Split Rock Development Revisited?

[torgo]

I think its ok. Not a fan of the slanted lines everywhere, and I think there is too much glass on the part with the "tower." But as GRdad said, "I'll take it."

[Prankster]

A little too "Disneyesque" for my tastes. Modern is fine, but this will totally contrast the older architecture in the neighborhood, and come off as looking cheap.

[GRDadof3]

Wait a minute! What is that spelled out with shrubs on the roof?

I Logi...

[MAU]

Where is this supposed to go again?

[Prankster]

Where is this supposed to go again?

Monroe North, just north of the Moch towers and Monroe Terrace.

[Rizzo]

I don't mind seeing midrises in North Monroe... I'll take it.

[Time]

Is anyone a subscriber to the GRBJ online? I was just on their site and they do have a an artacle about this project, but the full text is only available to subscribers.

[GRDadof3]

Is anyone a subscriber to the GRBJ online? I was just on their site and they do have a an artacle about this project, but the full text is only available to subscribers.

It says the same thing that the GR Press article says, except the Business Journal must have put this article out before the Parking Commission rejected it. I think it will eventually happen, just not as Buchanan would like it to.

..and that reminds me, there's something else VERY interesting at the end of the article that I will post in the appropriate thread

[Sunlover38]

Speaking of creative planning, I had a dream the other night that Wells Fargo bought out Fifth Third, planned to move into a new tower at Lyon & Ottawa, and that some NY Company bought the old Fifth Third building on Lyon, the short squat one on the corner, and planned to replace both buildings and their lot with a new hotel/condo/office multi-tower complex. It was just a dream, wasn't it...

. . yet another Jack B. idea that did not make it off the drawing board . . .

[GRDadof3]

. . yet another Jack B. idea that did not make it off the drawing board . . .

Hey wait a minute Sunlover. That one was my idea

[Rizzo]

Yah, well inspired by DP FOX... What would be a cool dream tonight is Moch and Buchanan get into a development war, you know lets see who can outdo each others vision. I don't know, for some reason I just think that would make for a real scary nightmare...

[torgo]

Yah, well inspired by DP FOX... What would be a cool dream tonight is Moch and Buchanan get into a development war, you know lets see who can outdo each others vision. I don't know, for some reason I just think that would make for a real scary nightmare...

But think of how happy the alligators would be!

[GRDadof3]

Oh, and in other news, I read today that the "dreamer" Jack Buchanan got approval for his tax credits to redevelop the old Imperial Metals factory on Ionia into the new Founders Brewery and other office uses. That guy just can't do anything right

If only I could "fail" as miserably as he has...

[Rizzo]

All men dream: but not equally. Those who dream by night in the dusty recesses of their minds wake in the day to find that it was vanity: but the dreamers of the day are dangerous men, for they may act their dream with open eyes, to make it possible.

-- T. E. Lawrence

Dream on buddy

[GRDadof3]

-- T. E. Lawrence

Dream on buddy

I love it!

[sstroh]

Here's a stupid real estate question...

Do the prices / quality of condos in a downtown setting affect other condo pricing in the area?

(Like suburb neighborhoods when a new higher priced subdivision goes in next to an older

moderate priced subdivision, it raises the value of the older homes?)

I ask because if these condos were to take place would it increase the value / cost of

the condo conversion at Boardwalk?

[GRDadof3]

Here's a stupid real estate question...

Do the prices / quality of condos in a downtown setting affect other condo pricing in the area?

(Like suburb neighborhoods when a new higher priced subdivision goes in next to an older

moderate priced subdivision, it raises the value of the older homes?)

I ask because if these condos were to take place would it increase the value / cost of

the condo conversion at Boardwalk?

Nothing in real estate is guaranteed, but certainly having higher priced condos go up nearby (or any other condos in that area for that matter), especially in a "transitional" area, reinforces your investment, IMO. Similar to suburban neighborhoods, it's good to be the "small guy/gal" on the block. You will usually experience the biggest appreciation in home value.

[GRDadof3]

Yah, well inspired by DP FOX... What would be a cool dream tonight is Moch and Buchanan get into a development war, you know lets see who can outdo each others vision. I don't know, for some reason I just think that would make for a real scary nightmare...

DP Fox didn't plan to tear down Fifth Third Hey Rizzo, it looks like your height war may already be happening. Buchanan's proposal looks to be about 15 floors, and Moch mentioned when he got approval for Icon Tower II that he might even go higher.

[Prankster]

But think of how happy the alligators would be!

Will someone, PLEASE, think of the alligators?

[Ted]

Here's a stupid real estate question...

Do the prices / quality of condos in a downtown setting affect other condo pricing in the area?

(Like suburb neighborhoods when a new higher priced subdivision goes in next to an older

moderate priced subdivision, it raises the value of the older homes?)

I ask because if these condos were to take place would it increase the value / cost of

the condo conversion at Boardwalk?

This is not a stupid question. This is the real urban development question. Any new development affects the potential sale price of anything around it. Primarily because of monetary policy. It's banks and appraisals. High value appraisals become much more difficult to come by when you have projects like many in Heartside and the Uptown Village project where values are atificially held below region market values by means of govenment funding. This is the paradox of the Uptown Village project and the 348-350 Diamond project around the corner and the bemusement I felt reading LighhouseDave's lament about not being able to market rate townhouses in that neighborhood. The Uptown Village project will help to hold neighborhood appraisal rates down in effect making his dream of market rate townhouses in the area that much more difficult to come by.

So, yes if Mr. Buchanan can build and sell high end condos in Monroe North. The prices for other condos in the neighborhood will rise. Of course, if he builds them and the project tanks, leaving a couple dozen empty units on the market...prices will fall. Welcome to real estate development.

[Nitro]

High value appraisals become much more difficult to come by when you have projects like many in Heartside and the Uptown Village project where values are atificially held below region market values by means of govenment funding. This is the paradox of the Uptown Village project and the 348-350 Diamond project around the corner and the bemusement I felt reading LighhouseDave's lament about not being able to market rate townhouses in that neighborhood. The Uptown Village project will help to hold neighborhood appraisal rates down in effect making his dream of market rate townhouses in the area that much more difficult to come by.

It is a slippery slope no doubt. Given the choice of having new development or looking Olie's old car lot, I think I'll take the new development.

I'd like to think all of the work that we've done on that corner will help hold up appraisal values.

Market-rate townhouses are another story. Residental is tough in this neighborhood. It is quite stagnant right now. Hence the for-sale sign in front of our residential just down the street.

[Ted]

It is a slippery slope no doubt. Given the choice of having new development or looking Olie's old car lot, I think I'll take the new development.

I'd like to think all of the work that we've done on that corner will help hold up appraisal values.

Market-rate townhouses are another story. Residental is tough in this neighborhood. It is quite stagnant right now. Hence the for-sale sign in front of our residential just down the street.

Unfortunately, it's not an either/or question. To say that it's this particular proposal or Olie's ONLY is not the case. We all know that's prime land. If Uptown Village were to not happen for some reason it would only be a matter of time before something else would take its place.

Precisely the same as Mr. Buchanan's proposal. If it does not happen with this specific proposal, a new project will take its place in the near future. All urban land is too expensive to just sit around fo very long.

[Prankster]

All urban land is too expensive to just sit around fo very long.

Is this in reference to the recent development spree that has happened over the past 10 years? Because all this land sat vacant for a lot longer than that. This is a serious question, just trying to understand if the market is finally forcing development of stagnant areas.

[Ted]

Is this in reference to the recent development spree that has happened over the past 10 years? Because all this land sat vacant for a lot longer than that. This is a serious question, just trying to understand if the market is finally forcing development of stagnant areas.

Sure. No land that has changed hands recently is anything close to cheap. And I believe, yes, the market in GR is starting to put development pressure on areas that have been underutilized for a long time. We will see.

[GRDadof3]

Does it eventually get to a point where a perfect location for a particular perfect use becomes economically infeasible due to land cost? Are we getting close to that point? I know many large cities have areas like that, which is why you see vacant lots right smack dab in the middle of a hot area.