GRDadof3

20 Fulton E, Mixed Use Development

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This project goes before the Brownfield Authority this month. That was probably to get borings for the environmental portion of the Brownfield application. Apparently they did make the second round application process for LIHTC.

 

If you want to parse the legalese, take a gander over at this doc starting at page 55..

 

http://grcity.us/design-and-development-services/Economic-Development/Brownfield/BRA%20Agenda%20Packet%209-18-14.pdf

 

The renderings in there are HUGE. It will be a cool looking project it seems. There's a lot of ground floor retail coming on the downtown market (240 Ionia, this project).

 

those renderings look awesome, things look like they're starting to take off again. Maybe this board will get back to the way it was five / six years ago when I was just an onlooker.

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GRDadof3    1837

those renderings look awesome, things look like they're starting to take off again. Maybe this board will get back to the way it was five / six years ago when I was just an onlooker.

 

Well now you're participating! I don't think it will ever get back to that. It was pre-Twitter/pre-Facebook days when there were not many other online distractions.

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I actually, for the most part, like the look of the building. If the metal panels are similar to those used on the Herkimer apartments and the apartments at Division and Cherry, I will be happy. It'll be a nice contrast to the YWCA building when on Sheldon. While I don't have a problem with the height of the projection, I do wonder if the height difference between it and TowerPinkster's headquarters will be too severe.... There's not really a way around this though; it's just the reality on the ground.

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fotoman311    50

There was a new article posted on Mlive about this today.

 

http://www.mlive.com/business/west-michigan/index.ssf/2014/09/developer_revives_plan_for_dow.html

 

Looks like the plan for a 50/50 market/income limited split remains the same, which is great!

 

 

The new proposal gives the developer the option of building less than the 108 units promised in the original proposal, Wood said. The proposed parking ramp also calls for the possibility of fewer spaces.

Meanwhile, the project’s cost has gone up to $42 million from its previous estimates of $35 million to $40 million, Wood said. Those cost increases are due mainly to site development estimates, she said.

Wood said construction is expected to begin in the summer of 2015, with completion near the end of 2016.

The city’s Brownfield Redevelopment Authority will consider supporting the project at its meeting on Thursday, Sept. 18. Plans call for tax breaks totaling $6 million to help the developer clean up the site and pay for infrastructure improvements.

To qualify for the low-income housing tax credits, Brookstone has proposed making up to half of the apartments eligible as “workforce” housing in which rental rates are restricted by the tenant’s income. The remainder of the building would be rented at market rates.

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wingbert    490

I had to go back and see if the rendering got better or worse.  They are the same as the December renderings.  Still worse, IMHO, than the July '13 renderings.  Those at least had potential to go in an interesting direction--instead they took it the other way.  I'm just going to give up on anyone building an attractive building in Grand Rapids.  Perhaps I'm just an iconoclast with an outdated fetish for timeless, beautiful designs instead of this utilitarian detritus.  This one still goes in the "beats a parking lot" category for me.  Replaceable and forgettable low rise architecture unsympathetically ballooned in the vertical orientation and festooned with a garish top hat.  A Ransom Towers redux in a vulgar costume, in a rather conspicuous location. 

 

Well as my friend Charlie Bucket's mom used to tell him...

 

Cheer up, Charlie

Give me a smile

What happened to the smile I used to know

Don't you know your grin has always

Been my sunshine;

Let that sunshine show...

Come on, Charlie

No need to frown

Deep down you know tomorrow is your toy...

When the days get heavy

Never pitter patter

Up and at'em boy

Some day, sweet as a song

Charlie's lucky day will come along

Till that day

You've got to stay strong Charlie

Up on top is right where you belong

Look up, Charlie

You'll see a star

Just follow it and keep your dreams in view

Pretty soon the sky is going to clear up

Charlie,

Cheer up Charlie,do

Cheer up Charlie

Just be glad you're you.

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GR_Urbanist    419
"The tax breaks will allow developer Brookstone Capital to recover its costs of cleaning up the site by capturing up to $6.2 million in local and school property tax revenues."

 

Because goodness knows we can spare it? :ermm:

 

I like this project, but I'm not sure how this is a good idea unless the city is expecting to make that back and then some.

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localtalent    24

Because goodness knows we can spare it? :ermm:

 

I like this project, but I'm not sure how this is a good idea unless the city is expecting to make that back and then some.

The state granted the tax breaks, not the city.

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GR_Urbanist    419

The state granted the tax breaks, not the city.

 

But it is still coming out of schools. What is the rationale for taking money out of local schools to funnel to a residential apartment project? Not to mention that it also includes property tax dollars. Property taxes that have gone up twice just recently.

 

Unless we are going to see an influx of new people from outside of GR that will be flooding local tax coffers, then this is looking pretty bad on the face.

Edited by GR_Urbanist

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MJLO    342

I thought tax breaks meant they just don't collect the revenue?   If that's the case what's the difference if they grant the tax breaks for the development or if they let the land sit?  Either way they don't get the revenue.

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x99    365

I thought tax breaks meant they just don't collect the revenue?   If that's the case what's the difference if they grant the tax breaks for the development or if they let the land sit?  Either way they don't get the revenue.

 

It's basically tax increment financing, and it depends how the TIF is structured.  If the project creates additional infrastructure needs and demands on public services with generating significant economic value other than its construction, it can have a net negative tax affect.  Parking lots don't have a lot of tax or infrastructure needs.  Layering a TIF on top of federally subsidized low income housing doesn't seem like the world's best public policy to me.  Usually you want to use a TIF to attract a manufacturing facility or something that will draw in jobs and create significant additional value for the region.  This doesn't.  This just helps pay for a building whose sole purpose for existing is being stuffed with people who vacuum up even more tax dollars. 

 

As for how it takes $6 million to supposedly "clean up" the lot, I can't even begin to imagine.  The trucking companies doing the hauling must be using gold plated loader buckets, filling their tanks with Chanel No. 5, and backfilling with ambergris.

Edited by x99

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GRDadof3    1837

It's interesting that they don't explain what type of tax credits these are; just says they were awarded by MEDC Tuesday October 28th. A search of MEDC's site turns up nothing. I was under the impression that the MEDC did not administer Brownfield Tax Credits anymore.

 

http://www.michiganbusiness.org/community/michigan-brownfield-tax-credits/

 

I always thought it was strange that Karl Chew won't go on camera, won't answer reporter questions, and won't ever comment on his projects (despite receiving $Ten of Millions in taxpayer credits).

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GRDadof3    1837

Sounds like it could finally be a go, now for some updated renders  :whistling:

 

 

What kind of "renders" are you looking for? I posted a whole bunch of large scale drawings earlier in this thread.

 

http://www.urbanplanet.org/forums/index.php/topic/116028-20-fulton-e-mixed-use-development/?p=1285138

 

Here's info on the Brownfield from the MEDC site:

 

20 Fulton Street East LLC – The City of Grand Rapids Brownfield Redevelopment Authority will use local and school tax capture in the amount of $6,177,565 for the redevelopment of property located at 20 E Fulton Street in Grand Rapids. The finished project will consist of a new 12-story, income-restricted and market-rate residential development with retail space on the ground floor. The project is expected to generate approximately $42 million in total capital investment and create 44 full-time jobs.

 

http://www.michiganbusiness.org/press-releases/new-50-million-training-initiative,-business-expansions,-community-revitalization-projects-gain-state-approval/

 

I understand that the tax capture only captures taxes on improvements and if there was no project, there would be no taxes for the schools anyway. And that probably not very many people in this project will be putting any burden on the local schools. Still seems like a large amount though.

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tamias6    16

I'm excited to see this project get off the ground. Having more vertical in downtown is something I've always wanted to see.

Edited by tamias6

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wingbert    490

So with this being up Fulton hill a bit and all, when viewing downtown from the west or north, how tall will this building look relative to those photographer's favorites like the Amway Grand / JW Marriott / Plaza Towers trio or Bridgewater / Riverhouse?

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mpchicago    187

So with this being up Fulton hill a bit and all, when viewing downtown from the west or north, how tall will this building look relative to those photographer's favorites like the Amway Grand / JW Marriott / Plaza Towers trio or Bridgewater / Riverhouse?

My guess is maybe not much taller than the Gallery Apartments. I think they have also cut this from 14 to 12 stories. It may also be mostly blocked from Plaza Towers if taken from Sunset Avenue.

Edited by mpchicago

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GRDadof3    1837

Drilling. Tower cranes on each end of Fulton St in downtown by this time next year (new prediction)

 

16044016160_6335022c9c_o.jpg

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ant33    18

I have been thinking about this development a lot lately. curious to know if this is still happening.. Any word?

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ant33    18

Yes it was.. But i thought the DDA postponed the decision. Not totally sure. I just hope both get built to add some more height to downtown, especially at 20 fulton, there needs to be more height east of division.

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GRDadof3    1837

So Brookstone closed on this property (back in February) and their project on State Street appears to be wrapping up. Wonder when this one will begin? Anyone use this parking lot and gotten a notice or anything?

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