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Warner Building/Hyatt Place - Lyon and Ottawa/Pearl and Ottawa

mpchicago

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mpchicago Burg

mpchicago

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On 10/12/2016 at 1:20 PM, mpchicago said:

We also have to remember occupancy for the 150 Ottawa apartment tower (if it's ever built...still needs state tax breaks) is 2 and a half years out.

Wheeler also confirmed, what I had mentioned in this thread a while ago, that an unnamed Bank/Lender was going to take a floor in the building.  Still a little bit surprised that they aren't including a spec floor in the office tower.  Does anyone know the class A vacancy rate downtown?

Some of my questions answered in Nick Manes MiBiz article.  I appreciate that Nick takes the time to go behind the headlines a little more than others.

https://mibiz.com/news/design-build/item/24109-developers-see-mixed-messages-in-downtown-grand-rapids-office-market

Because of overall market conditions, Wheeler said his proposed project still won’t offer the speculative office space that commercial real estate sources say is needed to begin alleviating pent-up demand. 

Wheeler said it’s still difficult to scale up and develop more office space, based on required parking ratios, the need to identify the right number of apartments, and a hesitancy on the part of lenders. To that end, the developer said he aims to have the office space leased by the time any groundbreaking occurs.  

“Once a building is under construction, our activity is fantastic,” said David Wiener, a senior vice president and office adviser in Grand Rapids for Colliers International Group Inc. “But it’s difficult to pre-lease without an anchor tenant or (development) partner.”  

Orion Construction’s Wheeler agrees. 

“I think Grand Rapids could use another Class A office building — if there was an 80,000- to 100,000-square-foot building and an anchor tenant,” Wheeler said. “But this is a

“Once a building is under construction, our activity is fantastic,” said David Wiener, a senior vice president and office adviser in Grand Rapids for Colliers International Group Inc. “But it’s difficult to pre-lease without an anchor tenant or (development) partner.”  

Orion Construction’s Wheeler agrees. 

“I think Grand Rapids could use another Class A office building — if there was an 80,000- to 100,000-square-foot building and an anchor tenant,” Wheeler said. “But this is a tangible market. You have to feel it.” 

 

 

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CHGRMI
CHGRMI

Different perspective.

crinzema
crinzema
WMrapids
WMrapids

Not my best, but here you go. It does fit it well with the courthouse. Put in the Hinman Tower and BOB for fun too.

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joeDowntown Metropolis

joeDowntown

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Stupid question, but with a building this size (or any other development), since the footprint of each office floor I'm sure is pretty standard, do buildings ever have a "flex floor" (or two)- ie. If pre-leasing is going well, or buzz generated right around ground breaking creates interest and a tenant willing to sign on the dotted line, could they add levels near the beginning of construction. 

Just wondering if that ever happens (maybe not for this project, in this city, but elsewhere)? 

Joe

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GRDadof3 Ecumenopolis

GRDadof3

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On 10/11/2016 at 5:24 PM, WMrapids said:

I'm not so nervous anymore. Only thing I have is the pet peeve of all of the black and white buildings downtown. Restaraunt side could've been done a little differently but definitely not as bad as I thought it'd be.

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On the agenda for the city commission, they're setting a hearing for the Brownfield application. States that the northern tower will have 8 floors of parking (480 spaces), 1 floor of retail, and 9 floors of office space for a total of 18 floors. I think that's higher than these plans, correct? 2 more floors?

14 floors of apartments with 123 apartments. I do thank them again for tucking the parking underneath the office portion rather than the residential portion. Makes it look more put together (and taller).

 

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mpchicago Burg

mpchicago

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18 minutes ago, GRDadof3 said:

That might explain the extra floors. 

Nice to see that developers are apparently adding 2 floors.  Wonder how much SF each floor plate is?  The bank had already committed to one floor. They say they are signed on for 20k sf. 

Funny how this whole project still hinges in state Brownfield incentives, even with the fact that is nearly 100% leased.

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GRDadof3 Ecumenopolis

GRDadof3

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24 minutes ago, mpchicago said:

Nice to see that developers are apparently adding 2 floors.  Wonder how much SF each floor plate is?  The bank had already committed to one floor. They say they are signed on for 20k sf. 

Funny how this whole project still hinges in state Brownfield incentives, even with the fact that is nearly 100% leased.

If the site has contamination, like a lot of urban sites do (from poor environmental policies in the early 1900's), then it can't hurt to ask for reimbursement for those cleanup costs for something you had nothing to do with. 

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mpchicago Burg

mpchicago

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19 minutes ago, GRDadof3 said:

If the site has contamination, like a lot of urban sites do (from poor environmental policies in the early 1900's), then it can't hurt to ask for reimbursement for those cleanup costs for something you had nothing to do with. 

Right, but Wheeler says NOT getting the incentives could derail the project.  That's the crazy part to me considering it's nearly 100% leased.  

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GRDadof3 Ecumenopolis

GRDadof3

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35 minutes ago, ironyisadeadscene said:

Did this thing get shrunk down?  Saw an article saying it was only 15 stories. 

I think it's taller actually, as far as residential and office space. It may sound shorter because the buildings are not stacked on top of the parking anymore. 

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GRLaker Hamlet

GRLaker

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2 hours ago, GVSUChris said:

It sounds like the residential portion of this project has officially been axed. In its place will be a 160 room Hyatt Place Hotel. It will be discussed at the 1/20 DDA meeting.

This could be a good thing! They have some decent designs out there in comparison to the apartment design.

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Edited by GRLaker
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ctpgr34 Hamlet

ctpgr34

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8 minutes ago, GR_Urbanist said:

I have to admit I'm not sure what we have going on here that calls for this many rooms outside of maybe ArtPrize or if we are looking to land some major conventions fairly regularly in the near future.

From Jan 2016- http://www.experiencegr.com/articles/post/2015-was-a-record-year-for-grand-rapids-area-convention-tourism-business/

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