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38 Commerce Development


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349 replies to this topic

#21 Gorath

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Posted 06 November 2007 - 06:46 PM

A 12.7 million dollar parking ramp with 360 spaces would cost $35,277 per parking space.

 

#22 GRDadof3

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Posted 06 November 2007 - 07:11 PM

Some more info from the Parking Commissions packet:

) Parking ramp shall be designed and constructed, to accommodate a future
proposed elevated walkway to the east of the parking ramp. Such
accommodation is at the expense of Sandbox 45, LLC


) 38 Commerce also anticipates that the Liner Buildings within this project will be
developed according to LEED standards.


) City agrees to provide the Developer or its assignees at market rate up to 72
parking passes in the Parking Ramp at designated spaces adjacent to the liner
building entrances, and allocated approximately evenly among the ramp
levels
) City agrees to provide at market rate, Corl-Knott Building up to 18 parking
passes

From the proposed contract language:

20. It is recognized that the Developer’s commitment to construct the Liner Buildings
is dependent upon (a) the Developer’s securing a Michigan business tax credit from the
Michigan Economic Growth Authority (the “MEGA”) pursuant to the Brownfield
Redevelopment Act, Act 381 of the Public Acts of Michigan of 1986, as amended, in the amount
not less than $1,200,000 (the “MBT Tax Credit”) and (b) an agreement with the DDA to
reimburse the Developer up to $516,000 of eligible expenses from tax increment revenues
realized from the Liner Buildings pursuant to the DDA’s Development Support Policy...


There's also a number of letters attached in support of the development, including Visser Brothers, who owns 25 S. Division (former Cybernet), who feel that they could successfully lease their building if they had more nearby parking.

And yes Gorath, that's about the same cost as the Commerce/Cherry ramp. I'm flabbergasted that ramp space downtown is getting so expensive.

To me, I think this proposal is an EXCELLENT way to solve the parking issues in Heartside, and to make that parking ramp much more "urbane" and pedestrian-friendly as we all have cried for time and time again. I hope they pull this off and the model is used for other future parking ramps. If it works, it may even garner some national exposure.

#23 snoogit

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Posted 06 November 2007 - 08:40 PM

This would be one of the best things to happen to Commerce Ave. yet! I don't even have anything to cry poopy pants about! The building looks nice and should compliment the ramp at cherry and commerce well. I'm more geeked about the fact that yes the Cherry/Commerce ramp will be public accessible, and not just for Cooley students (yes!) Now all commerce needs is a fresh coat of pavement. (Oh I just had to mention that one really.)

#24 GR_Urbanist

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Posted 06 November 2007 - 09:42 PM

Posted Image

Now we're talking!

This is going to seriously energize that whole street.

Edited by GR_Urbanist, 06 November 2007 - 09:43 PM.


#25 GRDadof3

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Posted 07 November 2007 - 08:43 AM

I'm surprised more people haven't weighed in on this. What does everyone think of the design?

I'm pretty optimistic that the city will approve this deal. They're covered if the developer defaults, and the parking ramp breaks even midway through year 3 based on their conservative pro-forma, and then starts making a pretty good profit after that.

They may raise concerns about the residential portion and the current housing market, but at 34,000 feet for the residential portion, that's not even half the size of Tall House and 240 Ionia, and it looks like it's only 35 units (counting balconies on the rendering). Let's hope they got the memo about making them "affordable". :) (scratch that, looks like it's only 28 residential units. Much more manageable).

#26 GRGyp

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Posted 07 November 2007 - 08:46 AM

I'm surprised more people haven't weighed in on this. What does everyone think of the design?


One word:

Sweeeeeeeeeeeeeeeeeeeeet!

#27 MAU

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Posted 07 November 2007 - 08:55 AM

Wow - that is NOT the same proposal i saw about 6 months ago. Now i've got to go break out that old file...

#28 AlexPKeaton

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Posted 07 November 2007 - 09:03 AM

I don't imagine any potential tenants are ready to be announced. It would be really sweet to see some national retailer locate there to catalyze retail development in the area. If this building were filled up with ground floor retail (not restaurants and coffee shops) I wonder how long it would take for more development to occur along Commerce.

#29 Veloise

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Posted 07 November 2007 - 09:11 AM

I prefer the beautiful "that's a parking deck?!?!?" look of the ones right DT. But this is OK.

Edited by Veloise, 07 November 2007 - 09:37 AM.


#30 MAU

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Posted 07 November 2007 - 09:13 AM

Unless I'm lost, lots 007 and 008 are River City Slim's, right across the street.

You're lost by about 5 blocks.

#31 numstead

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Posted 07 November 2007 - 09:44 AM

Wow - that is NOT the same proposal i saw about 6 months ago. Now i've got to go break out that old file...


You're right, you probably saw my images then. I think the only thing that has changed is the outward appearance. BETA was removed from the project for extenuating circumstances and so it looks like Integrated has redrawn the facade.

#32 GRDadof3

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Posted 07 November 2007 - 10:12 AM

I don't imagine any potential tenants are ready to be announced. It would be really sweet to see some national retailer locate there to catalyze retail development in the area. If this building were filled up with ground floor retail (not restaurants and coffee shops) I wonder how long it would take for more development to occur along Commerce.


FYI, there's about 5700 square feet of retail (32' deep by 180' wide), which looks like it can be split into 2 or 4 bays. I don't know what size national retailers look for. If Gallery at Fulton gets built, it too was supposed to have ground floor retail on the Commerce side.

#33 torgo

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Posted 07 November 2007 - 11:13 AM

I think it looks great!

#34 mpchicago

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Posted 07 November 2007 - 11:14 AM

I like the concept! It would be interesting to see what facade BETA had proposed. One question. If a parking ramp life span is 30 to 40 years, what happens when it's life is up, and you have a building wrapped around it? It seems as though it would be pretty tricky for tenants.

#35 Veloise

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Posted 07 November 2007 - 11:19 AM

I like the concept! It would be interesting to see what facade BETA had proposed. One question. If a parking ramp life span is 30 to 40 years, what happens when it's life is up, and you have a building wrapped around it? It seems as though it would be pretty tricky for tenants.

Maybe the life span would be extended by the protective exoskeleton.

#36 d8alterego

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Posted 07 November 2007 - 11:37 AM

If a parking ramp life span is 30 to 40 years, what happens when it's life is up, and you have a building wrapped around it? It seems as though it would be pretty tricky for tenants.


It is my understanding that a mixed use building with a built in parking structure has a much greater lifespan due to the tenants who would use the parking whereas a stand-alone structure has to draw them in. I've also heard it's possible to convert parking structures to normal tenant buildings as long as the grade of the pavement is level. This one looks like it will not be level grade.

#37 GRDadof3

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Posted 07 November 2007 - 12:03 PM

I like the concept! It would be interesting to see what facade BETA had proposed. One question. If a parking ramp life span is 30 to 40 years, what happens when it's life is up, and you have a building wrapped around it? It seems as though it would be pretty tricky for tenants.


Maybe they are going to build this as three separate structures, so that if the ramp needs replacing or upgrading, it can be done separately. The development agreement reads that each building will have its own "condominium" incorporation and have separate construction contractors, and then probably fire walls between them. The liner buildings are supposed to start construction 90 days after the parking ramp starts.

I wish I could post the packet, but the city doesn't have it on its website. Apparently all the big development news is going to come out of the Parking Commission this year. :)

I wonder if a parking ramp/liner development project would work for 240 Ionia or Tall House? Fewer condos to sell, helps fill the 1350 parking spaces needed for Heartside, and frees up demand for Areas 4/5 for a big retail development. :whistling:

#38 AlexPKeaton

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Posted 07 November 2007 - 12:25 PM

What's the limiting factor on parking ramp life? Is it exposure, or are they just more cheaply constructed due to their function? Since concrete continues curing for along time I'd think a ramp would get stronger with age, at least for a while. Though, why was the Division and Fulton ramp torn down? I thought it was because of structural issues.

#39 DwntwnGeo

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Posted 08 November 2007 - 08:42 AM

Chris has an entry at Knape's Corner on Mlive.

#40 DwntwnGeo

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Posted 08 November 2007 - 01:07 PM

Latest news on Mlive

"Jack Hoffman, chairman of the city's Parking Services Commission, is a historic preservationist who typically walks from his Heritage Hill home to his downtown law office."

"Hoffman said he's willing to sacrifice the vacant building at 38 Commerce SW if it will increase the supply of parking in the neighborhood, thereby making other historic buildings more valuable for redevelopment."

"The Parking Commission's blessing was the first of several approvals developer Andy Winkel will need for the project.... Winkel still needs the approval of the Downtown Development Authority, the city's Historic Preservation Commission, state economic development authorities and the full City Commission. Winkel said he hopes to break ground on the project late next year."


You can read the complete article on Mlive.




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