Book Building and Tower renovation

**rb336** · January-20-10, 02:26 PM

I haven't found a thing on Key Investment -- it's one of those far-too-common names -- and I am curious just how legit the company is

**esp1986** · January-20-10, 02:35 PM

Originally Posted by rb336

I haven't found a thing on Key Investment -- it's one of those far-too-common names -- and I am curious just how legit the company is

From the State of Michigan website, shows they were formed just over a month before they announced their plans initially on Oct. 29:

Searched for: KEY INVESTMENT GROUP, INC.
ID Num: 02612N
Entity Name: KEY INVESTMENT GROUP, INC.
Type of Entity: Domestic Profit Corporation Resident Agent: ROSEMARIE DOBEK
Registered Office Address: 19459 SOUTH HIGHLITE CLINTON TWP MI 48035 Mailing Address: MI
Formed Under Act Number[[s): 284-1972
Incorporation/Qualification Date: 9-17-2009
Jurisdiction of Origin: MICHIGAN
Number of Shares: 60,000
Year of Most Recent Annual Report:
Year of Most Recent Annual Report With Officers & Directors:
Status: ACTIVE Date: Present

**Gistok** · January-20-10, 02:50 PM

2 comments....

"Why would I buy a luxury condo with a ridiculous markup, when I could live right next door for less than half the price?"

Last time I checked a map the Book Tower/Building are nearly 2 blocks away from the Book-Cadillac.... hardly what I would call "next door"....

"They should just put some retrofits in it and try to rerent it as office space so they don't lose their shirts."

... and rent it to whom?? They lost all their tenents to other buildings downtown... and the downtown occupancy rate is at 70%. In this economy who's going to move into the Class C space of the Book Tower/Building with that much available office space left downtown?? ... certainly not the former tenants who left because the electricity was shut off!

**3WC** · January-20-10, 04:20 PM

Two things will happen when hell freezes over:

[[1) The Lions will be in the Super Bowl.

[[2) Somebody will renovate the Book Building.

And with global warming breathing down our necks per Gore, I don't think hell is in any danger of even a cold snap.

Somebody up there referred to somebody buying the Book for $10 million. Get serious. I could have bought the thing in 1979 for $300,000 from Travelers Insurance, which was foreclosing it. It was about 60% percent occupied at the time. I wasn't slightly interested at that price, or any price, and neither were the 100 others who passed on the deal except for John Lambrecht.

No insane person would pay $10 million for that monstrosity, much less anybody who could spell "cat." The Book has been in financial trouble for at least 40 years and will continue in its present state for all eternity, or until it crumbles to dust, whichever occurs first.

_____________________________

The Farwell worth $1 million? Whoever believes that is a good candidate to buy the Book.

Those buildings are not assets; they are liabilities.

**Rocko** · January-20-10, 05:27 PM

I dunno. For being a nobody company, they certainly have a lot of project details in that article in the News. Usually when some no name company comes along and announces a renovation plan, there aren't many details. I'm cautiously optimistic. All we can all do is be patient and see what happens in a few weeks

**esp1986** · January-20-10, 05:50 PM

Originally Posted by Rocko

I dunno. For being a nobody company, they certainly have a lot of project details in that article in the News. Usually when some no name company comes along and announces a renovation plan, there aren't many details. I'm cautiously optimistic. All we can all do is be patient and see what happens in a few weeks

Agreed, we can't hold our breath, as history has taught us not to, but we can at least be optimistic... if it is true however, they could be bringing John Ferchill into the fold on this project, so we will have to see.

**davewindsor** · January-20-10, 08:23 PM

Originally Posted by Gistok

"They should just put some retrofits in it and try to rerent it as office space so they don't lose their shirts."

... and rent it to whom?? They lost all their tenents to other buildings downtown... and the downtown occupancy rate is at 70%. In this economy who's going to move into the Class C space of the Book Tower/Building with that much available office space left downtown?? ... certainly not the former tenants who left because the electricity was shut off!

Obviously, the Book is not going to compete with newer buildings like 1001 Woodward or the Comerica Tower, but I've talked to a few former tenants who said they'd glady move back if the building was retrofitted with things like a properly working elevator and the rents weren't higher than they were before. The Book is a very unique building and it does have a following of special interest type tenants. Even after all the nonsense that went on, a lot of tenants stayed, but were forced out because the power was shutoff. The tenants even pooled together their money to pay the electricity bill, but DTE would only accept payment from the landlord who refused, as I was told.

**cmubryan** · January-20-10, 10:10 PM

As the regional manager for Washington Square next store, I can tell you that the building hasn't seen this high of occupancy in years. I truly believe as long as an apartment building is well managed, marketed and isn't falling apart it will do at least OK even in our current economic climate.

**esp1986** · January-20-10, 10:52 PM

Originally Posted by cmubryan

As the regional manager for Washington Square next store, I can tell you that the building hasn't seen this high of occupancy in years. I truly believe as long as an apartment building is well managed, marketed and isn't falling apart it will do at least OK even in our current economic climate.

What are the rates you are charging over there??