Post by Camille on Apr 14, 2010 10:38:31 GMT -8
This stuff is basically cliff notes from a few articles I found with some of my observations thrown in.
Detroit's architectural styles include Art Deco, post modern, and neogothic. Despite ongoing restoration efforts the city has continued to decline amid rising unemployment and crime. As a result this once wealthy city is now a home to some of America's most grand but decayed buildings and the second most weakest real estate market in the USA. Those who continue to invest in it range from cynical slumlords hoping to turn a quick profit to entrepreneurial visionaries betting on the city's eventual re-emergence as a commercial and cultural hub. Sad as this may be, it does present an opportunity for us to acquire an amazing building at a cut rate price if we wish to.
One building, constructed in 1913 for the Michigan Central Railroad, was placed on the National Register of Historic Places in 1975 but despite its redevelopment being considered a key component of Detroit's overall economic regeneration, any attempts to do so have never made it beyond the negotiation phase. The Detroit City Council passed a resolution earlier this year for expodited demolition. In response, a Detroit resident sued the city to stop the demolition, citing the National Historic Preservation Act of 1966. The station's future is currently unclear.
Another building with an uncertain future, this old Gothic revival church was built in 1911 by architect Sidney Bagley. Used for a time as the Abyssinia Church of God in Christ, the building has fallen into disrepair despite being placed on the historic buildings register in 1982. But unlike many derelict structures, the interior has been left untouched and consequently pristine, aside from the dust.
Another similar situation is the former Michigan Theatre, built in 1926, today, the gutted theatre has, for some historians, become a symbol of the decline of Detroit. Cars now fill the auditorium of the theatre which now serves as a makeshift car park.
We are ten years into Michigan's worst recession since the Great Depression, real estate is cheap and labor is plentiful. The vast supply of empty office buildings and factories means bargains are there for the taking. There are also a ton of empty abandoned buildings that range from homes to office buildings.
Detroit's architectural styles include Art Deco, post modern, and neogothic. Despite ongoing restoration efforts the city has continued to decline amid rising unemployment and crime. As a result this once wealthy city is now a home to some of America's most grand but decayed buildings and the second most weakest real estate market in the USA. Those who continue to invest in it range from cynical slumlords hoping to turn a quick profit to entrepreneurial visionaries betting on the city's eventual re-emergence as a commercial and cultural hub. Sad as this may be, it does present an opportunity for us to acquire an amazing building at a cut rate price if we wish to.
One building, constructed in 1913 for the Michigan Central Railroad, was placed on the National Register of Historic Places in 1975 but despite its redevelopment being considered a key component of Detroit's overall economic regeneration, any attempts to do so have never made it beyond the negotiation phase. The Detroit City Council passed a resolution earlier this year for expodited demolition. In response, a Detroit resident sued the city to stop the demolition, citing the National Historic Preservation Act of 1966. The station's future is currently unclear.
Another building with an uncertain future, this old Gothic revival church was built in 1911 by architect Sidney Bagley. Used for a time as the Abyssinia Church of God in Christ, the building has fallen into disrepair despite being placed on the historic buildings register in 1982. But unlike many derelict structures, the interior has been left untouched and consequently pristine, aside from the dust.
Another similar situation is the former Michigan Theatre, built in 1926, today, the gutted theatre has, for some historians, become a symbol of the decline of Detroit. Cars now fill the auditorium of the theatre which now serves as a makeshift car park.
We are ten years into Michigan's worst recession since the Great Depression, real estate is cheap and labor is plentiful. The vast supply of empty office buildings and factories means bargains are there for the taking. There are also a ton of empty abandoned buildings that range from homes to office buildings.