JOBS: Michigan movie studio details....

[Dr Mordrid]

Talk about food for a starving man, Michigan's new emphasis on chasing entertainment jobs is paying off. Full details about that big movie/TV etc. studio south of Detroit in Allen Park are to be released tomorrow afternoon, but here's what the papers have now;

(there are 4 other major and several mid-sized studios also in the works in various areas of Michigan)

Detroit Free Press:

>
City of Allen Park officials will announce a major movie studio deal Tuesday that will create a $146-million, full-service movie, television and new media production studio.

The factory will be built on 104 acres in Allen Park and include 750,000 square feet of production, post-production and production support services facilities with eight sound stages.

Details will be announced Tuesday, but preliminary information released by a spokesman for the project said the deal involves investors from Los Angeles and Michigan, and is headed by a Hollywood executive with Michigan roots.

The studio will employ “thousands” of skilled workers, most of them in unionized trades, a spokesman for the project said. Residents of Allen Park and “laid off union workers from across the region will get first shot at the jobs,” the spokesman, Roger Martin, said Monday morning.
>

Detroit News:

>Part of the studio will occupy a former Visteon research and development center at 16630 Southfield Road in Allen Park.

Burtka said then he expected roughly 3,500 permanent, full-time jobs to be created as part of the project.

In a Monday statement, Burtka said the project "amounts to an economic development blockbuster for the city, Wayne County and state."
>

The site at 1-94 and M-39 (Southfield Rd.)

[Tjalfe]

If that all pans out, this could be a good realestate deal to make money on

http://www.realtor.com/realestateandhomes-detail/3015-Monterey-St_Detroit_MI_48206_1105609311

[Dr Mordrid]

You missed by 4 cities and almost 25 miles.

[Tjalfe]

still close enough that you can commute .. I mean, 3500 full time jobs would lead to people upgrading to owning, instead of renting..no

[Dr Mordrid]

Around here there is little incentive not to buy. Prices are down and the FHA (federal housing administration) is issuing 30 yr fixed and very low interest mortgages (5.2% +/-) to most anyone with a 620 credit score and a 3% down payment.

Plenty of nice ones on the market in good areas for well under 150k and for the most part seller pays the closing costs save for the inspections. A friend of mine just bought a nice formerly $230k house for $145k and his cash-in was just under $4,500. Good schools nearby, lots of shopping, nice lot and low taxes.

Absolutely a buyers market, and home sales are starting to reflect it being on a skyrocket locally.

[Tjalfe]

so the $10 house is not in what you would call a desirable area?.. I am not sure why anyone would sell for that low, unless the property was radioactive, or otherwise inhabitable

[Dr Mordrid]

Those houses are in blighted neighborhoods and most all were abandoned and are owned by the banks or could not be sold for back taxes at the County Sheriff's Auction.

Making matters worse is that most have been stripped of copper pipes & wiring by scavengers, so tons of $$$$ repairs are also in order before an occupancy permit can be had.

Much of this blight started in the 70's when former Mayor Coleman Young (crook) ignored the neighborhoods and concentrated his efforts at sweetheart deals to rebuild downtown and make him and his buddies rich.

Those who could leave left (white and black, so the oft used term "white flight" is inaccurate) and those that couldn't are still there suffering because even though Young is gone (and dead) his cronies still run large parts of the Detroit govt. (see Kwame Kilpatrick, Monica Conyers etc.).

Hopefully the many FBI investigations looking at City Hall and the departments will bear fruit and get those crooks out of there. Only after that happens and an honest, pragmatic government is installed will people and businesses return to the city.