DETROIT's biggest gamble: Blight Block
October 29th, 2014 at 4:12:12 AM
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http://www.businessweek.com/articles/2014-10-28/detroits-blight-bundle-of-6-000-homes-goes-to-a-casino-developer?google_editors_picks=true
Sam Strather local casino and real estate developer paid 3.2 million and is sole bidder on Wayne County's approximately four thousand homes and two thousand lots that were offered as one item in the auction designed to rid Detroit of non taxpaying homes.
Specific development plan must be filed but is unlikely to be opposed.
Paduchah, KY did the same thing by enforcing codes in its downtown area and placing ads in artist and gay publications offering homes to artists for one dollar. Enough homes were refurbished and converted to galaries, restaurants, etc. and enough "street traffic" developed that the neighborhood became revitalized and banks made a profit on the remaining 20 percent of homes that they did not sell for one dollar.
Sam Strather local casino and real estate developer paid 3.2 million and is sole bidder on Wayne County's approximately four thousand homes and two thousand lots that were offered as one item in the auction designed to rid Detroit of non taxpaying homes.
Specific development plan must be filed but is unlikely to be opposed.
Paduchah, KY did the same thing by enforcing codes in its downtown area and placing ads in artist and gay publications offering homes to artists for one dollar. Enough homes were refurbished and converted to galaries, restaurants, etc. and enough "street traffic" developed that the neighborhood became revitalized and banks made a profit on the remaining 20 percent of homes that they did not sell for one dollar.
