RFP for 158 Oakes Street

[joeDowntown]

Dropping this into it's own thread in case anything interesting comes out tomorrow (or in the near future). To recap, proposals were due on June 19th, DDA is supposed to consider approval of proposals tomorrow (July 10). 

http://s3.amazonaws.com/downtowngr.org/general/Request-for-Proposals-158-Oakes-Street-May-20-2019.pdf?mtime=20190521082719

Here's the property:

 

 

 

 

[GVSUChris]

6 minutes ago, joeDowntown said:

Dropping this into it's own thread in case anything interesting comes out tomorrow (or in the near future). To recap, proposals were due on June 19th, DDA is supposed to consider approval of proposals tomorrow (July 10). 

http://s3.amazonaws.com/downtowngr.org/general/Request-for-Proposals-158-Oakes-Street-May-20-2019.pdf?mtime=20190521082719

Here's the property:

 

 

 

 

I was watching for tomorrow's agenda packet like a hawk but alas, there's nothing in there about the RFP's other than the agenda item that they are reviewing them. 

[GVSUChris]

Alrighty - we might be getting somewhere and it has me asking all kinds of questions! 

According to the DDA packet for tomorrow's meeting, they are advancing a proposal for this lot from Olsen Loeks Development to build a 175,000 square foot Class A office building. and parking, that will result in several hundred jobs moving from outside the city into downtown. This sounds like a very specific scenario/tenant/proposal.

So this opens up so many questions for me: Is this a specific HQ/corporation in town? How large of a building is a 175,000 square foot office building PLUS parking, on a 40k square foot lot that can only go vertical on a marginal amount of it? What does this mean for the office building on the Studio Park site? Would it all be for the same user? Nix the office over there? Etc. etc. etc. This is very exciting and I want to see some renderings and details! 

[joeDowntown]

I’d say this is in addition. There’s no way they’d land a tenant and put them on a new parcel of land before building the spot the DO own. If this isn’t speculative (just buy it up so they can control the block), this bodes well for both buildings. Excited to learn more!

Joe

[BLUESCRUBS]

2 hours ago, GVSUChris said:

Alrighty - we might be getting somewhere and it has me asking all kinds of questions! 

According to the DDA packet for tomorrow's meeting, they are advancing a proposal for this lot from Olsen Loeks Development to build a 175,000 square foot Class A office building. and parking, that will result in several hundred jobs moving from outside the city into downtown. This sounds like a very specific scenario/tenant/proposal.

So this opens up so many questions for me: Is this a specific HQ/corporation in town? How large of a building is a 175,000 square foot office building PLUS parking, on a 40k square foot lot that can only go vertical on a marginal amount of it? What does this mean for the office building on the Studio Park site? Would it all be for the same user? Nix the office over there? Etc. etc. etc. This is very exciting and I want to see some renderings and details! 

Just googling 175,000 square foot office towers now....

[MJLO]

5 hours ago, GVSUChris said:

How large of a building is a 175,000 square foot office building PLUS parking, on a 40k square foot lot that can only go vertical on a marginal amount of it? What does this mean for the office building on the Studio Park site? Would it all be for the same user? Nix the office over there? Etc. etc. etc. This is very exciting and I want to see some renderings and details! 

I think the entire parcel is 40k sf n(one acre = 43,560sf)  If that's the case I'm thinking you only plant a structure on a smaller portion of it because it runs underneath the freeway.  With clearances and everything my guess is the building and parking structure would be on a 15,000 ish sf foot print.  So any where from a 12-15 story structure perhaps.  

Although someone please correct me if 40,000 square feet represents the buildable portion of the lot. 

[joeDowntown]

2 hours ago, BLUESCRUBS said:

Just googling 175,000 square foot office towers now....

We need one of @GRDadof3's world famous line drawings, stat!

Joe 

[ctpgr34]

1 minute ago, MJLO said:

I think the entire parcel is 40k sf n(one acre = 43,560sf)  If that's the case I'm thinking you only plant a structure on a smaller portion of it because it runs underneath the freeway.  With clearances and everything my guess is the building and parking structure would be on a 15,000 ish sf foot print.  So any where from a 12-15 story structure perhaps.  

Although someone please correct me if 40,000 square feet represents the buildable portion of the lot. 

12 then

[MJLO]

Just now, ctpgr34 said:

12 then

Assuming they put the office portion above parking structure I'd think it'd be a bit higher. 

[joeDowntown]

23 minutes ago, ctpgr34 said:

12 then

Or, as we like to do in Grand Rapids, let's just round down to 11.

Joe

[GRDadof3]

5 hours ago, joeDowntown said:

We need one of @GRDadof3's world famous line drawings, stat!

Joe 

Just re-use one of my many other 12 story line drawings for this.

What about Acrisure? We haven't heard much from that Cascade proposal recently.  What size was that building? 

I did through 3rd hand connections suggest that they try and lure Acrisure to the Studio Park project and turn the residential into office, but maybe that was unworkable. 

[egrguy]

I thought acrisure had a small presence DT already? Moving  to store all of their employees in one building?

[MJLO]

8 hours ago, GRDadof3 said:

Just re-use one of my many other 12 story line drawings for this.

What about Acrisure? We haven't heard much from that Cascade proposal recently.  What size was that building? 

I did through 3rd hand connections suggest that they try and lure Acrisure to the Studio Park project and turn the residential into office, but maybe that was unworkable. 

What about LMCU?  Maybe they are looking at being back toward the core, and Accrisure is considering taking over that building instead of leasing a brand new one across the street.

[GRDadof3]

2 hours ago, MJLO said:

What about LMCU?  Maybe they are looking at being back toward the core, and Accrisure is considering taking over that building instead of leasing a brand new one across the street.

Huh? I thought Acrisure was looking at the property off of Kraft near the highway? Rockford submitted something to Cascade Twp.  Or are they looking all over? 

[MJLO]

2 minutes ago, GRDadof3 said:

Huh? I thought Acrisure was looking at the property off of Kraft near the highway? Rockford submitted something to Cascade Twp.  Or are they looking all over? 

The property Acrisure was looking at is on the same drive that the LMCU headquarters is on.  I'm saying what if LMCU was looking to move,  then Acrisure wouldn't need a brand new building, they could just move into a building Rockford already owns. 

[GRDadof3]

1 minute ago, MJLO said:

The property Acrisure was looking at is on the same drive that the LMCU headquarters is on.  I'm saying what if LMCU was looking to move,  then Acrisure wouldn't need a brand new building, they could just move into a building Rockford already owns. 

Ohhhhhh gotcha. Interesting. 

[joeDowntown]

3 hours ago, MJLO said:

What about LMCU?  Maybe they are looking at being back toward the core, and Accrisure is considering taking over that building instead of leasing a brand new one across the street.

Nope. My wife works at LMCU. They're happy where they are at (and own three buildings off Kraft). 

Joe

[arcturus]

Here you go!

https://mibiz.com/sections/real-estate-development/insurance-giant-acrisure-to-move-hq-to-studio-park-in-downtown-grand-rapids

[GVSUChris]

https://mibiz.com/sections/real-estate-development/insurance-giant-acrisure-to-move-hq-to-studio-park-in-downtown-grand-rapids

Well there it is! Great job, @GRDadof3

 

Edited August 14, 2019 by GVSUChris

[arcturus]

The rendering shows (OMG) 16 stories.

[GRDadof3]

18 minutes ago, GVSUChris said:

https://mibiz.com/sections/real-estate-development/insurance-giant-acrisure-to-move-hq-to-studio-park-in-downtown-grand-rapids

Well there it is! Great job, @GRDadof3

 

Hot diggity!  This is a way better choice for them. Well done Jeff Olsen and JD Loeks (I don't deserve any credit)

[MJLO]

So if I read the story correctly They are immediately occupying the already announced office space in studio park (I can't remember what the Olsen Loeks rendering looked like after they took over from Franklin).  The tower in the picture is for future expansion.  My impression leads me to believe they are breaking ground on the 100 Ottawa Ave SW building  (already planned).  The rendered building shown is more TBD?

[joeDowntown]

Just now, MJLO said:

So if I read the story correctly They are immediately occupying the already announced office space in studio park (I can't remember what the Olsen Loeks rendering looked like after they took over from Franklin).  The tower in the picture is for future expansion.  My impression leads me to believe they are breaking ground on the 100 Ottawa Ave SW building  (already planned).  The rendered building shown is more TBD?

That's the impression I got as well. So is this building speculative and won't get built unless Acrisure grows / they attract other tenants? 

It's great to get a 400 person company moving from the burbs. Exciting news. But I also want the 16 story tower.

Joe

[GRDadof3]

1 minute ago, MJLO said:

So if I read the story correctly They are immediately occupying the already announced office space in studio park (I can't remember what the Olsen Loeks rendering looked like after they took over from Franklin).  The tower in the picture is for future expansion.  My impression leads me to believe they are breaking ground on the 100 Ottawa Ave SW building  (already planned).  The rendered building shown is more TBD?

Yes.

 

[MJLO]

Ahh ok, this is 100 Ottawa SW (the airspace above the parking deck looks conspicuously office like though I don't believe it's anything more than concept):

I wonder the odds of the 158 Oakes  tower actually coming to fruition then?