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The Rebirth of Cool: Detroit Real Estate

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Mortgage and Lending with NONE

Designed in 1923 by architect Louis Kamper, the Book Cadillac Hotel is one of the most famous buildings in the city of Detroit.  The history of the Book Cadillac Hotel is almost as significant as its list of past guests.  Baseball greats like Joe DiMaggio and Babe Ruth have stayed in the hotel, as well as Katherine Hepburn and Martin Luther King.  It is a place where President John F. Kennedy spoke and "generations of Detroiters celebrated weddings, bar-mitzvahs, retirements, and other milestones."

 The continuing economic destabilization and deterioration of Detroit following World War II and leading into the 1980s took its toll on the hotel as it changed names and owners through the years before closing in 1984.  Unlike many famous Detroit landmarks, the Book Cadillac has escaped the wrecking ball on several occasions.  It is truly sad how many once great and historically significant buildings have been raped, ravaged, pillaged, neglected and ultimately destroyed in the city of Detroit over the past 50 years.

Previous efforts at renovating the hotel have failed, and prevailing racist and negative attitudes about the city of Detroit have kept many in-state developers away from the city, but Detroit's current rebirth is attracting young professionals and empty-nesters alike back to the city and new groups of out-of-state investors are taking notice.  In June of 2006 the Ferchill Group, a Cleveland based developer announced plans for a 176 million dollar renovation of the hotel.  Barring any future problems, the hotel will re-open as the Westin Book Cadillac by summer or fall of 2008.  The property will feature 455 hotel rooms and 67 luxury condominiums.

People are already lined up to purchase a piece of the landmark.  The great news is the Luxury Condos are almost sold out already.  Jon Grabowski, president of Esquire properties recently announced that 40 of the 67 units were sold on Saturday October 14th, during the first exclusive, invitation only sales event at the Detroit Athletic Club, and even more were purchased recently at the December 2 Public Sales Event.  Prices range from about $280,000 to $1.5 million, with most of the remaining condos between $300,000 and $450,000.

Comments(6)

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Maureen Francis
Coldwell Banker Weir Manuel - Bloomfield Hills, MI
Coldwell Banker Weir Manuel

JP, nice post about the Book Cadillac.  I didn't know they had done that well at the condo sales.  Super!

You and Lippy both posted with hours of each other.  Maybe the race is back on. 

 

Dec 07, 2006 04:39 AM
Cynthia Sloop
Community Association Manager - Indianapolis, IN
That's great Josh.  There's so many lost buildings (Hudsons, comes to mind.  Can't think of the name of the department store that use to have the wooden escalator.) that it's always nice to hear a piece of history gets to stay and be useful again.
Dec 07, 2006 05:51 AM
Sara Lipnitz
Max Broock Realtors - Birmingham, MI

Here we go JP... Maureen is egging on us on again.  However, she didn't comment on my most recent post so I think she's in your camp now!  I may have to go after Caleb and Matt again. 

Great post about our fair Detroit.

Dec 07, 2006 02:16 PM
Rich Jacobson
Fathom Realty West Sound - Poulsbo, WA
Your Kitsap County WA Real Estate Broker
Man, I am so glad to hear of their plans to save this building!
Dec 07, 2006 05:14 PM
Brian Brady
Matthews Capital Markets - Tampa, FL
858-699-4590
I'm so glad the Rebirth of Cool series is back
Dec 07, 2006 06:21 PM
Maureen Francis
Coldwell Banker Weir Manuel - Bloomfield Hills, MI
Coldwell Banker Weir Manuel
This is featured in Michigan Real Estate.
Dec 12, 2006 06:40 AM