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Split Rock Development Revisited?


GRDadof3

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Are we going to hear about another proposal put forth by Jack Buchanan at next week's City Commission meeting? Maybe so:

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1. Revised Split Rock Proposal

Split Rock is the LLC that Buchanan started for the new development proposal at the WAM site on North Monroe.

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Here you go...when do we get renderings?

Developer offers new deal for ramp

Tuesday, February 07, 2006

By Jim Harger

The Grand Rapids Press

GRAND RAPIDS -- Developer Jack Buchanan is back with a revised plan to sell the city a parking ramp beneath an $85 million condominium, office and retail project he hopes to build along Monroe Avenue NW.

This time, Buchanan said he is willing to assume all of the risk for a project city commissioners decided was too risky last December.

"We've come up with a solution in which they don't take on the risk," Buchanan said Monday. "We take on the risk."

http://www.mlive.com/news/grpress/index.ss...5380.xml&coll=6

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"Like he did last year, Buchanan is asking the city to take ownership of a 480-space underground parking garage he would build with money the city would borrow.

To repay the bonds, Buchanan is asking the city to let him capture $14 million from new taxes generated by his $85 million project. Although he would operate the garage and keep the profits, Buchanan said he wants the city to own the garage so it stays off the city tax rolls.

To further shield the city from risk, Buchanan said he would buy the bonds issued through the city's Brownfield Redevelopment Authority. That would have the effect of making him the lender who would lose out if the project defaults on the bonds."

Can't do things the easy way, can you JackBBV? :blink:

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I thought that too, but it seems to be the more I learn about this business, the more I hear how complicated development is becoming, especially in urban areas. It sounds like "creative" deals like this are common practice in the Chicago area.

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Quote from the 2/8/06 PRESS article: The parking garage would sit beneath a 300,000-square-foot development that would include as many as 80 condominiums priced between $250,000 and $350,000. It also would include more than 150,000 square feet of office space and about 50,000 square feet of retail space.

Do we really need another 80 high priced condos in the North Monroe area?

After hearing DeLong's report, the development team sent Buchanan's proposal to the city's Parking Services Commission for review.

stay tuned but I also hear the air deflating out of the balloon . . . . :sick:

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I support JackBBV, but I really think things are crumbling. Sadly, I think he is synonymous with alleged corruption by the Grand Rapids Yellow Press, common! If you can't sell your idea to the Commisioners how the hell can you do it to the Parking Commision? maybe remind you that I believe Sullivan is on that vary commision :dontknow:

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Do we really need another 80 high priced condos in the North Monroe area?

Yes!!! We need THOUSANDS more condos, apartments, lofts, etc. of all different price ranges in North Monroe and the rest of downtown. Definitely not all at once (and the banks won't finance them all at once anyway). Like Prankster said, let free markets, creative ingenuity and entrepreneurial spirit rule the housing market downtown

edit: oh, good planning principles and ground-floor transparency too (andy :thumbsup: )

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His deal is technically illegal - it is not like the city really has an option.

Why can't Jack just do things the right and NORMAL way. All of these shady dealings do nothing for his future attempts at building.

The "normal" was is to build a big ugly parking ramp next door and take up valuable emerging real estate.

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Do we really need another 80 high priced condos in the North Monroe area?

I agree with GRDad that we need lots more apartments, condos... I don't think we need 80 more high priced condos. I do think we need more apartments than condos in the downtown area though. Maybe the market doesn't call for it right now, but that's what stopping me from moving downton is nice mid priced apartments downtown.

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Wouldn't apts encourage the youngters to move into downtown? They wouldnt have the fear of long term leasing nor jumping into an expensive purchase agreement for condos? I kind of like the Apts on Lookout, I think a lot of students or kids seeking urbanity might find an apartment more centered towards their finanical situation...

Discuss?

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