FOR SALE MILLENNIUM PARKING GARAGE 595 Parking Spaces on 9 Levels
432-450 W. Congress Detroit, Michigan 48226 For additional information, contact: Bunia Parker (M) 313-282-1630 (O) 313-872-1300 ext. 22 [email protected]
Ben Smith (M) 248-798-1075 (O) 313-872-1300 ext. 24 [email protected]
7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com
Table of Contents
Property Overview……………………………………………………...Page 1 — 2
Property Description…………………………………………………..Page 3 — 4
Detroit CBD Parking Analysis……………………………………….Page 5
Daytime Employment Report……………………………………...Page 6
Construction Details……………………………………...…………...Page 7 – 8
Aerial View………………………………………………………………….Page 9 – 10
Location Map………………………………………………………………Page 11
Building Photographs…………………………………………………..Page 12 – 13
7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com
Property Overview
Summit Commercial is pleased to offer a rare opportunity to buy a downtown parking garage in one of Detroit’s most prime locations. Located in the heart of the Central Business District, the 202,044 sq. ft. Millennium Parking Garage consists of 595 parking spaces on 9 Levels (including the roof). The Millennium Garage was built in 1999, directly adjacent to the 17th largest convention center in the United States, Cobo Hall. The property is generally bounded by Fort Street to the north, West Congress to the south, First Street to the west, and Washington Boulevard to the east. The site enjoys access to all major highways, including M-10, I-75, I-96 and I-94, providing easy ingress and egress for customers. This high-profile structure is surrounded by high-occupancy office buildings, hotels, residential developments, colleges, theatres, parks and robust retail in addition to Cobo Hall.
Parking demand in this area is at an all-time high due to the increased demand for downtown office space and the countless mixed-use developments and hotel rooms coming online. In addition, the Cobo Hall Convention Center recently completed the final phase of its $279 million transformation resulting in an increased demand for convention and exhibition space, as well as parking. This world class convention center now contains 623,000 sq. ft. of contiguous exhibition space as well asan additional 225,000 sq. ft. of breakout and meeting space with 100 meeting rooms. Cobo Hall is the host of numerous year-round conventions, conferences and exhibitions. A few of the major events creating significant parking demand in the area include the North American International Auto Show (www.naias.com) / Shell Eco-Marathon (www.shell.com) / Autorama (www.autorama.com) / Detroit Boat Show (www.boatmichigan.org) /.
The parking structure’s height allows for clear panoramic views of the entire downtown area and the Detroit Riverfront (bordering Windsor, Canada). This feature potentially provides for enhanced development as a
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7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com
Property Overview (Cont’d.)
mixed-use Project, which is allowed in the PCA Zoning (NOTE: No structural engineering has been performed to examine the potential for adding additional stories on top of the structure).
The Millennium Parking Garage currently includes two gated attendant booths at the south side of the structure near the east end. There are additional booths at the west elevation along First street, but they are not in use. All pay stations are fully automated, with no transactions by attendants. There is a support space on the east side of the building on the first floor with offices and an employee restroom. There is HVAC throughout the ground floor’s finished areas (including the attendant booths) and the structure includes a rooftop emergency generator. The parking garage has three elevators and is monitored via a hardwired security system, including emergency communication stations throughout.
In comparison to other nearby parking garages, the parking rates at Millennium Parking Garage are well below market, which creates an immediate opportunity for the new owner to achieve increased value in addition to developing new revenue streams through more efficient use of the asset.
7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com
Property Description
Location: 432-450 W. Congress Detroit, Michigan 48226
County: Wayne
Zoning: PCA - Public Center Adjacent District (Restricted Central Business District)
Property Type: Publicly Owned and Operated Parking Structure
Parking Spaces: 595
Parking Levels: 9 (Including Roof)
Structure Square Footage: 202,044 S.F.
Site Area: .67 Acres (28,988 S.F.)
Year Built: 1999
Tax ID: 02000153
ASKING PRICE: $15,900,000.00
Co-Broker Fees: Outside brokers shall not be paid by Seller . Brokers should seek payment from their client
Offer Due Date: February 28th, 2019
Property Features: - Centrally located in Downtown Detroit’s Central Business District - Close proximity to all major freeways, including M-10, I-75, I-96 and I-94
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7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com
Property Description (Cont’d)
Property Features (Con’t.): - Immediately Adjacent to COBO HALL International Convention center
Close Proximity to numerous office buildings (partial list): - Guardian Building - Penobscot Building - 211 West Fort - 333 West Fort - 150 West Jefferson - Buhl Building - Marquette Building (Adient World Headquarters)
Close proximity to several hotels and residential developments: - Crown Plaza - Doubletree Hotel and Residences - Foundation Hotel - Detroit Free Press Building Mixed-Use Redevelopment - The Ashton – new 103 Unit Condominium Development
Close proximity to Public/Institutional sites: - Hart Plaza - United States District Court - Wayne County Community College – Downtown Campus - Campus Martius - Detroit People Mover
7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com
Detroit CBD Parking Analysis
7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com
Daytime Employment Report
Millennium Parking Garage 432-450 W. Congress, Detroit, Michigan 48226 1—Mile Radius
7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com
Construction Details
Foundation: Concrete
Structural Frame: Precast concrete
Exterior Walls: Exposed or painted concrete with some security screening
Roof: Concrete roof deck has capacity for car parking
Ceiling Height in Feet: 9 FT.
Interior Finishes: Typical parking structure with significant exposed concrete. Offices on east side of first floor consist of block partitioning, drop ceiling, and vinyl flooring - Floors: Cast in place concrete lined and striped for typical parking spaces - Walls: Block framed partitions along east side of the first floor. Painted walls at elevator landings on each floor. Aluminum sash and glass in stairwell is adjacent to elevators. - Ceilings: Exposed concrete under deck; drop ceiling in office areas - Lighting: Metal halide fixtures mounted to deck underside - Floor Plate: 28,988
HVAC: In ground floor finished areas and attendant booths only
Electrical: Typical for age and use; rooftop emergency generator
7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com
Construction Details (Cont’d)
Plumbing: Plumbed for floor drains in structure, with copper supply
Heating: Finished areas only
Air Conditioning: Finished areas only
Hot Water: Electric for small employee restroom
Utility Meters—Central: All
Elevators: Three. West elevator inoperable last 4+ years
Rest Rooms: Employees only
Sprinklers: None
Other Fire Safety: Emergency pull down system at elevator stops
Security: Yes; monitored, hardwired security system, including emergency communication stations throughout
7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com
Aerial View
7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com
Aerial View
7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com
Location Map
7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com
Building Photographs
7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com
Building Photographs (Cont’d)
7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com