Area 4/Area 5 Development

[OneSweetWorld]

It looks as if there should be some kind of courtyard across from the theatre... but the floor plan doesn't show it.

[GRDadof3]

Well said mgreven!

It looks as if there should be some kind of courtyard across from the theatre... but the floor plan doesn't show it.

The footprint goes all the way around the block, but as you get up to level 4 and above, there is a garden and a courtyard on the West side:

[joeDowntown]

I agree. The city definitely has no reason to be disappointed in this development and should count their blessings that we do have so many development on tap, not that there aren't more people competing for the same space. It could be a heckuva lot worse, that is for sure!

Joe

[GaryP]

I'd bet there would have been a heck of a lot more interest if the asking price was $1.5M instead of $4M.

It really shows the mass of these two projects. Reminds me a bit of the Portland Pearl District photo I posted:

That was the same thing I thought when I saw the picture (minus the train tracks )

I like this project. I wish they had said they would start a year or two sooner though.

[michaelskis]

This is the first that I have heard about this project and I am very excited to see it. I think that once it

[CK1]

This is the first that I have heard about this project and I am very excited to see it.

Thinking about it, while talks of the movie theater have been around for a while, did anyone have any advanced knowledge of the hotel/retail/condo building? I can't remeber any rumor threads about it, and if this is the case, kudos to the developer about keeping the rumor-mill in check and not letting the media blow this thing out of proportion.

[AlexPKeaton]

When the theater proposal was announced they also made their intentions for the adjacent lot known, but didn't give a detailed proposal, I believe. This does look pretty cool and is the type of density the city needs. A lot of these mid-rises can really fill in the city.

-nb

[GRDadof3]

Thinking about it, while talks of the movie theater have been around for a while, did anyone have any advanced knowledge of the hotel/retail/condo building? I can't remeber any rumor threads about it, and if this is the case, kudos to the developer about keeping the rumor-mill in check and not letting the media blow this thing out of proportion.

We heard about it here back in January CK1:

[CK1]

We heard about it here back in January CK1:

A few months before I found UP...sorry about that.

[GaryP]

Keep in mind, the proposal says the Area 5 hotel/condo/retail deal won't be a go without the theater project going forward.

From Chris Knape's blog

This is silly. They cant sell the condos unless there is a theater next door? I think this is just a ploy to buy the lot for 38% of the asking price.

[egrguy]

I agree with your point in principal, however, with no other competition, why should the developer offer full price up front? That sounds silly to me too.

[towermart]

I agree with your point in principal, however, with no other competition, why should the developer offer full price up front? That sounds silly to me too.

Perhaps it is a matter of perspective on the market, if the city has only one offer,one might surmise that the offer is "full price" just not the full price they expected

[PBJ]

I agree with your point in principal, however, with no other competition, why should the developer offer full price up front? That sounds silly to me too.

I tend to agree. Something is only worth what somebody is willing to pay for it. If nobody has stepped up and offered what they are asking (or close), it probably means developers don't see it being worth as much as the city is asking.

I could put my Pontiac G6 up for sale for $100,000, but that doesn't mean i'm going to get that for it.

[GaryP]

I tend to agree. Something is only worth what somebody is willing to pay for it. If nobody has stepped up and offered what they are asking (or close), it probably means developers don't see it being worth as much as the city is asking.

I could put my Pontiac G6 up for sale for $100,000, but that doesn't mean i'm going to get that for it.

I think the city has overpriced the property as well, but had they listed it in the 1.5 Million range they would have seen a lot more activity. It was stupid of the city to list it so high, but it seems to me like Kirco is trying to slip one by everyone here.

[PBJ]

I think the city has overpriced the property as well, but had they listed it in the 1.5 Million range they would have seen a lot more activity. It was stupid of the city to list it so high, but it seems to me like Kirco is trying to slip one by everyone here.

Slip something by or more of a "Well, nobody else has bitten or even thrown an offer out, lets see if I can get the city to the table to talk". I think it's more of a "Hey, we're interested, but not at your crazy price"

[john_denver]

I tend to agree. Something is only worth what somebody is willing to pay for it. If nobody has stepped up and offered what they are asking (or close), it probably means developers don't see it being worth as much as the city is asking.

I could put my Pontiac G6 up for sale for $100,000, but that doesn't mean i'm going to get that for it.

I agree. By the way, I am selling my Volkswagen Passat for $250,000 but I am shocked nobody has called me about it.

[Greedo]

By the way, I am selling my Volkswagen Passat for $250,000 but I am shocked nobody has called me about it

Is it near the VAA with easy access to a major freeway?

No?

Hmm... that could be an issue.

[john_denver]

Is it near the VAA with easy access to a major freeway?

No?

Hmm... that could be an issue.

Wait let me run out and park in Lot 5.

You'll have easy access to a major freeway then.

[PBJ]

Wait let me run out and park in Lot 5.

You'll have easy access to a major freeway then.

[FlawlessDeveloper]

I think the city has overpriced the property as well, but had they listed it in the 1.5 Million range they would have seen a lot more activity. It was stupid of the city to list it so high, but it seems to me like Kirco is trying to slip one by everyone here.

Yeah, $1.5M was a lot of money downtown 10 years ago, when I was looking to buy the building that later became the BOB for just $35K, but I wish I could find a piece of property downtown for $1.5M today. I do think the city should be happy with anything above $2.25M though.

ANYONE know of any good property available downtown in that price range?

[CK1]

Yeah, $1.5M was a lot of money downtown 10 years ago, when I was looking to buy the building that later became the BOB for just $35K, but I wish I could find a piece of property downtown for $1.5M today. I do think the city should be happy with anything above $2.25M though.

ANYONE know of any good property available downtown in that price range?

How much would properties south of fulton, east of ionia/commerce go for? I would think that anything w/in 4 blocks of the entertaiment district around Ionia Ave has a good chance of really appreciating in value or development possibilities as that area continues to grow and attract more residents / patrons.

[OneSweetWorld]

How much would properties south of fulton, east of ionia/commerce go for? I would think that anything w/in 4 blocks of the entertaiment district around Ionia Ave has a good chance of really appreciating in value or development possibilities as that area continues to grow and attract more residents / patrons.

OK Azzar.....please don't do this anyone. people who buy property to sit on it and make money are the ones that slow down the development of downtown. if you want to make a quick buck, do it in stocks, not in downtown property

[localtalent]

OK Azzar.....please don't do this anyone. people who buy property to sit on it and make money are the ones that slow down the development of downtown. if you want to make a quick buck, do it in stocks, not in downtown property

Personal Foul on the_grand_raggidy....Unnecessary Jumping to Conclusions.

15 Day Cease and Desist Penalty.

Return to spot of previous post and replay.

[joeDowntown]

The line judge concurs but feels the Azzar jab was clean.

Personal Foul on the_grand_raggidy....Unnecessary Jumping to Conclusions.

15 Day Cease and Desist Penalty.

Return to spot of previous post and replay.

[CK1]

OK Azzar.....please don't do this anyone. people who buy property to sit on it and make money are the ones that slow down the development of downtown. if you want to make a quick buck, do it in stocks, not in downtown property

Just for the record, I completely agree - I have nothing to do with Azzar, and from what little I have heard on UP about his real estate investments in and around GR (I know nothing else of him personally or what his agenda is otherwise), I am less-than-supportive of his business practices relating to these investments (for the sake of development and the overall improvement and progress of GR).

I was simply asking if instead of developers balking at paying millions for property within a block of VanAndel, move over 2 blocks to the east and start redeveloping that area. Most people heading downtown for a night would think nothing of walking an extra block or two off of Ionia for a decent bar / restaurant.

Also, I would think that if a few more blocks of property began to redevelop, basic laws of supply and demand would raise the value of those new parcels and help decrease overpriced land / buildings to market rates.