Jump to content

Two West Fulton - RSC/Second Story Prop.

GRDadof3

By GRDadof3
in Grand Rapids

Recommended Posts

  • 2 weeks later...

  • Replies 122
  • Created
  • Last Reply
  • 2 weeks later...
localtalent Hamlet

localtalent

Posted
Posted

When I drove past the Two West Fulton site today, I happend to glance at an Second Story "For Sale" sign on the lot. Does this mean that RSC/Second Story has jumped ship on this project?

There's a recent article about a delay somewhere. Not sure where I saw it.

They didn't say it wasn't happening, just a delay of some kind.

Link to comment
Share on other sites
egrguy Burg

egrguy

Posted
Posted

there was a mention of it in the most recent grbj about them finally being able to collect the soil samples which was later then originally planned. sounded like everything was still on the go for an '08 completion if financing/etc still fell into place.

Link to comment
Share on other sites
Prankster Burg

Prankster

Posted
Posted

When I drove past the Two West Fulton site today, I happend to glance at an Second Story "For Sale" sign on the lot. Does this mean that RSC/Second Story has jumped ship on this project?

If the property was back up for sale, it would be a city of Grand Rapids sign. Nothing has been handed over to Second Story, so the city is still the owner.

Link to comment
Share on other sites
towermart Unincorporated Area

towermart

Posted
Posted

Can anyone in the "development biz" explain what due diligence entails? What kind of research is conducted? Other than surveys, what other things are looked into as far as neighboring properties? Just for us uneducated shlubs :blush:

Due Diligence generally entails, Survey, Title Search, Enviromental. Enviromental being the big one.

In this case due dilegence would also include project feasibility, including financing and other programs that can impact the capital and operating costs of the project

For property with buildings, you would generally also get an architectural survey of the building and it's systems and existing leases or independant lease abstracts.

My first post so if I have broken any protocols please let me know.

Link to comment
Share on other sites
PBJ Burg

PBJ

Posted
Posted

Due Diligence generally entails, Survey, Title Search, Enviromental. Enviromental being the big one.

In this case due dilegence would also include project feasibility, including financing and other programs that can impact the capital and operating costs of the project

For property with buildings, you would generally also get an architectural survey of the building and it's systems and existing leases or independant lease abstracts.

My first post so if I have broken any protocols please let me know.

no.. the exact knowledge we seek :thumbsup:

Welcome to the boards.. we enjoy good info.. you're usually safe unless you try to hock your property :P

Link to comment
Share on other sites
BigPlayJ Unincorporated Area

BigPlayJ

Posted
Posted

Right on the money Towermart, but don't forget financing, a big portion of any deal.

Due diligence is primarily a legal term. Black's Law Dictionary defines it as follows:

"such a measure of prudence, activity or assiduity, as is properly to be expected from, and ordinarily exercised by, a reasonable and prudent man under particular circumstances; not measured by any standard, but depending on the relative facts of the special case".

Tower hit on the main points, but essentially, during due diligence a prospective buyer or investor investigates and gathers all possible information regarding the prospective project. It typically takes place after a project is under contract though some may occur before an offer is made. The purpose is to decide whether to proceed with the transaction on initially discussed terms, establish areas of risk that need particular attention or, if justified, withdraw from the proposed investment.

Quiz to follow tomorrow..... :P

Link to comment
Share on other sites
Nitro Burg

Nitro

Posted
Posted

Black's Law Dictionary defines it as follows:

I love it when someone busts out with the dictionary definition. :D

Here's the short and to the point answer. Due Diligence is the period of time in a real estate contract when you find out information about the property that a) the owner doesn't know or b) is reluctant to tell you.

It is a period of time when you go into CYA mode as a buyer to make sure you're not getting burned later.

Did anyone see the story on Channel 8 two days ago about Art of the Table on Wealthy and the $100k tax bill they got from the state? Typically info like that is found in the due diligence period.

Link to comment
Share on other sites
Sunlover38 Whistle-Stop

Sunlover38

Posted
Posted

Front page of this weeks GRBJ states that the city commissioners gave Two West Fulton another month to complete its due diligence . . . the "available" sign you saw is becuase TWF wants to pre-lease and pre-sell half of the commercial and residential spaces before closing on the deal with the City . . . .so the end of March is the end of their due diligence . . .wait and see . . . .

Link to comment
Share on other sites
egrguy Burg

egrguy

Posted
Posted

with riverbank books seeming to be doing quite well, it doesnt make sense to locate another bookstore just several blocks away.

plus, i think it also called for a jazz club which i would thuroughly enjoy, but hasn't enjoyed much success in GR.

maybe they are reorganizing their initial plan, with these two above mentioned original ideas not sounding as such easy sells before and are looking for an alternate retail tenant (walgreens/cvs/etc?) that they can steal from Rockford's plan.

Link to comment
Share on other sites
PBJ Burg

PBJ

Posted
Posted

From Woodtv:

Fulton Square, 1 South Division. The developer, RSC & Associates LLC, plans to use a $5 million tax credit allocation and invest more than $33 million to construct a new mixed development in downtown. When it

Link to comment
Share on other sites
MortgagemanGR Crossroads

MortgagemanGR

Posted
Posted

When I drove past the Two West Fulton site today, I happend to glance at an Second Story "For Sale" sign on the lot. Does this mean that RSC/Second Story has jumped ship on this project?

This is the first time on this site, but I'm just wondering is this Two West Fulton site the same as the Tall House @ 45 Ionia?

Link to comment
Share on other sites
joeDowntown Metropolis

joeDowntown

Posted
Posted

Gawd, I hope not. That pharmacy idea was terrible. Slap a suburban big box store on one of the main corners of downtown. I would have chained myself to the ground, er somethin' if that had happened.

Joe

with riverbank books seeming to be doing quite well, it doesnt make sense to locate another bookstore just several blocks away.

plus, i think it also called for a jazz club which i would thuroughly enjoy, but hasn't enjoyed much success in GR.

maybe they are reorganizing their initial plan, with these two above mentioned original ideas not sounding as such easy sells before and are looking for an alternate retail tenant (walgreens/cvs/etc?) that they can steal from Rockford's plan.

Link to comment
Share on other sites
GRDadof3 Ecumenopolis

GRDadof3

Posted
  • Author
Posted

The reason I ask is because the Tall House is going up by Second Story and also RSC, if it is the same as the 2 Fulton, then I can assure you it is going up and we should start to see ground breaking this summer.

Hey MortgagemanGR, no Tall House is on Ionia right next to Sierra Room. Two West Fulton (or One Division it is now being called) is at the corner of Division and Fulton. I wonder why the name change? Is the project going to be re-designed and re-oriented toward Division?

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

Go to topic listing

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site you agree to our Terms of Use and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.