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Re: HFD Real Estate Speculation

Postby guest » Sat Nov 21, 2015 10:34 am

“We don’t have to build from the ground up,” Sasser said. “It’s totally sound.”


He knows that somebody stole the roof, tight?
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Re: HFD Real Estate Speculation

Postby MICHIGAN » Sat Nov 21, 2015 6:57 pm

Maybe this is the start of the Great Migration redux...


http://www.thehulltruth.com/dockside-ch ... erday.html
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Re: HFD Real Estate Speculation

Postby The Suburban Avenger » Sat Nov 21, 2015 7:23 pm

MICHIGAN wrote:Maybe this is the start of the Great Migration redux...


http://www.thehulltruth.com/dockside-ch ... erday.html


One of the comments:
i wonder how much scrap copper ir stuff you could get out of the place? if thats chicago brick on the chimney, that can be recycled and sold for driveways.

people love that stuff down here.


Um, I believe someone already had such a great idea ... at least about the copper.
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Re: HFD Real Estate Speculation

Postby Mad Max » Fri Jan 08, 2016 11:16 pm

Galapagos Art Space's building near Corktown for sale for $6.25 million
18th Street site seen as multifamily redevelopment or corporate user opportunity



Robert Elmes made a splash in Detroit a little over a year ago when he made known that his Brooklyn-based Galapagos Art Space was fleeing the Big Apple in favor of the Motor City and its significantly cheaper real estate.

Now he’s looking to sell one of the nine buildings totaling 600,000 square feet as he consolidates the Galapagos plan for a sprawling artists' area into Highland Park.

A 138,000-square-foot building he owns near Corktown is now on the market for $6.25 million, according to A.J. Weiner, managing director of the Royal Oak office of Jones Lang LaSalle, which is marketing the building for sale.

Elmes purchased the building at 1800 18th St. in December 2013 for $500,000, according to CoStar Group Inc., a Washington, D.C.-based real estate information service.


The purchase price was about $3.62 per square foot, while the asking price is about $45.29 per square foot.

Weiner said the industrial building is being marketed as a redevelopment opportunity for multifamily units or for a corporate user. He said he “would be surprised” if a sale doesn’t occur by the summer.

A portion of the building is occupied by Apac Paper, Weiner said.

“We’ve decided to sell our Corktown/southwest Detroit building and have brought on Jones Lang LaSalle to help us move the accumulated equity into our Highland Park location,” Elmes said.

“While it’s true that the expanding market in downtown and Corktown/southwest Detroit is significantly stronger than Highland Park at the moment, we feel like this is a great time to let someone else take 18th Street forward while we increase our investment in Highland Park and continue to build on the relationships and momentum we’ve established there.”

Galapagos’ space will be used for things like art shows, theater, dance, film, dance and science productions, plus some other unique uses.

“In New York City we created a no cost to low cost model for nonprofits, cultural groups and community groups to use the venue for fundraising and activism and presented over 600 fundraising events,” he said. “We’re going to expand that here in Detroit and you’ll see everyone big and small raising money through our infrastructure.”

Elmes owns eight buildings in Highland Park totaling about 460,000 square feet, including five buildings totaling 300,000 square feet that were a former school that he bought for $18,000 from the Highland Park School District.

The school, located at 109 Glendale St., “is a real gem,” Elmes said.

Other Highland Park buildings are a former school on Cortland Street, a former power plant on Third Street and a former hospital on Highland Street. Some of the Highland Street space is expected to open next year, he said.

He said buildings have been sealed and roofs have been repaired as needed.

“Right now, as we work on the larger project of opening the venue, we’re also moving through planning and pricing a ‘return to the workforce’ daycare to support Galapagos employees and artist moms and dads that will rent studios or run galleries on the site,” Elmes said Thursday.

“Being a new parent myself, it’s clear to me what the barriers to returning to the workforce are, and we see ways we can plow through them and open the way for working moms and dads to keep their artistic careers on track.”

Galapagos had about $2 million in revenue in 2014, its most recent year of operation, Elmes said.

http://www.crainsdetroit.com/article/20160107/BLOG016/160109866/galapagos-art-spaces-building-near-corktown-for-sale-for-6-25-million
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Re: HFD Real Estate Speculation

Postby The Beav » Sun Jan 10, 2016 7:50 pm

Cross to Fuck You and

The artistic class will never rebuild anything.
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Re: HFD Real Estate Speculation

Postby The Suburban Avenger » Mon Jan 11, 2016 1:34 am

The Beav wrote:Cross to Fuck You and

The artistic class will never rebuild anything.


Deadline Detroit ran the dude's mea culpa: His young son has leukemia and they're marketing the building to pay for his treatment. He also promised they'll invest in their Highland Park site and try to make it work.

I hope his son gets the best treatment possible, but someone might want to slap his pa upside the head and tell him the best investment he can make in Highland Park is to hope the inspector doesn't get too nosy after he torches the place.
My hand to God, she's gonna be at Carnegie Hall. But you - I'll let you have her now at the old price, OK? Which is, which is anything you wanna give me. Anything at all.

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Re: HFD Real Estate Speculation

Postby higgs1634 » Mon Jan 11, 2016 12:37 pm

The Suburban Avenger wrote:
The Beav wrote:Cross to Fuck You and

The artistic class will never rebuild anything.


Deadline Detroit ran the dude's mea culpa: His young son has leukemia and they're marketing the building to pay for his treatment. He also promised they'll invest in their Highland Park site and try to make it work.

I hope his son gets the best treatment possible, but someone might want to slap his pa upside the head and tell him the best investment he can make in Highland Park is to hope the inspector doesn't get too nosy after he torches the place.


I don't really care and really didn't understand the freak out. What I don't get is any justification for the 6.25MM ask and this ; " He said he “would be surprised” if a sale doesn’t occur by the summer." What is the logic here on that price? Did they sink 4-5 million into renovations?

I hope he gets every penny...but i'm thinking he's not fully acclimatized to Detroit's market.
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