Abrams Landing: Proposed Luxury Loft Building

[GR8scott]

thats a really nice looking rendering, I hope it gets built

[RustTown]

Matt, it's been awhile. What is the current standing of this project? It looks like Stadium District is getting under way.

[fisher191]

Well, I can't give you guys to much right now, but I think I will have some good news to break shortly. Momentum seems to be picking up. The EDC is starting to really help out.

If awarded tax credits, this project will start to move forward very quickly.

There are still a few behind the scenes things to take care of, before there would be any ground breaking, but I can start to give out more info, soon.

[hood]

When will you know whether or not you get the tax credits? Or is it one of those things that does not not have a definative timeline?

One suggestion would be to post a rendering of the project onsite, that can begin to draw attention to the project and it would just be nice to see it there.

[fisher191]

it's one of those more open ended things. For example, the organizations that get the credits have to build a 'pipeline' of projects for the allocation that they have, even after winning credits, some projects don't actually happen (and they have to have projects ready to go for the next round of allocations). The allocation then gets reallocated, if the project doesn't happen. Developers submit the costs of the project, of which you always want to submit on the high side of what you think you will need, so when projects come in less, then there is some allocation leftover. For example I am estimating my project to cost 5 million, and that is with a pretty healthy cushion, so hopefully it is considerably less, but I'm not counting on it.

One organization that initially passed on the project for another, has come back around and seems to be very excited about it. Also, I alluded before that the EDC has really started to step up to the plate, and I feel confident that it is just a matter of when, an allocation will be won, and not really 'if'. This being my first really large project, makes the process a little slower and cumbersome, than if it were not. I have tried to surround the project with experienced teams, to overcome my lack of experience on these large ones. As I have said before, these tax credits will allow me to build a Lansing landmark, and not just an apartment building with some neat colors and an arch.

I have the rendering currently on my myspace page, in the photos section. When I have some spare time, I will be creating its own page. Thanks for the suggestion Hood.

[hood]

When I said putting a rendering onsite I actually meant on a sign on the the building itself. I think that the mroe intrest you can generate early on, even before the project is "official," the greater attention the EDC and other organizations will give you. However, when it comes to a dedicated website for the building, I think it is extremely important to have a comprehensive website up and running as soon as possible after the project begins to move forward and becomes definative. Don't take cues from West Village, which doesn't really have a site, or Stadium District, which has a virtually useless site. Look to the Motor Wheel Lofts. It has a comprehensive website that allows people to view floorplans, and unit by unit data. For the type of people that are attracted to urban apartments, lofts and condos the internet is a primary source of info and I'm sure many are dissapointed with a poor website, or if they have to call or email back and forth to get basic info. Some places even offer online lease forms and tenant services, both of which are great ideas.

[fisher191]

Cameron over at Vision Creative is the mastermind behind the motor wheel site and the arbaugh. He is who I intend to use. I already have the basic theme and ideas of overall look. Motor Wheel has a very good site, Harry does a good job.

We will put the site up, once we win tax credits, and the city approves the plans, then its final enough to start harvesting interest.

[RustTown]

Bad news, Mr. Fisher has decided to move to California and is looking to sell off the land, and possibly the project. I think he's going to have a hard time, enough, just selling off the land and building, let alone such a highly specialized and expensive project. If he does manage to sell the project I'd expect it to be scaled back considerably since this was really Matt's personal project (i.e. the top floor would have been a giant loft just for him).

Do you have anything further to add, Matt?

[hood]

Matt, how much are you asking for the property and project? Also, how much were latest estimates on th cost of the project? I ask because I know someone who is looking to invest downtown, they were considering the Landmark Building (cost about $3-4 million, would use financing.)

[fisher191]

I'm listing it at 600,000.00. The estimates from Kincaid Group were to build it for 3.8 million. That was thier estimate, prior to construction documents, sooo it was probably a decent estimate. I had been intending to finance the project for 5 million, so that I had the budget to really trick the place.

I do want to add, that deciding to sell the project took me a while to arrive at, it was going to be a personal sentimental project. I am going to be running a mortgage division in the San Francisco Bay Area, and well...... the money made the decision for me. The new position, would not have really allowed me to oversee a project three time zones away, and have it turn out to the level of quality that I would demand.

I just hope the new owner, will want to do a quality project, even if they opt not to do the one that I have lined up. I have a couple of prospects for the place, so I don't think it will take as long to sell, as you might think. So much groundwork has already been done, that someone else can step in pretty seamlessly.

[fisher191]

With those tax credits, its actually a pretty sweet deal.

[hood]

What happened to those tax credits? Also, how far along was the project?

[RustTown]

I didn't think the tax credits were transferable, Matt.

[fisher191]

no, they are awarded to the project. The project is far enough along, that someone else can step in and 'pull the trigger'. In fact one of the entities that is lining up projects for next year, mentioned a detroit area developer that may be interested in stepping in. The project is basically at its most saleable point.

[RustTown]

Thanks for clearing that up. I was always under the impression that the creidts were awarded to the company.

[beatneck]

With respect to the developers of Lansing, I have respect for most all of them, with the exception of the Eyde's. Honestly I don't believe they are cut out for almost any development. I have been through so many of their crappy properties with clients, and they are SO bad, I consider them unacceptable.

I think it is a travesty that they have the Knapp's building.