When selling an old parking lot in downtown Detroit, there's only so much pizzaz a broker can put into the listing. That is, unless said parking lot is approved for $9M in redevelopment tax credits, in which case it becomes the opportunity to build "not only tallest, but the most iconic building in Detroit."
The showman seller here is Florida investor Emre Uralli, former owner of the David Stott and Free Press buildings. As we see it, his proposition is this:
1. Buy his parking lot for $6.9M
2. Utilize the $9M in tax credits for development
3. Build a dystopian, self-contained tower taller than the RenCen.
The conceptual plans call parking on the first few levels, a belt of shopping in the middle, and 165 apartments extending into the sky. The listing description, however, speaks only of a mid-rise building called the Fort Street Lofts.
· Listing: 300 W. Fort Street [LoopNet]