher Building in New Center, through the Grandmont - Rosedale Park area down towards the Grand River - Greenfield shopping district. Grand River ave. has seen a decent amount of small bouquet style shops opening along with streetscape improvements making the area more walkable.

However this part of the city is more of a suburban style even if it as a 20s-50s notion of what that means which is obviously a much more urban style than many other cities in the south and west. The Russell Woods neighborhood area between Linwood and Livernois south of Davison which is a mile or two northwest of Boston - Edison & Virginia Park and a mile or two south of the University District which is receiving the most attention of any area outside of the greater downtown area is where i would invest in. It may be another 5 years when areas like B&E, Virginia Park and The University District have been "gentrified" that Russell Woods would most likely see real strong interest from bigger investors, but Virginia Park was much like this 5 years ago a neighborhood of great architectural stock but bordered on a couple sides by rougher areas.

The Virginia Park story is a great one though if i recall correctly it was a married couple of no great means who invested in a home or two at a time later on as they had more and more success flipping and eventually went down the whole block renovation many vacant and or blighted homes. Now that development has really taken off in New Center the bordering areas are in a position similar to Woodbridge ten years ago when Midtown really started to take off.

I'm no expert please don't anyone sink their life savings on my word do your do diligence when looking at renovation an old home they may be a great bargain but the costs are high and the returns outside of the immediate downtown - midtown & n.c. areas will require time for a good return living in the home till then would be advisable.

However the city and some banks it has partnered up with i think chase is included are offering low interest loans for buying and renovating homes right now i cant look up the link because i don't have time but only a couple dozen have so far taken them up WDET our local NPR did a piece on the program not long ago trying to get the word out, so anyone who is interested can try and look the program up but i have a couple items i wanna post later anyways ill do a search then and leave the info if i can find it without too much effort. haha
thanks Docta for the response.

for new construction houses, it does seem that something like (federally?) subsidized construction loans/grants would be a win-win idea, maybe structured to guarantee some portion of the cost to build...maybe the lender could negotiate a stake in the equity if and when the value starts to rise.

otherwise renovations, given that they're usually a lot cheaper, sound like a better bet.
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  #3778  
Old Posted May 24, 2017, 6:42 PM
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Quote:
Originally Posted by dc_denizen View Post
thanks Docta for the response.

for new construction houses, it does seem that something like (federally?) subsidized construction loans/grants would be a win-win idea, maybe structured to guarantee some portion of the cost to build...maybe the lender could negotiate a stake in the equity if and when the value starts to rise.

otherwise renovations, given that they're usually a lot cheaper, sound like a better bet.
Yeah if i recall the program correctly there is a program that is a city - lender partnership going on now that gives a low interest long term loan for renovation projects but they only had something like 24 takers so far idk the ins & outs of it but it may that the words haven't reached the right ears yet, maybe after the NPR program about it aired there has been increased interest.
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  #3779  
Old Posted May 26, 2017, 9:58 PM
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Amazon now hiring for massive new fulfillment center in Michigan
May 26, 2017
By Paula Gardner | MLive

Quote:
Amazon's new $90 million fulfillment center near Detroit is taking shape. The project, announced in December, calls for at least 1,000 new jobs as the internet retail giant builds a 1 million square foot facility in Livonia for a regional fulfillment center about 10 miles west of Detroit...

...The building is 1,009,000 square feet at the corner of Amrhein and Eckles roads in Livonia. The size puts it near the top of Amazon fulfillment centers, which go up to 1.2 million square feet.
Full article here.
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Old Posted May 26, 2017, 10:36 PM
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District Detroit:

Quote:


Ilitches to add 686 residences near new Detroit arena

By Louis Aguilar | The Detroit News

May 26, 2017

Detroit — Four long vacant buildings owned by the Ilitch family will be redeveloped as a part of their grand ambitions to overhaul 50 blocks of the city that will be anchored by the new Little Caesars Arena.

The four historic buildings, along with two new structures, was described as the largest residential development in the city in over two decades. The six developments add up to 686 residential units, with 139 of those units reserved for “affordable housing.”
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150 Bagley - United Artist Theatre



One 11 West



The Alhambra



The American



Arena Lofts



The Eddystone

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