Update: A tipster tells us they have gutted a lot of the inside and put up some walls (rough, just studs).
Since we’ve been discussing the Russell Industrial Center lately, we’ve been thinking about other properties (there are so many) around the city owned by Dennis Kefallinos and Boydell Development. Perhaps the one that presents the greatest opportunity with the most ridiculous asking price is the Roosevelt Hotel in Corktown.
To recap, Kefallinos picked up the Roosevelt Hotel in the 2010 tax auction for $37,500. It went on the market for $295K shortly thereafter, and when they finally put windows in the building in 2015, the asking price went up to $3,681,360, where it stands now. We’ve reached out to Boydell to see if anything else has happened inside the building (after hearing there might be plans for redevelopment a few years ago), but have not heard back yet.
It’s such a prime location. Located on 14th with views of Michigan Central Station, it’s right near where so many people park when they come to Corktown. Yet it sits there, not used. Lofts, apartments, a hotel even — so much could be done with this building. Perhaps a much, much lower selling price could alleviate a few problems?
- Roosevelt Hotel coverage [Curbed Detroit]