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Detroit's Future: Real Estate As a Key Driver

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Detroit's Future: Real Estate As a Key Driver Detroit’s Future: Real Estate as a Key Driver Disclaimer: Although Todd Sachse, Sachse Construction, and Broder & Sachse Real Estate (“The Presenter”) has no reason to doubt the reliability of the sources from which it has obtained the information for this presentation, The Presenter does not intend for any person or entity to rely on any such information, opinions, or ideas, and cannot guarantee the accuracy or completeness of this presentation. Nothing in this presentation shall be taken and relied upon as if it is individual investment, legal, or tax advice. The Presenter does not assume any liability or responsibility for any loss to any person or entity that may result from any act or omission by such person or entity, or by any other person or entity, based upon any material from The Presenter and the information, opinions, or ideas expressed. The Presenter urges prospective investors to not place undue reliance on information contained in this document, and to independently verify the information contained in this report. THE WHAT ▪ Over 26 years of experience in Construction Management ▪ Headquartered in Detroit, Michigan ▪ Over 200 projects completed in Detroit in the last six years ▪ Contracts exceeding $500,000,000 in Detroit projects ▪ Completed more than 3,000,000 square feet of work in Detroit ▪ Over 25 years of real estate experience ▪ Developments exceeding $100,000,000 in Detroit ▪ Over $150,000,000 in our Detroit development pipeline WHAT WAS: OUR HISTORY “You have to know the past to understand the present.” - CARL SAGAN (ASTROPHYSICIST) DETROIT: POPULATION OVER THE YEARS DETROIT: OUR HISTORY 1900 Industrial Age in Detroit Detroit is the leading manufacturer of heating and cooking stoves, ship building, cigars and tobacco, beer, rail cars, and foundry and machine shop products. DETROIT: OUR HISTORY 1920’s Industrial Age in Detroit ▪ Automotive Industry Thrives ▪ Many stores/venues opened: ▪ Hudson’s ▪ The Fox ▪ Detroit Public Library ▪ Detroit Institute of Arts DETROIT: OUR HISTORY 1930’s Industrial Age in Detroit ▪ Population soared to 1.5 million ▪ World War II brought more diversity. ▪ One of the best seasons in Tiger’s history DETROIT: OUR HISTORY 1940’s Industrial Age in Detroit ▪ Detroit assisted with production of M5 tanks, jeeps and B-24 Bombers for WWII. ▪ Brought in tens of thousands of families for high paying jobs, but there was housing shortages. DETROIT: OUR HISTORY 1950’s Industrial Age in Detroit ▪ Fourth largest American City ▪ Often called the Paris of the West ▪ 1 out of every 10 people worked for the auto industry DETROIT: OUR HISTORY 1967 Riots and Downfall ▪ Police raid an unlicensed bar, resulting in one of the deadliest and destructive riots in US history. ▪ 43 dead, 473 injured. ▪ Estimated damage: $40 - $80 million DETROIT: OUR HISTORY 1970’s-2000’s The Decline ▪ Decline of population ▪ Peak: 1.85 million ▪ Lowest: 701,475 ▪ Inadequate tax base ▪ Few jobs ▪ Swollen welfare rolls ▪ Corrupted government ▪ Increased crime Detroit's industrial ruins are picturesque, “ like crumbling Rome in an 18th-century etching. – P.J. O’ROURKE, POLITICAL AUTHOR ” DETROIT: OUR HISTORY 1970’s The Attempt ▪ Renaissance Center DETROIT: OUR HISTORY 1980’s The Attempt ▪ Little Caesars ▪ Riverfront Towers ▪ People Mover DETROIT: OUR HISTORY 1990’s The Attempt ▪ Greektown Casino ▪ MGM Casino ▪ Motorcity Casino DETROIT: OUR HISTORY 2000’s The Attempt ▪ Compuware ▪ Comerica Park ▪ Ford Field WHAT IS. It’s a MOVEMENT! “ There are cities that get by on their good looks, offer climate and scenery, “ views of mountains or oceans, rockbound or with palm trees. And there are cities like Detroit that have to work for a living. - ELMORE LEONARD (DETROIT WRITER) THE MOVEMENT Automotive Industry & Technology Election of Mayor Dave Bing Detroit Bankruptcy New Red Wings Arena National Urban Trend Election of Mayor Mike Duggan Dan Gilbert Mayor & Governor aligned Millennials City Counsel by district M1-Rail THREE REAL ESTATE PILLARS TO A SUSTAINABLE CITY POLITICAL ENVIRONMENT: BANKRUPTCY Bankruptcy - 2013 POLITICAL ENVIRONMENT: NEW DISTRICTING New Districting for City Council - 2013 POLITICAL ENVIRONMENT: NEW MAYOR Mayor Mike Duggan - 2014 POLITICAL ENVIRONMENT: GOVERNMENT ALIGNMENT Detroit and Lansing Align Politically Rick Snyder Governor of Lansing Michigan Detroit Mike Duggan Mayor of Detroit JOBS & POPULATION GROWTH: WHERE IS THE DEVELOPMENT? JOBS: WHERE ARE THE JOBS? JOBS: DETROIT BY NUMBERS Detroit by Numbers POPULATION GROWTH TOTAL 3.1% SINCE 2000 $6.6B INVESTMENT INVESTMENT SQUARE PROJECTS 7.2 MILES 116 (2012-PRESENT) PLANNED TOTAL $2.9B INVESTMENT 140,300 EMPLOYMENT JOBS: COMMERCIAL DEVELOPMENT Commercial Development ▪ Office vacancy rate of 16.5%, the lowest vacancy rate since 2002 ▪ Since 2014 the Detroit Office Market has experienced over 5.4 million square feet of positive net absorption ▪ Bedrock Detroit: $2.1 billion investment, 24,000 jobs ▪ Adient: $100 million office renovation for new corporate headquarters underway ▪ $80 million in commercial streetscape improvements over the next 5 years JOBS: QUICKEN LOANS CASE STUDY Quicken Loans Headquarters Address: One Campus Martius, Detroit Square Footage: 250,000 square feet Over $150 million in investment 17,000 jobs in Detroit Expansion for the One Campus Martius Building is being planned JOBS: BLUE CROSS BLUE SHIELD CASE STUDY Blue Cross Blue Shield Of Michigan Address: 441 East Jefferson Ave. Square Footage: 178,435 square feet $57.1 million in total investment in Detroit 3,000 jobs relocated to Detroit Company occupies space in their own building as well as towers 500 and 600 at the Renaissance Center POPULATION GROWTH: MULTI-FAMILY DEVELOPMENT POPULATION GROWTH: THE ALBERT CASE STUDY The Albert – Capitol Park Address: 1214 Griswold, Detroit Property Size: 0.350 Acres Year Built: 1927/Renovated 2014 Total Building Size (gross square feet): 168,000 Commercial Space: 14,100 square feet Residential Units: 127 Total Capitalization: $16 million Amenities: Concierge, Community Kitchen, Dry Cleaning Delivery, Fitness Center, Pet Friendly, Pet Grooming Station, Lifestyle Curator, Onsite Laundry, Bike Storage POPULATION GROWTH: THE SCOTT CASE STUDY The Scott at Brush Park Address: 3150 Woodward, Detroit Property Size: 2.5 Acres Year Built: 2016 Total Building Size: 332,016 gross square feet Commercial Space: 14,693 square feet Residential Units: 199 (6% affordable) Total Capitalization: $62 million Amenities: Lobby Art Gallery, Swimming Pool, Sundeck, Fitness Center, Concierge, Outdoor Kitchen, Dry Cleaning Delivery, In-Unit Laundry, Pet Friendly, Pet Grooming Station, Private Library, Lifestyle Curator POPULATION GROWTH: FOUNDATION HOTEL CASE STUDY Detroit Foundation Hotel Address: 250 W. Larned, Detroit Year Built: 1929/Renovated 2016 Square Footage: 94,635 Keys: 100 Unique Project Features: • Old fire house and adjacent building combined to create a historic, contemporary boutique hotel • Restaurant • Bar POPULATION GROWTH: RETAIL CASE STUDY Retail Row on Bonobos Woodward Avenue Address: 1500 block of Woodward Avenue, Detroit Square Footage: Approximately 50,000 square feet comprised of seven retail spaces Unique Project Features: Historic Under Armour spaces renovated to incorporate modern branding Nike Brands: • Under Armour • Nike • Bonobos • Warby Parker • John Varvatos John Varvatos WHAT’S NEXT. Detroit Future City DETROIT FUTURE CITY: COMMERCIAL DEVELOPMENT Upcoming Commercial Projects ▪ Hudson’s Site ▪ Monroe Block ▪ Major League Soccer Stadium ▪ Book Tower Monroe Block Development Hudson’s Site Re-development DETROIT FUTURE CITY: MULTI-FAMILY DEVELOPMENT Upcoming Multi-Family Projects ▪ City Modern ▪ The Hamilton ▪ The Vernor ▪ Farwell Building ▪ Statler City ▪ Philip Houze The Hamilton ▪ Gabriel Houze ▪ The Plaza ▪ The Platform ▪ Corktown Lofts The Vernor DETROIT FUTURE CITY: RESIDENTIAL DEVELOPMENT Future Neighborhoods for Development DETROIT FUTURE CITY: RETAIL DEVELOPMENT $1.5 billion spent by Detroiters in suburbs per retail sales data by JP Morgan Chase WHY DETROIT? DETROIT HAS … SOUL! THANK YOU! Todd Sachse [email protected] 248.310.3575.
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