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SupercityGR

CWD

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I really like that there buying buildings and doing fixes here and there. 10 commerce makes fulton look nicer and the fitz is beautiful on the inside. But.... They keep buying office space. I like what there doing with them, really do. My only worry is that once they own all of downtowns office space that there going to jack up rents. How do you guys feel about it?

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As far as anyone can tell, cornering the market is what they are trying to do.  From what I have heard, they are not willing to negotiate on rents, and tenants are fleeing their buildings.  I am aware of quite a few tenants who have left 50 Monroe as well as the Trust Building.  I can only presume they believe eventually the other real estate around town will fill up and people will have to pay their price. 

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I've actually found CWD to be quite flexible. Maybe it depends on the building owner (a lot of buildings on Fulton/Ionia are managed by CWD but owned by Lee Shore Enterprises). We're in the San Chez building and they are doing a lot of upgrades- building a Tech Hub, etc. 

 

Flexibility may be different when the building is owned by CWD as opposed to managed. 

 

Joe

 

As far as anyone can tell, cornering the market is what they are trying to do.  From what I have heard, they are not willing to negotiate on rents, and tenants are fleeing their buildings.  I am aware of quite a few tenants who have left 50 Monroe as well as the Trust Building.  I can only presume they believe eventually the other real estate around town will fill up and people will have to pay their price. 

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I found this part from the M-live story interesting;

CWD also is planning to connect the [Trade Center,] 50 Louis building to the city parking ramp. The city’s Historic Preservation Commission will review plans at a 5 p.m. Wednesday, Jan. 16 meeting

 

 

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Back in Dec. 2011, they were going to offer $1 Million for that lot. Now they just want a 3 year renewable option with no anchor tenant, and an office vacancy rate downtown over 20%.

 

Why don't they just do residential apartments???

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Back in Dec. 2011, they were going to offer $1 Million for that lot. Now they just want a 3 year renewable option with no anchor tenant, and an office vacancy rate downtown over 20%.

 

Why don't they just do residential apartments???

 

I 100% agree. Its right by all the bars so young people would want to live there. Its a great location. And there other apartments on 10 commerce is almost fully occupied

 

 

Cummings said a groundbreaking might happen in mid- to late-2014 at the earliest.

 

 

Very sad!....But any new glass tower is ok with me :)

Edited by SupercityGR

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Back in Dec. 2011, they were going to offer $1 Million for that lot. Now they just want a 3 year renewable option with no anchor tenant, and an office vacancy rate downtown over 20%.

 

Why don't they just do residential apartments???

 

I recall the RFP requiring non-residential use. However, they certainly could do both. 

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I recall the RFP requiring non-residential use. However, they certainly could do both. 

 

I wonder why the city stipulated office use?

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Maybe they figure a large class A office building would attract new tenants downtown?

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Back in Dec. 2011, they were going to offer $1 Million for that lot. Now they just want a 3 year renewable option with no anchor tenant, and an office vacancy rate downtown over 20%.

 

Why don't they just do residential apartments???

 

Even back in 2011, the 3 year option was reported as part of the deal, and the final purchase price was always going to depend on an independent appraisal.  It wouldn't appear from the new article that anything's changed (actually the option price went up).

 

Back in our old thread on this matter, remember we suspected, given how quickly CWD put out a proposal, that they may have approached the city prior to the RFP.  If that's true, then the city may have just tailored the RFP to what they expected CWD to propose.  Ergo, the question then would still be why CWD wants office space there.

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CWD has moved into 50 Louis and renamed the "Trade Center" to "The CWD Building".  Sam Cummings says that the building is now nearly full, up from 40% occupancy.  A restaurant is said to be planned for the ground floor space formerly occupied by Lee & Birch. Previously CWD was talking about Chemical Bank moving into that space.

 

Kinda a crazy looking loft they built into the Mason meeting room.

 

Mlive: Grand Rapids developers revive the grandeur of 118-year-old Masonic Temple Building

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CWD has moved into 50 Louis and renamed the "Trade Center" to "The CWD Building".  Sam Cummings says that the building is now nearly full, up from 40% occupancy.  A restaurant is said to be planned for the ground floor space formerly occupied by Lee & Birch. Previously CWD was talking about Chemical Bank moving into that space.

 

Kinda a crazy looking loft they built into the Mason meeting room.

 

Mlive: Grand Rapids developers revive the grandeur of 118-year-old Masoni

c Temple Building

 

 

It's really cool, looks like a space pod floating when you're upstairs looking out at it.

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I always loved to Masonic Temple area. Very cool re-use with the mixture of the old and new. Question: Did they move the elevators? It used to be accessible only from the freight elevator.

 

Joe

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This was always one of my favorite ArtPrize venues.  Great to see it being used again.  Very cool space.

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I always loved to Masonic Temple area. Very cool re-use with the mixture of the old and new. Question: Did they move the elevators? It used to be accessible only from the freight elevator.

 

Joe

 

A new bank of two elevators, in the lobby off of Louis.

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Huntington Bank is moving from 50 Monroe and into the Trust Building. Could this be a positive move towards the potential de-skinning of 50 Monroe?

 

http://www.grbj.com/articles/80954-huntington-bank-will-anchor-trust-building

 

Interesting.  Are there many tenants left over at 50 Monroe?  I haven't paid much attention lately, but last I looked I don't think the vacated spaces were being re-listed for lease.  It will be interesting to see which space Huntington will take on the ground floor for their branch.  I thought there was some speculation about trying to put a restaurant tenant on that side of the building where BofA is now, since the restaurant location off Pearl never seems to do very well. 

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CWD owns 50 Monroe too yes?    Huntington moving from one CWD property to another perhaps signifies new plans for the site altogether?  Maybe something to do with the hotel concept they released a short time ago?

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Also does this signal that BOA is lessening it's administrative presence in West Michigan?

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CWD does also own 50 Monroe. Bank of America's branch in the Trust Building is closing later this year, so Huntington will fill in that space. The article says that this will bring the Trust Building up to about 80% occupied; nothing was mentioned on how full 50 Monroe will be.

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I think the article mentioned Huntington was buying some BOA branches so it appears they are downsizing their western Michigan presence.

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I think the article mentioned Huntington was buying some BOA branches so it appears they are downsizing their western Michigan presence.

Word on the street is that BoA intends to get out of Michigan altogether.

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http://woodtv.com/2014/11/03/huntington-bank-makes-downtown-gr-plans/

 

The woodtv story makes it sounds like they are moving their regional offices downtown.   Am I missing something, that they aren't just moving from downtown too downtown?  Or is Woodtv just being Woodtv?

 

The last part of the article says they are moving 20 people from Columbus Ohio.

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