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RFP - 201 Market

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Good lord...I can't believe it has been a year since I posted the last post on this thread regarding this project. I find it crazy that we haven't heard any news one way or the other.

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2 hours ago, GRLaker said:

Good lord...I can't believe it has been a year since I posted the last post on this thread regarding this project. I find it crazy that we haven't heard any news one way or the other.

I think the market nationally for large residential projects is cooling tremendously. Even in large "hot" cities there's a lot of absorption of inventory that needs to take place. And 201 was a lot of residential. Would love to see it though. Someday. 

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I'd rather wait and get something truly impactful for that spot then something on the cheaper side. Patience is probably good for this spot!

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2 hours ago, WMrapids said:

Looks like the city and Kent County are arranging an agreement to move city public works equipment from 201 Market to the county’s 1500 Scribner Avenue location.

https://www.mlive.com/news/grand-rapids/2020/01/grand-rapids-gets-option-to-purchase-14-acre-property-on-grand-river.html

 

Aren't they just going to be in the same position a few years down the road when that part of the river becomes a desirable area?  They need to move the city public works to a non-riverside location.   

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5 hours ago, sfloria said:

Aren't they just going to be in the same position a few years down the road when that part of the river becomes a desirable area?  They need to move the city public works to a non-riverside location.   

I think it will be quite a while until the county property becomes a desirable residential area.  The area west of North Monroe only has one residential development and a possible hotel.  It's kinda like the are north of NoMo, not much activity now, but once NoMo gets built out development will spread.

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8 hours ago, sfloria said:

Aren't they just going to be in the same position a few years down the road when that part of the river becomes a desirable area?  They need to move the city public works to a non-riverside location.   

I think it's almost impossible to find land in the city of that size any more.  At 14 acres and $7.75 million though, that's about $500,000/acre. Not as expensive as downtown, but a lot more expensive than what you'd pay way out on Alpine or other retail corridors. 

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18 hours ago, sfloria said:

Aren't they just going to be in the same position a few years down the road when that part of the river becomes a desirable area?  They need to move the city public works to a non-riverside location.   

I think it would be quite a while, maybe decades before redevelopment demand went that far up the river.  Even if it does only kick the can down the road I think it's a great strategic move to free up land that is currently much more valuable to the city  to redevelop now,  The 201 Market properties can bridge a gap between downtown and the all of the cool ass warehouses south of Wealthy.  The County property is  walled off by the railroad behind it, at the end of a mile long stretch of industrial properties, at the elbow of Richmond and Scribner that leads to miles of working class west side housing stock.  It's nowhere near the point of desirability to worry about potential gentrification. 

10 hours ago, GRDadof3 said:

I think it's almost impossible to find land in the city of that size any more.  At 14 acres and $7.75 million though, that's about $500,000/acre. Not as expensive as downtown, but a lot more expensive than what you'd pay way out on Alpine or other retail corridors. 

Does that take into account that the property already contains the infrastructure they need to move?

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4 hours ago, MJLO said:

I think it would be quite a while, maybe decades before redevelopment demand went that far up the river.  Even if it does only kick the can down the road I think it's a great strategic move to free up land that is currently much more valuable to the city  to redevelop now,  The 201 Market properties can bridge a gap between downtown and the all of the cool ass warehouses south of Wealthy.  The County property is  walled off by the railroad behind it, at the end of a mile long stretch of industrial properties, at the elbow of Richmond and Scribner that leads to miles of working class west side housing stock.  It's nowhere near the point of desirability to worry about potential gentrification. 

Does that take into account that the property already contains the infrastructure they need to move?

That I don't know. But they could use the county land for their facilities and still leave a portion of the riverfront as parkland. And there is something in the article about the lamprey barrier. Maybe they want to control the land where the barrier touches on each side. Is the barrier electric? I can't recall. 

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