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72 Grandville - Ice House Renovation

PBJ

By PBJ
in Grand Rapids

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PBJ Burg

PBJ

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What's going on with these apartments. I see Eric hasn't been on here in like FORVER (well Oct 24th but whatever). Anyone in "the biz" know or feel like contacting him to come back around and give us some scoopage? :huh:

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terra firma Whistle-Stop

terra firma

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What's going on with these apartments. I see Eric hasn't been on here in like FORVER (well Oct 24th but whatever). Anyone in "the biz" know or feel like contacting him to come back around and give us some scoopage? :huh:

This site is so funny. One of my tenants comes walking in to my office and says "the guys on urban planet want an update."

The update is that 44 Grandville (where Bistro Bella Vita, my offices, others...) had two law firms move in over the past couple months, Willison Hellman and Grimm & Kornak. Still have another 8,000 SF avaialble outta the 60,000 SF that is here. Bistro is re-upping their lease; good news for everyone in the community !

202-216 Grandville, where we had an urbanplanet 'lunch meeting' a few months back... well...that is in slow-motion. We have changed our game plan a couple times. This was driven by several paid cheerleaders encouraging us to go for Federal new market tax credits; the non-profit 'giver' changed all the rules at the 11th hour and basically slowed us down for 6 months. Since we love making interest payments on non-performing assets we are thrilled about this !

Seriously, progress will happen. It will take time. It now may not involve apartments in the 2 south buildings but will likely involve budget-oriented condo's in the two north bldgs. I will announce our plans here when formalized, I promise. Maybe even another lunch tour when I have some meaningful stuff to talk about.

I've always enjoyed the discussion and encouragement here-- this is a great website !

Sorry to be absent so long I'll try to participate more !

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PBJ Burg

PBJ

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This site is so funny. One of my tenants comes walking in to my office and says "the guys on urban planet want an update."

Sorry to be absent so long I'll try to participate more !

Weeeeeeeeeeeeeeeeee.. hahaha.. thanks for the update! :yahoo:

And you really shouldn't be such a stranger... :P

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GRDadof3 Ecumenopolis

GRDadof3

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Ya know, that's awesome to hear about the two law firms moving in, Bistro Bella Vita re-upping, and only 8000 square feet left to lease. For the Federal New Market Tax credits, is that the program that allows you to offer lower interest rates to buyers (similar to Union Square)? Or is that a different program?

Nitro? :)

edit: never mind, found my answer and it's different.

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terra firma Whistle-Stop

terra firma

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Ya know, that's awesome to hear about the two law firms moving in, Bistro Bella Vita re-upping, and only 8000 square feet left to lease. For the Federal New Market Tax credits, is that the program that allows you to offer lower interest rates to buyers (similar to Union Square)? Or is that a different program?

Nitro? :)

edit: never mind, found my answer and it's different.

Nope, it's a Federal program designed to encourage devevlopers to go into lower-income and invest in redevelopment into mixed-use projects in the intrest of increasing tax base and revitalizing neighborhoods.

It's a beautiful thing if your project is right for it. Ours is but we got lead down the path by all the paid cheerleaders and then the (non-profit) group that was allcoating their credits to us changed all their terms t the 11th hour (how 'bout if you just give it all back in 7 years) and so we bailed.

Basically you get back 39% of qualified equity investment dollars (yes, you can include acquisition in this) so it's almost like a half-off sale on real estate. It is incredibly cumbersome however, you're married to the project for 7 years and it costs hundreds of thoussands just to set up the deal structure.

Anyhow that's what it is. And why our project (so far) "isn't."

We'll be back with plan B here real soon...

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terra firma Whistle-Stop

terra firma

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I don't know if Terra Firma is requesting this, but there is a request in Jan. 24th's City Commission meeting to vacate Grandville Ave Alley (behind the buildings) and Williams St Alley. :dontknow:

http://www.ci.grand-rapids.mi.us/meeting.p...450&type=agenda

WHOA !! Thanks for the headsup GRDad !!

I know nothing about it-- who besides me would have anything to do with that alley ?

Crazy, appreciate the heads up I'll be at the meeting for sure !!

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PBJ Burg

PBJ

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WHOA !! Thanks for the headsup GRDad !!

I know nothing about it-- who besides me would have anything to do with that alley ?

Crazy, appreciate the heads up I'll be at the meeting for sure !!

What exactly are the implications of this?

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cityslicker Whistle-Stop

cityslicker

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I don't know if Terra Firma is requesting this, but there is a request in Jan. 24th's City Commission meeting to vacate Grandville Ave Alley (behind the buildings) and Williams St Alley. :dontknow:

http://www.ci.grand-rapids.mi.us/meeting.p...450&type=agenda

Is this an open meeting? I would like to attend if so~ Any insights?

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  • 9 months later...
GRDadof3 Ecumenopolis

GRDadof3

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The building has considerable architectural significance, and many possible uses. I beleive it is the last standing 'original' icehouse in the country. Personally, I'd love to see a retail use such as a country-western bar, a miniature version of the B.O.B., or an ESPN zone or something along those lines but residential use is possible, as is office. It is a virtual time-capsule and has not been 'tampered with' since it's original build. I do not know what year that was.
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Rizzo City

Rizzo

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That's interesting that you mention a country-western bar. I'm not much of a fan myself, but I bet it would do very well. Some people might be shaking their heads, but country music is huge around the U.S., and B-93 is the most popular radio station in the area.
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NorthEnder Hamlet

NorthEnder

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I'm sure a country western bar would do quite well. I'm not quite sure if that would involve line dancing? I'm sure that would really be a draw around the city. I've seen a couple of the "bee 93" bumper stickers around here in Schaumburg. I know that B93 is popular on the Internet throughout the country. If I remember correctly it's one of the bigger country stations.
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