Nothing to See Here: Detroit's Blockbuster Blight Bid Falls Through
Anna Clark writes: "You heard of the casino developer who scooped up 6,365 foreclosed Detroit properties in a single mysterious bid? Well, forget him: Herb Strather withdrew his eyebrow-raising bid this morning."
"Strather withdrew his $3.1 million bid for an enormous swath of Detroit buildings and lots today, scarcely a week after placing it and after inspiring dozens of headlines around the country." (Planetizen was one of the many outlets who picked up the news of the bid.)
Clark provides in depth analysis of how the bid almost wrecked Detroit's intentions for the auction: "Strather backing out is good news for Detroit. And rather than being a bizarro anecdote in the story of the city’s revitalization, the debacle reveals something important for cities with an over-abundance of neglected properties: Blight bundles work."
The article includes a lot more examples of how blight bundles and land banks work—especially when there are no untenable surprises like Detroit just experienced.