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83 Monroe Center - City Flats Hotel

Prankster

By Prankster
in Grand Rapids

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  • 2 weeks later...

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mgreven Hamlet

mgreven

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Does anyone know how the sales for this building are going? I really want this to be a 'go'! It seems like the units are continually posted and reposted on GRAR. They look like a great price and a location that can't be beat!

I believe that around half are reserved.

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Rhino6885 Hamlet

Rhino6885

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Every time I've been on Monroe Center lately, there are people checking them out. The other night, I talked briefly with a guy who had also checked out the Fitzgerald and City View, but found them to be out of his price range. That "starting in the 130's" thing really grabs people's attention.

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GRDadof3 Ecumenopolis

GRDadof3

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Every time I've been on Monroe Center lately, there are people checking them out. The other night, I talked briefly with a guy who had also checked out the Fitzgerald and City View, but found them to be out of his price range. That "starting in the 130's" thing really grabs people's attention.

It's really difficult to find condos in that price range anywhere in the metro area, so they've hit an untapped market IMO (other developers take note).

Just as I thought, the view of the GRAM lanterns from the roof are spectacular, and looking West from up there all you see is glass architecture (Founders, museum, Marriott, National City, 99 Monroe, AGP). Then looking across the street you see the Steketee Bldg's artistic cornice work, and then to the East you look straight up the side of the old Michigan National Bldg with its gothic architecture everywhere. We'll have to get back up there when the lanterns are lit up. :shades:

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Rhino6885 Hamlet

Rhino6885

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It's really difficult to find condos in that price range anywhere in the metro area, so they've hit an untapped market IMO (other developers take note).

I'm also surprised at the pricing of Plaza Towers condos. $150k can get you a two bedroom with a decent view.

Just as I thought, the view of the GRAM lanterns from the roof are spectacular, and looking West from up there all you see is glass architecture (Founders, museum, Marriott, National City, 99 Monroe, AGP). Then looking across the street you see the Steketee Bldg's artistic cornice work, and then to the East you look straight up the side of the old Michigan National Bldg with its gothic architecture everywhere. We'll have to get back up there when the lanterns are lit up. :shades:

Agreed!

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Parhelion Whistle-Stop

Parhelion

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But what does that $500 get you each month? Parking(2 spots in some casses)/exercise room/pool etc.

Agreed, that's a lot of stuff! My association fees are seemingly low at the Peck Building ($217/mo. for a 1479 sq. ft. condo), but that's just for the basics; no workout room, no pool, no parking, no deck! I'm OK with that (I think of it as 'a la carte association fees'), since I have a free parking space for work and can always join MVP if I wanted, but Plaza and some of the others have a ton of extras. So, if I paid 217 in regular fees, paid 120/mo for a parking spot, and then got an MVP membership for 90/mo, I'd be up to $427 in monthly dues.

Back to the Fox Building, isn't it a rule of thumb that once you are 50% soldyou can start construction, or is this project different since it started as more speculation and feeling things out on the part of the developer? It seemed everything was contingent on something else.

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GRDadof3 Ecumenopolis

GRDadof3

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Back to the Fox Building, isn't it a rule of thumb that once you are 50% soldyou can start construction, or is this project different since it started as more speculation and feeling things out on the part of the developer? It seemed everything was contingent on something else.

I'm pretty sure it's 50% hard contracts, not just reservations. It might be less if the developer provided a substantial portion of the financing (bigger down payment in essence).

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wingbert Burg

wingbert

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There's a story on this building in this week's MiBiz. Apparently Deb Shurlow is selling the building to a group from Detroit called Ojibway Partners. It's not on the MiBiz website or I would post a link. Info from the story you might find interesting:

"We believe that the high-end market is adequately supplied by several excellent projects. We believe that the market not being supplied is the low to middle market."

"The 700 - 800 - square foot condominiums will sell for $139,900 - $189,900."

"The Fox building was built in 1874, with two additional floors added in 1915. In keeping with the history of the building, the Fox sign will be repaired and made functional."

"Construction is expected to begin in late summer, just in time for buyers to move into their new units before the end of the year."

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joeDowntown Metropolis

joeDowntown

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I don't think I would use the word "low" to market these condos though. :) Economy, efficiency and affordable should also be banned.

How about Urbane? ;) $130k for 600-800 sq. feet is not exactly affordable or low. It is more Urban and functional.

Sorry, off on a tangent. I'm amazed at how some people market things. ;)

Joe

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Parhelion Whistle-Stop

Parhelion

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This is how I see it; it's not cheap, but it is affordable in the sense that, if you are willing to give up some space and a yard, you get to live downtown. I think it's kind of like they're bringing Hillmount's pricing to a downtown location. I'm excited to read that MBiz aritcle!

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  • 2 weeks later...
Veloise City

Veloise

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The Business Journal this week says it looks like this project is a go for August closing and construction start.

9 out of 16 reserved.

They removed the falling-down sign (formerly push-pinned to the black plywood) and posted renderings in the adjacent windows...complete with Xs drawn through the reserved units.

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  • 2 months later...
  • 3 weeks later...
cityslicker Whistle-Stop

cityslicker

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BIG dumpster out in front of this project today on MC*. Word from the sales team is that they are in process of converting reservations to PA's**.

*Monroe Center

**Purchase agreements

Has Deb Schurlow actually sold the building to the development group? I thought I heard someone talking about this the other day...that she had not sold the building yet...but it was under contract. Any truth to that?

Thanks,

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GRDadof3 Ecumenopolis

GRDadof3

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Has Deb Schurlow actually sold the building to the development group? I thought I heard someone talking about this the other day...that she had not sold the building yet...but it was under contract. Any truth to that?

Thanks,

Don't know. Just going by what I was told. I would imagine from my experience that you can't commit someone to PA until you actually own the property.

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GRDadof3 Ecumenopolis

GRDadof3

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Very true---- Have you been inside? Could we set up a tour for our small group down the road with this developer?

Yes, we had a tour with Amy back this past Summer. The building is awesome and has a ton of character (skylights, vaulted ceilings, high ceilings, etc), but needs A LOT of work.

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cityslicker Whistle-Stop

cityslicker

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Yes, we had a tour with Amy back this past Summer. The building is awesome and has a ton of character (skylights, vaulted ceilings, high ceilings, etc), but needs A LOT of work.

Bummer :( Deb Shurlow was supposed to give me a tour a long time ago, but have gotten too busy. I will have to wait till they have an open house I guess or a pre-construction walk through.

thanks,

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