Detroit may have a media outlet dubbed Deadline Detroit, but actual deadlines in this city? Turns out they are completely meaningless when it comes to real estate. The latest is another fail at the Fail Jail site.
Last week, The Dan Gilbert-owned Rock Ventures company presented a plan for a $500-million development described as a "high-rise and brownstone-inspired" residential building. It would include a hotel and retail. The agreement was for Gilbert to plunk down $50 million for 15.5 acres which would get him:
· The Fail Jail site
· The Frank Murphy Hall of Justice
· Wayne County Jail Division 1 and 2 on Clinton Street
· Wayne County Juvenile Detention Facility
The agreement was supposed to be approved in a meeting yesterday morning, but that did not happen. It sounds like they are still in the process of debating the whole deal, but no new deadline was announced. In the meantime, the county announced a law suit against those in charge of construction for the massively over-budget disaster which wasted something like $155M.
· Wayne County misses its own deadline on jail site deal [Freep]
· Promising $500M Development, Dan Gilbert Likely to Buy Fail Jail and Nearby Properties [Curbed Detroit]
Fail Jail Slowly Being Crushed into a $404M Dust Pile [Curbed Detroit]
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