It looks like Mies van der Rohe’s Lafayette Towers in Detroit may avoid the auction block a little longer. The Department of Housing and Urban Development (HUD) foreclosed on the high-rise apartment buildings in February, and HUD had planned to put them up for auction this month (albeit with a litany of multi-million-dollar renovations required of the lucky winner).
Detroit exercised its first right of refusal on that course of action, wary of the iconic towers falling into the wrong hands. New York-based Northern Group bought the buildings in 2008 for $16 million in cash, but stopped making payments on its loans by 2010. The towers were transferred to HUD soon after. Now the city’s group for planning and facilities is seeking a private owner to bring the buildings back from disrepair.
On Monday we reported that redevelopment agencies around the state have had to put the brakes on upcoming projects until their uncertain futures are sorted out. Because of recent state legislation cities will have to pay their share of $1.7 billion by this fall in order to preserve their respective agencies. Here’s a good example of the impact. CRA/LA has provided us a list of more than 20 current projects put on hold since the passage of the new legislation. They include the following:
We’ve just learned thanks to the LA Times and Curbed that LA Community Redevelopment Agency (CRA/LA) CEO Cecilia Estolano is stepping down from her post at the end of this month. Estolano was widely-praised for her aggressive moves to promote affordable housing, turn around struggling neighborhoods, establish a Clean Tech corridor in Downtown LA, and bolster the agency’s funding, even in difficult economic times. We just ran a Q+A with Estolano in our last issue, which can be read here. Estolano is reportedly taking a job with Green For All, an Oakland-based environmental group focused on generating green jobs in underserved neighborhoods. We’re trying to get a follow-up with Estolano now, so stay tuned…
California has finally solved its budget impasse, but it wasn’t pretty. Many programs have been cut, including several that affect architects. To see a summarized version of the gruesome details, go here. Among the cuts, 100 state parks will now be closed and $1.7 billion in statewide redevelopment funds will be shifted to schools. Yikes. That’s not to mention $52.1 million cut from AIDS programs, $50 million cut from the Department of Health Care Services, and $50 million in services for young children.
Thirty-five cents. One quarter, one dime. That’s how much—or how little—it cost to buy one share of stock in General Growth Properties at the end of trading today.
It’s been a rough year for the 54-year-old mall developer and operator as it stock has tumbled—in concert with the real estate and retail markets—from a high of $67 per share in March 2007. Yet that stock was still valued at $38 as recently as June 18, when the company announced its plans for new South Street Seaport. Even when it presented those plans to the Landmarks Preservation Commission on October 21, when the stocked closed at $4.84, GGP remained confident in the future of the project. But that was before Monday’s report in The Wall Street Journal that General Growth might file for bankruptcy. Read More