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GVSUChris

Diamond Place at the Proos Site

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It looks like Third Coast is cooking up something big at Diamond and Michigan called "Diamond Place." There is an illusion to a grocery component, though I wonder if they just hope to get that filled or they actually have a plan. Either way, I'm very curious about this one.

It's one of the last items on the planning commission agenda.

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It must be on the NE corner?  The corner with the old party store...

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That party cooler liquor store is a dump. I would be nice to get a small grocery store or market in its place.

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So, is Proos moving??

Yes, they have part of their operations on Oak Industrial. I would think they'll probably move the stuff from Michigan Street there.

Over two years ago we attended a planning session/charrette where we broke into groups and came up with our dream design for this site. It's nice to finally see something happening and I look forward to seeing if it ends up like anything we came up with at that event.

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Unlike the other projects, a majority of the one and two-bedroom apartments at Diamond Place will be affordable to persons at or below 80 percent of the "area median income," according to the application.

"There is a demonstrated need for sizable portion of thse new housing units to be affordable for low-and-moderate income persons," the application said. "The proposal fits perfectly with the city's public policy goals."

Why is the city so insistent on this? I agree with sentiments I've read on some news sites wondering how would stuffing so many low-income apartments in Grand Rapids going to help bring in desperately needed retail that is above the level of a dollar store or a convenience store. Will the rent for these places be so excellent that the people that need them will now have the ability to support the businesses nearby or will they just have enough money to pay the rent and do little else but buy some microwave pizza and a Slurpee?

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I was just driving this stretch the other day and noticed how out of place Proos was going to look with the changing face of the neighborhood.  They must have noticed the same thing.  If the demand is truly there and all of these projects are completed, Michigan Street from college to Fuller will be unrecognizeable in a couple years.  I know the grumblings about LIHTC, but all of these projects going through could propel the gentrification of Midtown to the levels seen in the East Hills.  It's great for the city!

Edited by MJLO

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Site/Roof Plans for Diamond Place (at Proos):

 

19982684283_8ec5951b5f_b.jpg

 

20610176421_1dbb2e5d98_b.jpg

 

 

And conceptual renderings:

 

20577430486_cf61a42002_b.jpg

Edited by GRDadof3
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I would assume the developers already have the parcels all locked up at this point?

Including the trashy liquor store on the corner...

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Sweet baby Jebez! Those renderings actually made me gasp out loud! These guys get it!

Michigan St. is going to the become the urban retail corridor that central GR desperately needed.

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I would assume the developers already have the parcels all locked up at this point?

Including the trashy liquor store on the corner...

 

I would assume they have an option contract on it that's pretty strong, to go through all of this legwork. 

I don't think they own the property yet.

It's a lot of projects on the docket, with this, 616 and the big apartment project nearby.

 

Edited by GRDadof3

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Sweet baby Jebez! Those renderings actually made me gasp out loud! These guys get it!

Michigan St. is going to the become the urban retail corridor that central GR desperately needed.

Absolutely. I like how the residential is stepped back a bit over the grocery store. It would be great to see those utility poles/lines get buried. Not sure if there are funds available for that? 

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Does the city have plans to redevelop that intersection? I can imagine an increase in foot traffic coming from the surrounding neighborhoods.

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Is there really THAT much demand for all of this residential this quick?   It seems like Michigan St is about to change almost instantly.  I mean don't get me wrong I think it's awesome,  it's just starting to feel like supply could outpace demand with the number of units under construction or proposed along the corridor. 

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Is there really THAT much demand for all of this residential this quick?   It seems like Michigan St is about to change almost instantly.  I mean don't get me wrong I think it's awesome,  it's just starting to feel like supply could outpace demand with the number of units under construction or proposed along the corridor. 

By my count it will add 500 - 600 apartments to that area of Michigan, if you include all of the projects. 

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This plan has been refined a bit. Moving through city engineering.

21575991266_7cf125b043_b.jpg

 

 

20981048213_bda0c02cfd_b.jpg

 

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So...does that small black area in the bottom left mean that the liquor store will remain?

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So...does that small black area in the bottom left mean that the liquor store will remain?

Interesting. Maybe they weren't able to secure it. 

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I'm thinking that the owner of the Liquor store was asking for far too much from the start. The drawings for the completed building were likely done while they were still buying the properties, assuming that they would get it.

There is also a possibility that the owner is expecting a huge amount of regular business from this development and will go and get a business loan to really fix up the building and maybe revamp the selection of products from junk food and booze, to actual grocery items. Heck, maybe they are paying the owner to fix up the building, while he continues to own the space.

I'm just hoping that the guy isnt some dusty-looking nut that kept the building out of spite (or some misguided attempt to preserve the "old neighborhood"), and plan on leaving it as crappy as it looks now.

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Didn't realize that building had multiple owners. Honestly, I like that building, though I was definitely willing to see it go with the new development. It might be an interesting mix of old and new. I agree though, I hope it gets a makeover.

Joe

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At $1600 for an 860 square foot 2 unit, they've got to be trying to get a feel for the market and very terrified that the merry-go-round will stop and they'll all go flying off.  That's enough cash to pay for a very nice $250,000 house.  If I were the banker lending on this project, well ... I wouldn't be.  Until they figure out how to get the project costs down and drop rent to $1000 to $1200 or so, this just seems outrageously risky for that area.  I want to see these projects go, but it seems like we're treading on really thin ice here.

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$1600 for 2 beds is actually right in line with the other new market rate places.  It's actually a little lower than what 616 puts their price points at.

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