Klingman's Warehouse

[egrguy]

This is a great location and awesome building. Walked from downtown to the market this weekend and it's really a quick walk.

[GRDadof3]

This is a great location and awesome building. Walked from downtown to the market this weekend and it's really a quick walk.

 

Unless you make too much money!

[egrguy]

I know. I had done a quick market rate search and there aren't many options.

[GRDadof3]

I know. I had done a quick market rate search and there aren't many options.

 

There will be in the next couple of years. About 800 or so being added to the market.

[GRDadof3]

If you were wondering what the big crane was doing working on the Klingman's building, it was working on the new parking deck in the courtyard:

 

[GRDadof3]

Windows are going in.

 

[joeDowntown]

It's going to be a great looking building once all of the windows are in. Nice!

Joe

[GRDadof3]

There's a huge banner on the side of the building saying "Now Leasing - Klingman Lofts." I didn't realize it was that far along.

[WMrapids]

Did they repaint the old lettering on the building?

[GRDadof3]

Did they repaint the old lettering on the building?

 

Yes, I think it says "Klingman's Furniture Warehouse." Strangely they had all of the tilt-able windows open (probably hot and humid in there for workers) and it looked pretty cool. Wish I had my camera at the time.

[GRDadof3]

Klingman Lofts has its ribbon cutting this week. Amazing that the helical piers that they needed to keep the Northwest corner from further sinking ballooned from $750,000 (a quote I saw 10 years ago) to $3 Million. 

http://www.mlive.com/business/west-michigan/index.ssf/2015/10/24m_lofts_offer_rent_breaks_in.html?ath=1a90132b90933db8002100e5723c045a#cmpid=nsltr_strybutton

 

 

[mpchicago]

It would be nice to see downtown market type vendors in this building, as an extension of the market. I see this as a "Pittsburgh Strip" area in a few years.

[GRDadof3]

Wow. That's a sign!

 

On 10/26/2015 at 9:19 AM, mpchicago said:

It would be nice to see downtown market type vendors in this building, as an extension of the market. I see this as a "Pittsburgh Strip" area in a few years.

 

That's an interesting video. It looks eerily like Monroe North from the air. 

[GR_Urbanist]

Yes! LOL!

I also thought that was N. Monroe. I actually hope that's what N. Monroe will eventually turn into. Specifically Bond Ave. between Mason and Throwbrdge

[arcturus]

Is the arch or sign illuminated?

[gvsusean]

1 hour ago, arcturus said:

Is the arch or sign illuminated?

It wasn't last week.... 

[john_denver]

A friend of mine was looking at Klingman's Loft for a 2 bedroom apartment and they have a 2-3 year waiting list (for 2 bedroom apartments).

But then he found out he made too much money to rent there...end of that story.

[arcturus]

18 hours ago, john_denver said:

A friend of mine was looking at Klingman's Loft for a 2 bedroom apartment and they have a 2-3 year waiting list (for 2 bedroom apartments).

But then he found out he made too much money to rent there...end of that story.

Let's hope a similar scenario happens for market rate apts.

[GRLaker]

19 hours ago, john_denver said:

A friend of mine was looking at Klingman's Loft for a 2 bedroom apartment and they have a 2-3 year waiting list (for 2 bedroom apartments).

But then he found out he made too much money to rent there...end of that story.

Another victim of the 'you make too much to live here, but not enough to live anywhere else' bubble. 

I hope that the day will come when market rate actually means not at the very tippy top of market pricing - A day when someone making $40-50K per year can actually live downtown with rental rates around $800-900 per month for a one bedroom apartment as opposed to $1,300-$1,400.  

[john_denver]

2 hours ago, GRLaker said:

Another victim of the 'you make too much to live here, but not enough to live anywhere else' bubble. 

I hope that the day will come when market rate actually means not at the very tippy top of market pricing - A day when someone making $40-50K per year can actually live downtown with rental rates around $800-900 per month for a one bedroom apartment as opposed to $1,300-$1,400.  

Exactly!  He is in a transition in his life and wants an apartment for a couple of years but does want to pay $1800 to $2200 for a 2 bedroom apartment.

 

I'm curious what income level you need to be to be accepted into one of these apartments like Klingman's?

[thebeerqueer]

Just after college, while starting my career, I lived in the Globe apartments (10+ years ago) and was making $25K and that qualified. The great thing about those situations, they allow for your income to increase 30% every year while rent only went up a bit. I realize that might have changed now but that's the way it was a decade or so ago. 

[GRDadof3]

2 hours ago, john_denver said:

Exactly!  He is in a transition in his life and wants an apartment for a couple of years but does want to pay $1800 to $2200 for a 2 bedroom apartment.

 

I'm curious what income level you need to be to be accepted into one of these apartments like Klingman's?

Most of those LIHTC apartments have online applications you can download and see what the income requirements are. I believe it's dependent on family size and unit size, etc..

In other news, I checked out Moosejaw today. Looks a lot more permanent than a pop-up store. Really awesome space. 

 

[arcturus]

From the deck of the Downtown Market this building looks all the more impressive.  They did a great job and everything looks so tidy.  Would imagine this is fully leased?

 

[GRDadof3]

4 minutes ago, arcturus said:

From the deck of the Downtown Market this building looks all the more impressive.  They did a great job and everything looks so tidy.  Would imagine this is fully leased?

 

I would guess so, since LIHTC units have something like 10,000 people on a waiting list. This building is all LIHTC.

[john_denver]

I heard there is a 2-3 year waiting list for a 2 bedroom apartment.