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Riverfront Property Proposal(s)?


tony speller

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Had a news story about this on WOOD TV tonight.

According to WOOD TV and Susan Shannon (Economic Development Director, City of GR), three or four letters of interest will be submitted. One will be from Faust. We apparently won't know what the proposals are until the city releases the information on Monday.

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Just saw the Geha speak on Wood News 8.

Summary:

The story had an interview with someone from the City. She stated that they are expecting 3 or 4 proposals for the property. She said none have been sent in yet. She expects them around 4:30, 4:45 or even 4:55pm Friday afternoon. Also mentioned that they will not be opened to the public until Monday morning at 8am. She stated some finical information will be removed before released to the public upon request of the leanders. She made a point to state that this is one of many steps in the approval process.

-end Summary

Sounds like we will have some proposals to review :yahoo: I hope I can wait until Monday to find out who and what kind of ideas they have in mind.

Edit: Thanks Phizzy! You beat me to the punch :thumbsup:

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News release from the city:

The deadline for developers to submit letters of interest to develop a 16 acre City-owned site at 201 Market near downtown is quickly approaching. At 5:00 p.m. on Friday, May 19, the media can stop by the City's Economic Development Office on the 9th Floor of City Hall to see just how many letters are received. The contents of submittals, less confidential information, will be distributed to the media on Monday, May 22. They can be picked up from Deputy City Manager Eric DeLong's Office on the 6th Floor of City Hall at 8:00 a.m.

Interested parties are being asked to submit a vision statement for redeveloping the public works center into a mixed commercial, retail and residential use, provide a financial background and describe their experience developing large parcels of urban land. A Taskforce, which was appointed earlier this year to oversee the process for soliciting developers of this prime site, will reconvene later next week to review letters. The Taskforce's recommendations are expected to be presented to the City Commission in June. Developers that are deemed qualified will be given two months to submit full proposals with site plans, timelines and financing proformas.

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Intentions of River Grand not withstanding, what are the cities expectations for these parcels of land? If a developer came in and said they wanted to make a suburban subdivision, and build a few homes. Would the city, consider that proposal, or have they stated, that they want High Density Residential, or commercial ect. Does the city have a vision for what they want to see in that place?

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Intentions of River Grand not withstanding, what are the cities expectations for these parcels of land? If a developer came in and said they wanted to make a suburban subdivision, and build a few homes. Would the city, consider that proposal, or have they stated, that they want High Density Residential, or commercial ect. Does the city have a vision for what they want to see in that place?

Heartwell has been quoted as wanting high density residential for this area. Not sure where the rest of the commission is on this.

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:rofl:

So since the deadline is a Friday, when do you think we'll get to see the proposal(s)? Saturday's press? Channel 8? Here? If there are the 5 or 6 that I've heard that will be submitted, I'll be eager to see everyone's vision!

Channel 8 reported a couple weeks ago that none of the major developers in town were going to submit a proposal. Are the majority of the proposals coming from out of town developers?

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Heartwell has been quoted as wanting high density residential for this area. Not sure where the rest of the commission is on this.

I'll bet if someone could actually justify $35,000,000 for a subdivision the city might accept it. They need short term (sale price) and long term (tax base) money.

I heard that they are discussing the possibility of a phased sale because no existing market is big enough to absorb that much land with such a high price fast enough. The carrying cost on the land will turn any project economically upside down within a few years.

However, if the city carries the unused property, they, in effect, are assuming that cost. The mayor also said the city would not offer seller-financing, which is what a phased sale gets very close to becoming.

The big land use categories are retail, office, residential, institutional and industrial. Which one has enough demand to justify the land cost?

As they say...film at eleven.

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I'll be pleasantly surprised if they do get 4 good proposals, considering the size and sale price of the property (as civitas said).

Actually civitas, it's film at 8 AM Monday. :lol: I wonder which will end up being the biggers story, the 2nd tower crane on the Hill, or this?

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I'll be pleasantly surprised if they do get 4 good proposals, considering the size and sale price of the property (as civitas said).

Actually civitas, it's film at 8 AM Monday. :lol: I wonder which will end up being the biggers story, the 2nd tower crane on the Hill, or this?

I think the hype will jump up again on Project X and it will be the bigger story. Especially if it's true that they have 3 or 4 proposals and none are from local developers. The "see the outside world wants to get in on the secret" attitude will be too big of a story line to ignore. Plus we all know what the tower crane on the top of the hill is going to bring, while GR's new version of the Mystery Spot has so many more questions to be answered, the hype will naturally focus there.

I don't know about the rest of you, but with all the hype we've seen thrown on Project X, I'm personally going to be disappointed if I don't see a tower crane up on Market that monday anyway... :whistling:

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Even if a proposal does come from Mr. Faust I wouldn't even expect a layout of who's involved or even accurate renderings. We might just see a glorified report from ESNA like the infamous one now circulating on the news sites. Don't expect much of a change.

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Interested parties are being asked to submit a vision statement for redeveloping the public works center into a mixed commercial, retail and residential use, provide a financial background and describe their experience developing large parcels of urban land.

Developers that are deemed qualified will be given two months to submit full proposals with site plans, timelines and financing proformas.

I think Monday's new release might be a real snoozer.

Patience is a virtue...

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All I just want to see are renderings and plans...I'm sick of people holding back and keeping secrets, and I'm sick of the media saying every week, "We don't have any new info yet, but we might soon!..."

Just tell us what's going on lol

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Developers that are deemed qualified will be given two months to submit full proposals with site plans, timelines and financing proformas.

I think Monday's new release might be a real snoozer.

Patience is a virtue...

Precisely. I'll be excited when it is time.. but I'm not sure now or Monday for that matter are the time.

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Precisely. I'll be excited when it is time.. but I'm not sure now or Monday for that matter are the time.

About the only nice thing will be to see what parties are interested. You can a least get a barometer on how promising the land development possibilties are for that piece of land. If it turns out to be the openning for amateur hour, I'll be less than impressed.

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