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So now that they have HPC approval does that mean they have cleared all of the hurdles and can finally look forward to breaking ground?

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So now that they have HPC approval does that mean they have cleared all of the hurdles and can finally look forward to breaking ground?

No, they still have to close on the property with the city. Maybe in a month or so, would be my guess.

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No, they still have to close on the property with the city. Maybe in a month or so, would be my guess.

Ah, well that shouldn't be a big problem since the city has been waiting so long to sell it to them.

Do you know if they have someone to finance the construction cost yet?

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Ah, well that shouldn't be a big problem since the city has been waiting so long to sell it to them.

Do you know if they have someone to finance the construction cost yet?

No, I don't have any of the fine details. Just what has been outlined to the city (the public portion). With the agreement in hand from UICA on the retail portion, that piece is good. They did mention that it was easier to find financing for apartments than for condos.

It would be cool if this, the Monroe North Hotel and the Hyatt Place at Mid Towne Village all broke ground at about the same time early this Summer.

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No, I don't have any of the fine details. Just what has been outlined to the city (the public portion). With the agreement in hand from UICA on the retail portion, that piece is good. They did mention that it was easier to find financing for apartments than for condos.

It would be cool if this, the Monroe North Hotel and the Hyatt Place at Mid Towne Village all broke ground at about the same time early this Summer.

Thanks, I didn't think any financing had been anounced, but I figured if anyone here knew it'd probably be you.

Having apartments will be good because that means they won't have to sell 50% of the space to get financing like they would if they were building condos. I also assume having the UICA as an anchor and selling the parking back to the city will help their position with financing this project.

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City OKs revised plan, buys parking spots

"...the city commissioners OK'd a revised plan from developer Sam Cummings who wants the city to buy 149 parking spots out of the 260 he'll put there as part of the complex he's building."

A short story on woodtv.com: http://www.woodtv.com/Global/story.asp?S=7892584

Not really sure what this sentence means: "First Ward commissioner James Jendrasiak questioned the parking purchase, noting the city decided not to rebuild parking spots."

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It means that when they tore down the original parking structure (because it was unsafe?) they decided not to rebuild a new lot there and look for another use, but now they're buying parking spots that someone else is building. Jendrasiak thinks its strange, if they wanted parking spots there why didn't they just build them themselves.

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Not really sure what this sentence means: "First Ward commissioner James Jendrasiak questioned the parking purchase, noting the city decided not to rebuild parking spots."

Nothing new here. Jendrasiak has kind of replaced Tormala as the always-has-something-to-say commissioner.

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Another snag in the progress of this site. The City was to sell the site by today. It appears they will ask for yet another 60 day extention. This time they will put forth another $95k in monies. Here is the article on Mlive.com

Grand Rapids' efforts to sell land for Urban Institute for Contemporary Arts hits another snag

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Another snag in the progress of this site. The City was to sell the site by today. It appears they will ask for yet another 60 day extention. This time they will put forth another $95k in monies. Here is the article on Mlive.com

Grand Rapids' efforts to sell land for Urban Institute for Contemporary Arts hits another snag

Here comes the asphalt :(

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No extensions PERIOD.

These guys had plenty of time to pull this off and two years latter we have an empty lot with zilch activity.

A request was put out to serious developers to bid on this site, not people that would need extensions into the next decade.

Offer it to either of the other two developers. Stop wasting time with these guys.

That's what I wrote back into 2006, TWO YEARS after the ramp that was there was torn down. I remember saying that if you grant these guys an extension, they will be back for another, and another as they know the city will just keep dishing them out as the process drags out and they start to get desperate.

Four years later it is still an empty lot with zilch activity.

Can we still get any of those other developers interested?

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Can we still get any of those other developers interested?

Yeah, call Azzar. He was one of the original bidders. See if he wants to build something..........

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Yeah, call Azzar. He was one of the original bidders. See if he wants to build something..........

:rofl: Exactly.

For those complaining about the added delay, ask yourselves this: Do I mind 60 more days of weeds or 3 - 5 years of asphalt parking lot?

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:rofl: Exactly.

For those complaining about the added delay, ask yourselves this: Do I mind 60 more days of weeds or 3 - 5 years of asphalt parking lot?

And let's ask ourselves another question:

After four years of nothing, is there a difference?

Azzar wanted another parking ramp. At this point that looks a world better than Extension on Fulton.

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And let's ask ourselves another question:

After four years of nothing, is there a difference?

Azzar wanted another parking ramp. At this point that looks a world better than Extension on Fulton.

You really think a parking ramp there would be better than the empty lot now? So 20 years of no development?

Some of you guys need to talk to people who work in the building, development and real estate world.

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You really think a parking ramp there would be better than the empty lot now? So 20 years of no development?

Some of you guys need to talk to people who work in the building, development and real estate world.

Disclaimer: I am in NO way involved with anything in the development business

That being said... While I don't agree with a parking ramp there, I don't see what the issue is with at least seeing if there's any interest by any other parties that may be able to come up with funding... Sure, if Azzar wants to show his interest let him, get new proposals from all interested parties and if Gallery on Fulton is still the best, let it continue. There has been a lot of changes in the last 4 years or so in GR between the JW, Bridgewater, and the Medical Hill, who knows if there's developers out there (local or national) that might have ideas for that corner. Don't get me wrong, I love what Sam Cummings has done in this town, I love he's a local guy and I don't want to see asphalt or a ramp there, but year after year of weeds isn't exactly what I want to see either. Why not say "We'll give you a 90-180 day extension, free of charge (minus the previous deposit), but in that same time we'll let other people send in new proposals".

After reading my post, I understand any new proposals may have the same funding issues Sam is running into.

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You really think a parking ramp there would be better than the empty lot now? So 20 years of no development?

Some of you guys need to talk to people who work in the building, development and real estate world.

No, but this four year old weed infested lot isn't what anyone wants to see either.

These guys signed up for this. No one begged them to take this on. In that time we've had several buildings go up all over the city, and yet these guys are on their nth extension to do God knows what this time.

It's not like they've actually turned over spoonful of dirt in construction of this project. Who cares about how tough their business is. If they cant do it then dont, so we can see if anyone else wants a shot at this.

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I am not in the development field, so I don't know what goes on there and I would like to see this project continue. At lease Sam is willing to put forth more money towards the purchase of the project.

My question on this would be: "If this was any other developer from out of town, would the City give them the same extentions that they have give Sam?" Also how does this effect future developements in the City? Does doing this allow for developers to "lock" in pieces of properties for developement while they construct prelimary plans for multiple years before they can come up with a feasible one?

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I am not in the development field, so I don't know what goes on there and I would like to see this project continue. At lease Sam is willing to put forth more money towards the purchase of the project.

My question on this would be: "If this was any other developer from out of town, would the City give them the same extentions that they have give Sam?" Also how does this effect future developements in the City? Does doing this allow for developers to "lock" in pieces of properties for developement while they construct prelimary plans for multiple years before they can come up with a feasible one?

Are you referring to due diligence? Normally you pay for a period of time where the owner will temporarily take it off the market. During this period of time you scramble to put all of the pieces together, then analyze it and see if it will work. This time can have extension clauses, but you may have to pay for them. I don't know the complexity of this project, but this preliminary work can take a lot of time, and it is a pretty stressful time. On some more straightforward projects we have asked for a six month due diligence period.

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This time i kind of/sort of feel bad for him. In the development world right now IT IS HARD. I think a lot of you not in this industry do not realize how many projects are falling through right now because of the banking collapse. And hang on because it's only going to get worse...

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