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MidTowne Village Development Updates


GRDadof3

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If your talking about the Chew/Brookstone project Gary P says tax credits where approved weeks ago.  Surprised we have not hear anything from the media.

Yeah, I was hoping my comment would generate some kind of reporting too. Here's a link to the recently awarded LIHTC projects: http://www.michigan.gov/documents/mshda/mshda_li_sr_2014_february14_lihtc_res_459294_7.pdf

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Third Coast Development is seeking a 12 year Neighborhood Enterprise Zone status for 555 and 601 Michigan, which essentially "freezes" property taxes at a very low rate for that period. The project already sits inside the Midtown Zephyr NEZ according to the city.

 

http://grcity.us/city-clerk/CityCommission/102814epsec.pdf

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That is the most horribly formatted PDF I have ever come across in over two decades being online. 

 

Also, this just in. Down-on-his-luck property developer goes all in with his "buddies" (aka his employer) to make a "laid back, garage themed" bar. 

http://www.reddit.com/r/grandrapids/comments/2jw6ck/hey_reddit_my_buddies_and_i_just_opened_a_new_bar/

 

I usually download those to Adobe which makes them easier to navigate.

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If you want to have some real fun, open up the city commission agenda that has all of the submittals for Founders expansion, including all of the engineering work related to street reconstruction (that are way too big for the file).

 

(edit, oops wrong thread for Burton pictures)

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Third Coast Development is seeking a 12 year Neighborhood Enterprise Zone status for 555 and 601 Michigan, which essentially "freezes" property taxes at a very low rate for that period. The project already sits inside the Midtown Zephyr NEZ according to the city.

 

http://grcity.us/city-clerk/CityCommission/102814epsec.pdf

 

Just like Eastown Flats, huh?  Are NEZ's the new Brownfield?  Everyone's gotta have 'em now?

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Just like Eastown Flats, huh?  Are NEZ's the new Brownfield?  Everyone's gotta have 'em now?

 

Actually the NEZ's were set up by individual neighborhoods to help spur investment. The NEZ only applies to new projects and gives just a property tax abatement to the "owner." You have to apply to the state to qualify.

 

I guess you could say it's like a new Ren Zone, although just property taxes and not state and local income tax. Brownfield still exists, and you can layer Brownfield on an NEZ, as far as I know.

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Actually the NEZ's were set up by individual neighborhoods to help spur investment. The NEZ only applies to new projects and gives just a property tax abatement to the "owner." You have to apply to the state to qualify.

 

I guess you could say it's like a new Ren Zone, although just property taxes and not state and local income tax. Brownfield still exists, and you can layer Brownfield on an NEZ, as far as I know.

 

 

The Midtown Zephyr NEZ is 555/601 Michigan (Link, pg 12). My point was that it seems like anyone with two adjoining parcels gets to call themselves an NEZ nowadays.  I thought NEZs are about getting the investors enticed to come in the neighborhood in the first place - and in large tracts if disinvested land, like Turner Gateway or North Baxter.  It's not intended for one developer who already owns a pair of parcels to get just their own taxes abated.  555/601 Michigan is well within the Medical Mile's spread of development.  They're building a Hampton Inn right behind it.  I don't see a neighborhood in need of jump-starting investment here.  And Eastown Flats is in Eastown.

 

I brought up Brownfields because, at their height of implementation, folks would sometimes scoff at how many developments would apply for them (though I can't remember any specific examples), and there was the sense that it was turning into a de facto tax credit.  I'm a big fan of Brownfield in principle though.  And NEZs too, if implemented correctly.

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http://www.mlive.com/business/west-michigan/index.ssf/2014/12/mid_towne_village_housing_proj.html#incart_river

 

 

The Michigan Community Revitalization Program approved a $1 million grant for a project that will demolish an old building in Mid Towne Village and replace it with a new, three-story building with eight market-rate apartments and ground-floor restaurant space.

 

The performance grant, approved Tuesday, Dec. 16, is part of a $7.4 million development planned for 555 Michigan St. NE by Third Coast Development LLC.

 

They also plan to build a four-story building with ground-floor retail space and 16 apartments on a vacant lot at the corner of Michigan Street and Union Avenue NE. The project is expected to generate a total capital investment of nearly $7.4 million and create 15 full-time jobs.

 

-f973917476094a2f.jpg

 

First time I've seen this.

 

Maybe Mlive has the illustration backwards though because the location would have the street on the other side. Or is that other building going too?

 

-e2e50bd6c6d7cdbf.JPG

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There is two lots. The one on the NW corner, that they show the existing structure, is the lot the news story talks about.  It's a proposed three story building.  The other lot on the NE corner, which is now vacant, is a proposed four story building shown in the rendering.  M-Live is showing the wrong rendering. 

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earlier this year quite a bit of work was done to the pizza joint.  it seem odd that they would do that and then tear it down.

My understanding is that the pizza joint is staying.  Just the building next to it is being torn down for the new construction.

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http://www.mlive.com/business/west-michigan/index.ssf/2014/12/mid_towne_village_housing_proj.html#incart_river

 

 

-f973917476094a2f.jpg

 

First time I've seen this.

 

Maybe Mlive has the illustration backwards though because the location would have the street on the other side. Or is that other building going too?

 

-e2e50bd6c6d7cdbf.JPG

 

You hadn't seen that before? It was posted around here somewhere. And yes, Mlive keeps getting the sites mixed up. That rendering is 601 Michigan on the vacant lot. 555 Michigan where the yellow building is and will be demolished, I haven't seen a rendering for that I don't believe. There is a site plan floating around though.

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You hadn't seen that before? It was posted around here somewhere. And yes, Mlive keeps getting the sites mixed up. That rendering is 601 Michigan on the vacant lot. 555 Michigan where the yellow building is and will be demolished, I haven't seen a rendering for that I don't believe. There is a site plan floating around though.

 

You'd think that the big "601" numbers visible on the rendering would help to keep them straight, but apparently not.  :dontknow:

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I have had these images saved on my computer since August, but I don't know how to share them on here, so I'll direct you to the place I found them. An image of 555 is on page 48, while page 49 shows a nice little elevation. Hopefully this works.

 

August Brownfield Redevelopment Authority meeting:

http://grcity.us/design-and-development-services/Economic-Development/Brownfield/BRA%20Agenda%20Packet%20-%2008-07-14.pdf

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I have had these images saved on my computer since August, but I don't know how to share them on here, so I'll direct you to the place I found them. An image of 555 is on page 48, while page 49 shows a nice little elevation. Hopefully this works.

 

August Brownfield Redevelopment Authority meeting:

http://grcity.us/design-and-development-services/Economic-Development/Brownfield/BRA%20Agenda%20Packet%20-%2008-07-14.pdf

 

 

Here ya go. Not bad looking.

 

15421934804_045be64ccc_o.jpg

 

16044203095_f26c9802b1_o.jpg

 

 

16044203105_51abb01c23_o.jpg

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You hadn't seen that before? It was posted around here somewhere. And yes, Mlive keeps getting the sites mixed up. That rendering is 601 Michigan on the vacant lot. 555 Michigan where the yellow building is and will be demolished, I haven't seen a rendering for that I don't believe. There is a site plan floating around though.

 

It seems we see some many brown/gray/and beige renderings, they all start to blur at some point! :P

 

The "real" building looks nice. That whole area is coming together nicely.

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