It's been a quieter week in Detroit development, but a few articles caught our attention for weekend reading. In this week's roundup, a group puts equitable development in action in Corktown, a Detroit city council member talks about the challenges of the Community Benefits Ordinance, and the 47-story Penobscot shows more signs of neglect. Does anyone have $100 million to spare?
Problems in the Penobscot
One of Detroit's great Art Deco skyscrapers is in trouble. The Penobscot, a literal beacon in the skyline, has long had mechanical problems under its current ownership - Triple Properties (they used to own the Silverdome). The Detroit Free Press reported this week that the problems are worsening, including a loss of power for three days, a lack of running water for weeks, no heat in the main lobby, broken elevators, and backed up toilets.
The problems and the lack of interest from ownership beg the question, "Can't someone else just buy it and at least keep it up?" Kirk Pinho at Crain's got the number that would seal the deal: $100 million. Triple Properties bought the building in 2012 for about $5 million. They received 177 blight violations last year.
Building Community Value in Corktown
On 14th Street near Michigan Central Station, a piece of land will be developed in the next few years. What that will be is TBD. Building Community Value, a group that educates Detroiters on real estate, multi-family renovations, and investing in neighborhoods, bought three parcels of land from Imagination Station. The land sits near a renovated home, the vacant Roosevelt Hotel, and the soon-to-be campus for Ford. The group will use an equitable development scorecard as they go through the development process, and engage with the community to determine what should be done with this land. Read more in Model D.
Making the Community Benefits Ordinance work
In 2016, Detroit voted for a Community Benefits Ordinance that goes into affect if, "A project is at least $75 million in value, receives at least $1 million in property tax abatements or receives at least $1 million in value of city land sale." It's a cumbersome process, and 11 developments so far have gone through it. Is it benefiting the community? Do residents of districts within the development area have enough of a say? What can we do to make it better and more effective for everyone involved? Aaron Mondry interviewed Detroit Council Member Raquel Castañeda-López for the Dig to discuss these and other issues surrounding the ordinance.
Which developments have caught your eye in and around Detroit? Send us a note at detroit@urbanize.city.
