East Beltline Developments

[GRDadof3]

Are those tenants for Knapps Crossing or the development across the street? Hear any more about REI?

 

 

Knapp's Crossing, I assume two of the restaurant pads out by the Beltline. No, not yet on REI.

[GRDadof3]

The latest site plan. Trying to find out how many of these are legit. The usual suspects so far (Party City, Ulta, DSW, REI, etc..).

 

http://lormaxstern.com/wp-content/uploads/2014/10/Knapps-Crossing-12-4-14-Site-Plan1.pdf

[egrguy]

If that is accurate C,D,L could be.a Trader Joes. Other then the REI, my expectations aren't met (not sure why I thought for more but oh well)

[joeDowntown]

I hope we get a some more retailers new to Grand Rapids. So far, REI and Bravo are the only tenants that we don't have.

Joe

[GRDadof3]

I hope we get a some more retailers new to Grand Rapids. So far, REI and Bravo are the only tenants that we don't have.

Joe

 

Disappointing to say the least. I hope they up the ante a bit too. Starting to feel like another Alpine Avenue with Michigan left turns.

[fotoman311]

Disappointing to say the least. I hope they up the ante a bit too. Starting to feel like another Alpine Avenue with Michigan left turns.

The only upside to that would be Amore Due. (plus that side of town needs a Golden Corral)

[GRDadof3]

The only upside to that would be Amore Due. (plus that side of town needs a Golden Corral)

 

Yes! Amore' that isn't out in the hinterlands would be excellent! The only good thing about Amore's current location is that it's close to Perrin.

[Telecaster Rex]

Trader Joe's (or any other grocery store) at this site would not be an option.  Spartan had all parcels deed restricted when they purchased the D&W site from Benner.

 

If that is accurate C,D,L could be.a Trader Joes. Other then the REI, my expectations aren't met (not sure why I thought for more but oh well)

[mpchicago]

Trader Joe's (or any other grocery store) at this site would not be an option.  Spartan had all parcels deed restricted when they purchased the D&W site from Benner.

 

That makes sense, but does that carry over when the guy looses the property in bankruptcy?    

[egrguy]

That makes sense, but does that carry over when the guy looses the property in bankruptcy?    

 

From what I understand (Im not a legal expert at all), but usually deed restrictions follow the land and not ever the owner, so in that case I'd assume even though the owner went bankrupt, the deed restriction would go with the land and carry on with the new owner protecting D&W (smart move on their part).

[GRDadof3]

From what I understand (Im not a legal expert at all), but usually deed restrictions follow the land and not ever the owner, so in that case I'd assume even though the owner went bankrupt, the deed restriction would go with the land and carry on with the new owner protecting D&W (smart move on their part).

 

That's an interesting question. I don't know that a deed restriction that forbids a very specific kind of business can follow the land, can it? Seems like the city would have the final say on zoning like that (in essence a deed restriction might conflict with local zoning and be unenforceable).  I would think that would be more a business-to-business contract, no? Of which one of the parties to the contract is no longer in business.

 

Interesting.

[organsnyder]

I'm also being a "shadetree lawyer," but I can see how it would stick to the property. Basically, the property owner is modifying the property in a way that alters its value. It would be similar to the owner physically damaging the property—either way, it carries forward to the next owner. Or, a bit closer corollary: it's similar to the owner selling an easement on the property.

 

Does it actually work this way? I have no idea. But I can see how it would make sense.

[Telecaster Rex]

Deed restrictions run with the land, not the owner.  A deed restriction can specify certain uses, etc.  It's an interesting tool.  

Edited December 17, 2014 by Charles East

[joeDowntown]

Not much new, but some interesting quotes in MiBiz (including a Spring start). Anyone have more details about this project?

 

The developer plans a higher-end “boutiquey” retail setting for the site, said Chris Brochert, a partner at Lormax Stern. He declined to name specific tenants as negotiations are still ongoing.

At Knapp’s Crossing, Lormax Stern hopes to avoid some of the missteps made by previous developers, which included making the site a “lifestyle shopping center,” which Brochert characterized as a manufactured downtown area. Lormax Stern purchased the property out of bankruptcy last year in a partnership with Grand Rapids-based Visser Brothers Inc. and Sid Jansma, president and CEO of Wolverine Gas and Oil Corp.

 

 

http://mibiz.com/news/design-build/item/22188-de-malling-strategy-pays-off-for-west-michigan-developers#sthash.TR0XzWLo.dpuf

 

Joe

[localtalent]

A thought - perhaps the current grocery operator on that site will be replaced with a different concept.

 

Possibility?

[GRDadof3]

A thought - perhaps the current grocery operator on that site will be replaced with a different concept.

 

Possibility?

 

That was talked about (by me) a few months ago. I had heard that WF's was looking at possibly taking over the store. But certain people in commercial RE are such talkers in this town you never quite know what to believe.  

[GRDadof3]

Across the street and to the North, 2333 E beltline has recently sold and will include 3 buildings, 23,000 sf, 15,000 and 5000 sf. Apparently they have "several large retailers" lined up.

 

http://www.grbj.com/articles/81643-developer-buys-east-beltline-property-for-24m

 

[GRDadof3]

Some kind of construction equipment at the Knapp's Crossing site. And Pinnacle Construction has a trailer at the construction job across the Beltline. Gonna be a busy year for construction all over West Michigan, I believe.

[joeDowntown]

Indeed. If Retail space is really in such high demand, it'll be interesting to see if this development fills up before shovels hit dirt. 

 

In slightly (geographically) related news, Arnie's must not be building a store in front of the Meijer on Knapp. There is an Arnie's Realty (or something similar) For Sale sign up on this piece of property. 

 

Joe

[GRDadof3]

Indeed. If Retail space is really in such high demand, it'll be interesting to see if this development fills up before shovels hit dirt. 

 

In slightly (geographically) related news, Arnie's must not be building a store in front of the Meijer on Knapp. There is an Arnie's Realty (or something similar) For Sale sign up on this piece of property. 

 

Joe

 

Speaking of the Beltline, I was shocked to see that UAW building being ripped down over the weekend. It didn't seem like it was that old. I'm really curious to see what FMG has cooking that they feel the need to start purchasing and clearing land.

[joeDowntown]

They bought all of the property from the UAW building, down Leonard to have one contiguous piece of land between the current Gardens and the former Golf Course. 

 

I know that Grand Rapids Township was not happy with the way they had been acquiring land (knocking a house down but leaving a driveway to nowhere). I think as part of the rezoning, they were a little tougher on FMG, and making sure the newly acquired properties didn't sit and rot.

 

I don't think FMG has any plans near term, just locking up the land while it is available.

 

Joe

 

Speaking of the Beltline, I was shocked to see that UAW building being ripped down over the weekend. It didn't seem like it was that old. I'm really curious to see what FMG has cooking that they feel the need to start purchasing and clearing land.

[GRDadof3]

For those keeping score on the commercial construction front, Visser Bros has their trailer and equipment on site now. No changes to the site plan yet though, on Lormax Stern's website.

[mpchicago]

Has anyone been to Bagger Dave's or BRAVO!?   Is Bagger's worth adding another location, and is BRAVO any different than, say, the Italian joint that closed across the street a few years back?  Interesting that REI is plastered all over the site plans, but they don't mention them as a signed tenant.  If they are signed then make it known, because that's probably the best thing you have going as of now. If they aren't signed isn't it kind of inappropriate to use their name on the site plan?

 

And across the street, I'm a little bit surprised that that big plot of vacant property directly in front of Celebration has not been developed.  I know they haven't been too picky about who they choose for their tenants, i.e., SS Administration, ALDI and IHOP, but they still have some class A tenants.  Is parking the issue?  Asking too much for the property?  Just surprised is all.

Edited March 5, 2015 by mpchicago

[GRDadof3]

Has anyone been to Bagger Dave's or BRAVO!?   Is Bagger's worth adding another location, and is BRAVO any different than, say, the Italian joint that closed across the street a few years back?  Interesting that REI is plastered all over the site plans, but they don't mention them as a signed tenant.  If they are signed then make it known, because that's probably the best thing you have going as of now. If they aren't signed isn't it kind of inappropriate to use their name on the site plan?

 

And across the street, I'm a little bit surprised that that big plot of vacant property directly in front of Celebration has not been developed.  I know they haven't been too picky about who they choose for their tenants, i.e., SS Administration, ALDI and IHOP, but they still have some class A tenants.  Is parking the issue?  Asking too much for the property?  Just surprised is all.

 

I've been to Bagger Dave's, it's pretty good actually. I'm not a fan of the downtown one because they don't validate parking and if you go even one minute over the one hour free parking period, Ellis nails you for $6. Added on to a $10 lunch, $6 is a lot (60% increase).

 

Not sure why the other parcel in Celebration Village hasn't been developed. I thought it was approved for a hotel?

[joeDowntown]

Yeah, I noticed about 6-10 pieces of machinery on site as well.

And Pinnacle has a dueling trailer across the street.

All of this development got me wondering about Celebration Cinema. There is still one developable lot in front of the theatre. Anyone heard if they ever intend on finishing up the 'main street'?

Joe