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All I can think of looking at those huge old buildings is lofts, Lofts!; LOFTS!!!
In El Lay, 1600 square foot loft spaces in old industrial buildings are selling for $500-750K. In Venice, they built brand new "artists lofts" next to Otto's on Hampton and got up to $1.1 million for the top floor units. Hardscrabble shacks on 25 x 90' lots on the same street are now over $600K.
Once "gentrification" begins, it can be a powerful force. John70t has seen it happen in Oakland, and I saw it in SF when I lived there. But it would take a lot of money and faith to bankroll loft conversions in Detroit...
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techweenie | techweenie.com
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