MORTON HOUSE

[GRDadof3]

So this is not the right spot for this but pretty close. 

I noticed that Rockford is also renovating and adding retail to 89 Ionia. (Did we already cover this?)

See page 37.

http://go-summit.com/wp-content/uploads/2013/02/pearl-district.jpg

 

I think you meant to post the planning commish agenda?  

[GVSUChris]

BAH! My bad. Well you can tell what I had been looking up haha.

It was actually in the DDA agenda packet.

[GRDadof3]

BAH! My bad. Well you can tell what I had been looking up haha.

It was actually in the DDA agenda packet.

 

Oh yes, I do recall seeing that. I didn't realize that Rockford was basically taking the building over, with $3.5 Million in improvements (streetscape, new elevator, capped areaway, etc)/

 

http://grcity.us/design-and-development-services/Downtown-Development-Authority/Downtown%20Development/DDA%20April%208%20Agenda%20Packet.pdf

[egrguy]

http://www.mlive.com/business/west-michigan/index.ssf/2015/08/inside_the_morton_downtowns_ne.html#incart_river

Kind of surprised its already scheduled to open next month, time flies. 

[mpchicago]

http://www.mlive.com/business/west-michigan/index.ssf/2015/08/inside_the_morton_downtowns_ne.html#incart_river

Kind of surprised its already scheduled to open next month, time flies. 

Really nothing new here.  We already knew that they would be opening apartment units this fall, and if you have seen their website or Facebook page you would have already seen a complete unit.  Still no real work done on the public spaces, and no announcements for ground floor retail or restaurants, from what I could tell from this article or the WOOD TV story.  The only new news is they apparently have a signed office tenant that doesn't want to be revealed yet.  Don't get me wrong, I love this project and Rockford construction, but this is just a big free commercial for the project.  Can't wait to hear or see something new about the project. 

Edited August 6, 2015 by mpchicago

[arcturus]

This will be a good litmus test as to what the rental market can sustain for the price they're asking.  Rent isn't exactly cheap and with parking extra I'm wondering if the 'about half of the rental units are spoken for' isn't a bit disappointing with the move in date rapidly approaching.  

[MJLO]

This will be a good litmus test as to what the rental market can sustain for the price they're asking.  Rent isn't exactly cheap and with parking extra I'm wondering if the 'about half of the rental units are spoken for' isn't a bit disappointing with the move in date rapidly approaching.  

Actually those prices without parking still put them in line with other developments of like size.  The new Brookstone units in the Heartside go in that range and it's an additional $150/mo for each parking spot.  I am pretty sure monthly rates at the two city ramps are a little cheaper.

[arcturus]

Actually those prices without parking still put them in line with other developments of like size.  The new Brookstone units in the Heartside go in that range and it's an additional $150/mo for each parking spot.  I am pretty sure monthly rates at the two city ramps are a little cheaper.

Cherry/Division or S Ionia?  Are they 100% market rate?  How has leasing gone?

Edited August 7, 2015 by arcturus

[GR_Urbanist]

Morton House being half rented isn't too bad considering. I think it speaks to the fact that DT GR is just not a practical place for still too many people, and only the most committed urbanphiles will want to be there without having any necessities nearby or dedicated parking.

 

I find the DT environment to be very cold and inhospitable as a place to want to call home because almost 100% of everything around you has no immediate use, and is still geared towards occasional visitors, DT 9-5 workers. If you cant really "live" in the area, then what's the use of paying a higher price point just to be there?

[x99]

I find the DT environment to be very cold and inhospitable as a place to want to call home because almost 100% of everything around you has no immediate use, and is still geared towards occasional visitors, DT 9-5 workers. If you cant really "live" in the area, then what's the use of paying a higher price point just to be there?

This is a very valid question, and I never did find an answer to it.  Frankly, I don't think the developers who are building all of these units know the answer either.  There seems to be a very real sense that the developers doing this have no idea what they can get away with charging, no idea how many units they can fill, and generally seem to think that someone very likely will be left holding the bag.  It is an extraordinarily unusual development environment.  I wish them all the best of luck, because if there is enough demand, perhaps downtown could actually become a more hospitable place to live. 

[GRDadof3]

This is a very valid question, and I never did find an answer to it.  Frankly, I don't think the developers who are building all of these units know the answer either.  There seems to be a very real sense that the developers doing this have no idea what they can get away with charging, no idea how many units they can fill, and generally seem to think that someone very likely will be left holding the bag.  It is an extraordinarily unusual development environment.  I wish them all the best of luck, because if there is enough demand, perhaps downtown could actually become a more hospitable place to live. 

 

I was just talking about this today with someone, that this mantra that young people "don't want to own" is being perpetuated more by developers than by young people themselves. So when they all hear that their peers "don't want to own and would rather rent" over and over again, they think that they too should rent, and that buying property is risky. This mantra, much like "homes never go down in value" in 2005 and 2006 has led to exorbitant rental rates, way higher than it would cost you to own. And has also led to the national shortage of rentals and a still somewhat sluggish new homes/condos market. 

I'm sure there will be some kind of correction but it's hard to say what that will look like (other than projects not coming to fruition). And maybe renters are looking forward to that correction, although any correction hurts someone which trickles down to other people. Someone somewhere in this market has figured out the annual absorption of rental units per year and it probably explains why Cherry Street Capital hasn't started on anything yet or a variety of other apartment projects like 20 Fulton East haven't started. 

Maybe it's the city.

Edited August 7, 2015 by GRDadof3

[GRDadof3]

Then there's this:

http://www.grbj.com/blogs/2-the-social-buzz/post/83030-grand-rapids-ranks-as-third-most-affordable-city-for-singles

Avg rent is 73 cents per sf...

[GRDadof3]

The Morton is pretty much unwrapped and looking very nice. A lot of New York influence in the architecture (old and new).

 

 

 

 

 

 

 

Tower crane sighting!!!

 

 

 

 

 

Glad to see someone finally patched up this place across the street.

 

 

 

[mpchicago]

Thanks for the pics!   I like the rivet detail that they carried outdoors on the window trim, overhangs, and planters, as a nod to the exposed metal posts in the apartments.  I wonder if they will be adding back the great lanterns that were on either side of the Monroe Center bank entrance?  

Hopefully they will have some announcements soon about the ground floor retail/commercial spaces.  It would be a great spot to set up shop.  They claim to have signed a tenant for office space in the building, I wonder who that is?

[egrguy]

The sidewalk! What an improvement over the black top that was there before; much more inviting.

[GRDadof3]

The sidewalk! What an improvement over the black top that was there before; much more inviting.

 

Yes, I like the gray bands too. It ties in with the planter boxes under the windows. It's almost as if it were planned that way!  

There are small slits in the stones where the lamps were, so I'm hoping they'll be restored to their former glory and place. 

 

Edited September 11, 2015 by GRDadof3

[joeDowntown]

Amazed by the Ottawa Street side. If you remember, that was the trash collection area for the building. This building is very "stately". 

Has anyone noticed the giant "hole" on the top floor (existing building, not the addition but I assume it will tie in with the penthouse portion). What are they doing there?!

Joe

[GRDadof3]

Amazed by the Ottawa Street side. If you remember, that was the trash collection area for the building. This building is very "stately". 

Has anyone noticed the giant "hole" on the top floor (existing building, not the addition but I assume it will tie in with the penthouse portion). What are they doing there?!

Joe

This hole? It is interesting. 

[The ATX]

Is that going to be a balcony?

[GRDadof3]

Is that going to be a balcony?

That's what joedowntown was asking. I would guess so. The lair of some superhero? 

[joeDowntown]

Looks like maybe a balcony or two story stairway?

Joe

[GRDadof3]

Looks like maybe a balcony or two story stairway?

Joe

I'm guessing it's a two-story atrium with the lower part being an accessible balcony. Maybe circular stairs?

[GRDadof3]

On their FB page they have a picture of a cool outdoor patio with lawn. 

[GRDadof3]

Looks like maybe a balcony or two story stairway?

Joe

It's a glass enclosed stairway for that two-story condo, I heard last night. I may be able to get some pictures...

[GRDadof3]

I got a little tour this morning. Pretty sweet job on the place. 70% leased apparently. I can't post all the pics I took but here are a couple:

Apparently at night this patio is pretty dope, lit by the hanging lights, lights through the windows from the hallways, and ambient city light above.

 

Big penthouses upstairs, some larger than 2500 square feet. This one has about 14' - 16' ceilings and will be two stories. Reminds me of the show "Selling New York." 

 

 

 

Edited September 25, 2015 by GRDadof3