
A New Dawn For Detroit, And For A Landmark Downtown Building
Detroit's Book Tower, a century-plus to the good and still standing proud.
As a grizzled native of the much-maligned Motor City (once derided by cynics as the Murder City), it did my heart proud to visit family and friends there recently, and enjoy a remarkably safe and serene stay in the heart of downtown. Housed within the historic Book Building and adjacent Book Tower on Washington Boulevard--once home to bustling offices, circa 1917 and 1926, respectively--are 229 apartments and the stunning 117-room Roost Apartment Hotel. To merely say the buildings had a facelift would be a gross understatement: resurrection would be closer to the truth.
Like many downtown buildings before it (around 80!), the new life for these historic structures is owed to the vision and munificence of one Dan Gilbert of Rocket Mortgage and Bedrock Detroit, his bustling real estate development company. Seven years and some $300-plus million dollars later, the once-disused and vacant ghost building is teeming with fresh life and activity while maintaining the ornate elegance of architect Louis Kamper's Italian Renaissance masterpiece. The limestone facade is pearl-white again, the green copper roof looks brand new and the delightfully curious dozen sculptures of unclothed women adorning the exterior appear to be ready for their collective closeup, modesty be damned!
The newly restored Book Bldg. atrium
Four stories of the Book Building are now home to 117 studio and one- and two-bedroom units perfect for weekend getaways or extended stays alike. The handsomely-appointed rooms are equipped with full kitchens and are completely furnished, including a convenient washer/dryer setup replete with detergent pods. ROOST even supplies fresh La Colombe coffee beans for guests to grind and then brew (with Bonavita hardware) an artisanal cup of coffee that obviates the need to visit one of the hipster java joints in the neighborhood. That's seven bucks you can then spend on a couple of gut-busting chili dogs at nearby Lafayette Coney Island, a not-to-be-missed Detroit hangout.
Living area at ROOST, cheery and spacious, with great city views.
Then again, if the good life at ROOST has so induced rest and relaxation that you prefer to wear your slippers downstairs, there are a handful of fabulous places to grab a bite or sip your beverage of choice on the premises. Le Supreme is a Parisian-style brasserie that is art-directed to resemble the real Frenchified deal, augmented by Detroit music posters to give the local cultural legacy its just desserts. Speaking of which, the in-house bakery--visible from the lobby through capacious windows, a very nice touch--serves a delightful French pastry basket for its weekend Sunday brunch, alongside a savory quiche Lorraine and a nicely-curated French cheese selection. Red leather banquettes inside and and shrub-shrouded tables outside complete the urban/rustic effect to the very letter. C'est magnifique!
Sakazuki
If you need further proof that Philadelphia-based Method Co.--responsible for ROOST's unique dining concepts--is at the pinnacle of cool when it comes to design and execution, the Japanese-style pub Sakazuki is the picture of funky elegance and a great spot for sake and casual bites like wagyu burgers and ekiben (akin to the bento boxes sold at Tokyo train stations). And Hiroki-San, in the lower level of Book Tower, features authentic Japanese fare like yakitori and ramen, as well as imported wagyu and sashimi, all in an elegant and intimately-lit interior with seating for up to 108 patrons, including a dozen lucky guests at the chef's counter. And the lobby-level Bar Rotunda sits beneath the 100-year-old Keppler glass dome and is an all-day cafe and wine bar where elbow-to-elbow scenesters bring the place to vibrant life nightly. Kamper's Rooftop Lounge--perched on Book Tower's 14th floor--is a comfy way to take in starlit city views and make with the de rigueur tapas and cocktails ritual. Unbelievably cool decor with a sophisticated vibe to match!
Detroit skyline from ROOST
Yes, you can stay within the confines of this beautifully-restored property and eat, drink and socialize to your heart's content, but you'd be denying yourself access to one of America's great second act stories--the city of Detroit itself! Downtown used to be a fairly depressing tableau of abandoned buildings and homelessness, but is now a leisure and entertainment hub that strikes new visitors as a less frenetic, pocket-sized Manhattan. All three major sports franchises--the Lions, Tigers and Red Wings--are located within walking distance or a short drive, and the restored Detroit International RiverWalk spans three miles and is perfect for hikers and bikers, children and adults alike. And don't forget to visit the Detroit Institute of Arts to admire Diego Rivera's murals as well as stopping by Jack White's Third Man Records--an impressive facility with a vinyl pressing plant and ice-cool retail space. The Motor City may no longer be burning, but it is FIRE!
And, it goes without saying, the ROOST rules.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
17 minutes ago
- Yahoo
A Look At The Fair Value Of Balchem Corporation (NASDAQ:BCPC)
The projected fair value for Balchem is US$164 based on 2 Stage Free Cash Flow to Equity With US$165 share price, Balchem appears to be trading close to its estimated fair value Our fair value estimate is 17% lower than Balchem's analyst price target of US$197 Does the July share price for Balchem Corporation (NASDAQ:BCPC) reflect what it's really worth? Today, we will estimate the stock's intrinsic value by taking the forecast future cash flows of the company and discounting them back to today's value. This will be done using the Discounted Cash Flow (DCF) model. Don't get put off by the jargon, the math behind it is actually quite straightforward. We would caution that there are many ways of valuing a company and, like the DCF, each technique has advantages and disadvantages in certain scenarios. Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. We are going to use a two-stage DCF model, which, as the name states, takes into account two stages of growth. The first stage is generally a higher growth period which levels off heading towards the terminal value, captured in the second 'steady growth' period. To start off with, we need to estimate the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years. Generally we assume that a dollar today is more valuable than a dollar in the future, so we discount the value of these future cash flows to their estimated value in today's dollars: 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Levered FCF ($, Millions) US$189.0m US$202.7m US$214.8m US$225.7m US$235.7m US$245.1m US$254.1m US$262.8m US$271.5m US$280.1m Growth Rate Estimate Source Analyst x2 Est @ 7.27% Est @ 5.97% Est @ 5.06% Est @ 4.42% Est @ 3.98% Est @ 3.67% Est @ 3.45% Est @ 3.30% Est @ 3.19% Present Value ($, Millions) Discounted @ 6.9% US$177 US$177 US$176 US$173 US$169 US$164 US$159 US$154 US$149 US$144 ("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = US$1.6b We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 5-year average of the 10-year government bond yield (2.9%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 6.9%. Terminal Value (TV)= FCF2035 × (1 + g) ÷ (r – g) = US$280m× (1 + 2.9%) ÷ (6.9%– 2.9%) = US$7.2b Present Value of Terminal Value (PVTV)= TV / (1 + r)10= US$7.2b÷ ( 1 + 6.9%)10= US$3.7b The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is US$5.4b. In the final step we divide the equity value by the number of shares outstanding. Compared to the current share price of US$165, the company appears around fair value at the time of writing. The assumptions in any calculation have a big impact on the valuation, so it is better to view this as a rough estimate, not precise down to the last cent. We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. If you don't agree with these result, have a go at the calculation yourself and play with the assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Balchem as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 6.9%, which is based on a levered beta of 0.919. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business. Check out our latest analysis for Balchem Strength Earnings growth over the past year exceeded the industry. Debt is not viewed as a risk. Weakness Dividend is low compared to the top 25% of dividend payers in the Chemicals market. Expensive based on P/E ratio and estimated fair value. Opportunity Annual earnings are forecast to grow for the next 2 years. Threat Annual earnings are forecast to grow slower than the American market. Valuation is only one side of the coin in terms of building your investment thesis, and it ideally won't be the sole piece of analysis you scrutinize for a company. The DCF model is not a perfect stock valuation tool. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. For instance, if the terminal value growth rate is adjusted slightly, it can dramatically alter the overall result. For Balchem, there are three pertinent aspects you should assess: Financial Health: Does BCPC have a healthy balance sheet? Take a look at our free balance sheet analysis with six simple checks on key factors like leverage and risk. Future Earnings: How does BCPC's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart. Other High Quality Alternatives: Do you like a good all-rounder? Explore our interactive list of high quality stocks to get an idea of what else is out there you may be missing! PS. Simply Wall St updates its DCF calculation for every American stock every day, so if you want to find the intrinsic value of any other stock just search here. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio


Bloomberg
17 minutes ago
- Bloomberg
It's Déjà Vu for Option Traders as Markets Calm Into Tariffs Day
In the days leading up to President Donald Trump's July 9 tariffs deadline, equity investors having flashbacks of Liberation Day showed little concern. The MSCI All-Country World Index reached a peak last week, while gauges of volatility expectations from the US to Europe and Hong Kong have more than halved from their highs in April.
Yahoo
21 minutes ago
- Yahoo
4 Reasons People Are Using 401(k)s for Emergencies, According to Vanguard
Vanguard recently released its 2025 report on how America saves. It revealed that a record 4.8% of 401(k) holders took a hardship withdrawal in 2024, up from 1.7% in 2020. Be Aware: Check Out: So why are more Americans raiding their retirement accounts? The report listed the following reasons for hardship withdrawals. Over a third (35%) of account holders who took a hardship withdrawal listed avoiding foreclosure or eviction as their motivation. 'Traditionally, homeowners in financial distress might refinance or tap home equity to stay afloat,' said Josh Richner of FaithWorks Financial. 'But with mortgage rates hovering near 7%, refinance volume has dropped to its lowest level since the mid-1990s. That leaves many turning to the only sizable resource they can access: their retirement savings.' Read Next: At 30%, medical expenses made up the second most common driver of hardship withdrawals last year. It doesn't help that many Americans have little to no emergency savings. A study by GOBankingRates found that half of Americans have $500 or less in savings. Vanguard reported that 16% of hardship withdrawals went to cover a home repair or purchase. Brett Daniel, founder of Daniel Safe Money Retirement Solutions, cautioned homebuyers against raiding their retirement savings. 'While purchasing a home can make a great financial investment, using retirement savings for the down payment or home repairs is risky due to the fees involved on the amount withdrawn from your 401(k).' It also leaves you with less money in financial investments to compound throughout your career and pay for your retirement. Another 14% of hardship withdrawals went to covering tuition costs, and 5% were uncategorized. While some of those withdrawals helped the account holders themselves get degrees and improve their future earnings, some likely went to account holders' children. But most financial experts agree that's a dangerous path, as children have many options to fund their college degree, but retirees have just one: their savings. 'Parents looking to help with tuition should look at 529 college savings plans or Coverdell Education Savings Accounts, rather than draining their own retirement accounts,' Daniel said. Vanguard noted that it is now easier to request a hardship withdrawal, due to a 2019 budget act, which could account for some of the increase. Additionally, another recent law could also help explain the bump in hardship withdrawals from 401(k)s. The Secure 2.0 Act of 2022 required employers to automatically enroll new workers in 401(k) accounts, if available. That led to many lower-income workers having retirement accounts, and for some, it represents their only source of savings. Overall, Vanguard doesn't see much cause for alarm with the heightened hardship withdrawals. The report pointed to these legal changes as significant drivers, taking a sanguine stance on the 4.8% hardship withdrawal rate. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 10 Used Cars That Will Last Longer Than an Average New Vehicle 5 Cities You Need To Consider If You're Retiring in 2025 This article originally appeared on 4 Reasons People Are Using 401(k)s for Emergencies, According to Vanguard