Dave Bing's $60 million condominium project recently received a $700,000 loan from the city's Economic Development Corporation. The development is struggling due to the downturn in the housing market. Lenders have imposed a 65% pre-sale requirement on the 112 unit project before releasing construction funds. To date Watermark has only sold 22 units, with another 12 units in the pipeline.
*UPDATE*
Plans have been revised by Dave Bing for his Watermark condominium project. In the new plan a row of homes facing Atwater have been eliminated because they failed attract any buyers. The number of penthouse units have been increased in the nine story tower and the number of town houses have been decreased in number, but increased in size.
The new Watermark will contain 98 units instead of 112. It is hoped that these changes will help the development meet the sales benchmark established by the banks. Bing must pre-sell two-thirds of the units before the banks will release construction money.
Saturday, June 07, 2008
Sunday, June 01, 2008
Friday, May 30, 2008
The Maddness of King Kwame
First Mayor Kilpatrick claimed that the City Council violated the city charter by asking Governor Granholm to remove him from office without first submitting the resolution to him for his approval or veto. Then, he went on to veto the resolution after council's attorney William Goodman had already delivered the request to the Governor. Now, in his latest act of lunacy, the mayor has vetoed the city council's earmark of $250,000 to pay for lawyer fees to oust him.
The council should have no problem overriding this veto as it did when the mayor attempted to scuttle the resolution sent forth to the Governor. However, this yet another example of the Mayor's desperate strategy to remain in office: delay, deny, lie, litigate, repeat!
While Kilpatrick continues to exhibit his arrogance and lack of concern for the citizens of Detroit, the city is subjected to further ridicule in this farcical melodrama. The end of this maddness cannot come soon enough.
The council should have no problem overriding this veto as it did when the mayor attempted to scuttle the resolution sent forth to the Governor. However, this yet another example of the Mayor's desperate strategy to remain in office: delay, deny, lie, litigate, repeat!
While Kilpatrick continues to exhibit his arrogance and lack of concern for the citizens of Detroit, the city is subjected to further ridicule in this farcical melodrama. The end of this maddness cannot come soon enough.
Thursday, May 29, 2008
Detroit Light Rail Project Has Major Backers
A plan by billionaires Dan Gilbert and Roger Penske to construct a privately funded $103 million light rail loop on Woodward Avenue is being supported by Sen. Majority Leader Mike Bishop and House Speaker Andy Dillon. This could signal bipartisan support from the Legislature, eliminating a potential hurdle for a wider transportation network in metro Detroit.
During a pannel discussion on Mackinac Island today, the House and Senate leaders acknowledged publicly for the first time that Gilbert and Penske were involved in the project. Previously, details had been kept secret about the proposal, especially the identities of its backers.
The Woodward Transit Catalyst Project would be a street-level loop 3.4 miles long along Woodward that would run between Hart Plaza and Grand Boulevard. It would include about a dozen stops at high-traffic areas that include major businesses, theaters, ballparks, museums and hospitals. The line would potentially be the first stage of a larger, regional transit system.
During a pannel discussion on Mackinac Island today, the House and Senate leaders acknowledged publicly for the first time that Gilbert and Penske were involved in the project. Previously, details had been kept secret about the proposal, especially the identities of its backers.
The Woodward Transit Catalyst Project would be a street-level loop 3.4 miles long along Woodward that would run between Hart Plaza and Grand Boulevard. It would include about a dozen stops at high-traffic areas that include major businesses, theaters, ballparks, museums and hospitals. The line would potentially be the first stage of a larger, regional transit system.
