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101 S. Division - Apartment renovation

GRDadof3

By GRDadof3
in Grand Rapids

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twoshort Town

twoshort

Posted
Posted

Yah, that does.  Thanks. :D

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In that case:

CountyMapService_PUMBAA29243048366.JPG

Owner and Developer: Bantam Capital Investments.

"Bantam Capital Investments LLC is renovating the building at 101 S. Division Ave. The plan is to locate a restaurant on the ground floor and market-rate apartments on the second and third levels. Ted Lott, Greg Metz, Daniel Durr and Paul McGraw are the Bantam principals" - joeDowntown

A few other details: "Property sale price is $165,000 to be paid in full at closing minus prepaid option consideration. Buyer shall construct approved improvements in conformance with their submitted development plans within one-year of the closing date."

The closing date was January 12, 2005 and the clock is ticking. :)

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woz Whistle-Stop

woz

Posted
Posted

To see the building from a different angle, check out this Web site ...

http://heartsidemainstreet.org/tour.php?area_id=5

If I knew how to post photos here, I would have done that. Some of you might enjoy poking around that site anyway, if you have never done so. It's a little outdated -- and getting more outdated by the week, apparently -- but still useful.

-Woz

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GRDadof3 Ecumenopolis

GRDadof3

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To see the building from a different angle, check out this Web site ...

http://heartsidemainstreet.org/tour.php?area_id=5

If I knew how to post photos here, I would have done that. Some of you might enjoy poking around that site anyway, if you have never done so. It's a little outdated -- and getting more outdated by the week, apparently -- but still useful.

-Woz

<{POST_SNAPBACK}>

Right click on the photo, add to favorites. Then you can copy the URL and post using the IMG button. Be careful with copyrighted photos ;)

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GRDadof3 Ecumenopolis

GRDadof3

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I know that the restaurant they were planning to put in on the ground floor is New Holland Brewing Company.  Not sure if that is still the plan, but it would a great addition to that area.

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Wow! That would be a huge addition to that area of Division. Right now, it is a collection of eclectic stores and art shops. And that punker bar that I sometimes see spilling out onto the sidewalks at night. What is it called, Skelletones?

New Holland makes some great beers!

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GRCentro Hamlet

GRCentro

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And that punker bar that I sometimes see spilling out onto the sidewalks at night. What is it called, Skelletones?

It's a coffee house that often shows underground bands (mostly punk/emo) -- a lot of local high school/college groups. I believe they changed the name to "End of the World Cafe." I went once to see a friend's band, but the atmosphere kinda creeped me out! :unsure:

Anyway, great news about this project! I thought that building was beyond help.

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The General Crossroads

The General

Posted
Posted

In that case:

CountyMapService_PUMBAA29243048366.JPG

Owner and Developer: Bantam Capital Investments.

"Bantam Capital Investments LLC is renovating the building at 101 S. Division Ave. The plan is to locate a restaurant on the ground floor and market-rate apartments on the second and third levels. Ted Lott, Greg Metz, Daniel Durr and Paul McGraw are the Bantam principals" - joeDowntown

A few other details: "Property sale price is $165,000 to be paid in full at closing minus prepaid option consideration. Buyer shall construct approved improvements in conformance with their submitted development plans within one-year of the closing date."

The closing date was January 12, 2005 and the clock is ticking.

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  • 8 months later...
GRDadof3 Ecumenopolis

GRDadof3

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Haven't had an update on this project in a while. The Press has an article talking about the city's displeasure with the new asking price for 101 S. Division being so much higher than what was paid for the property from the city. And why it's being offered for sale even though tax credits were awarded based on renovating the building.

http://www.mlive.com/news/grpress/index.ss...3980.xml&coll=6

Perhaps we can get the other side of the story?

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GR_Urbanist Burg

GR_Urbanist

Posted
Posted

The developers had better have a good story. This just looks bad.

You get a property from the city for a low price with the idea that you will develop it in a timely manner. You then sit on it and do nothing, then turn around and try to sell it at a greatly inflated price? Huh?

It totally looks like a scam on the surface.

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joeDowntown Metropolis

joeDowntown

Posted
Posted

This article pissed me off. If you buy it in good faith (at a hell of a price) to rehab it, do it. If you can't, sell it to someone who can without tripling the price.

I also didn't quite understand the "we're still going to develop it, we just have it on the market?". Better get a better spin doctor boys because you are looking like a bunch of hustlers to me. Shame on you. :angry:

The developers had better have a good story. This just looks bad.

You get a property from the city for a low price with the idea that you will develop it in a timely manner. You then sit on it and do nothing, then turn around and try to sell it at a greatly inflated price? Huh?

It totally looks like a scam on the surface.

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GRDadof3 Ecumenopolis

GRDadof3

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Can someone explain the 'warn' that's now appearing under my name?

Is it because I said a name (who has already outed himself on this forum

and whose name appeared in the press article?) Just asking.

No worries mejane. Everyone has a warning bar that they can only see under their own username. If your warn bar had been increased (by breaking a rule), you would have gotten a message from one of the Moderators or Administrators, and you would have two or three boxes marked in red. Even if you do break a rule, you usually just get a verbal warning message before your "warn" bar gets bumped. You're fine. :D

Now back to 101 S. Division....

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mejane Whistle-Stop

mejane

Posted
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No worries mejane. Everyone has a warning bar that they can only see under their own username. If your warn bar had been increased (by breaking a rule), you would have gotten a message from one of the Moderators or Administrators, and you would have two or three boxes marked in red. Even if you do break a rule, you usually just get a verbal warning message before your "warn" bar gets bumped. You're fine. :D

Now back to 101 S. Division....

Thanks, Dad! Crazy how I just never noticed it before.

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jdowntown Crossroads

jdowntown

Posted
Posted

Maybe Ted could help us out understanding this one.

No spin, just the real deal about 101 SD. The owners of 101 did have a deal with a local brewery/restaurant which after 9months didn't go through. In 2005 they formed a joint venture deal with an out-of-town developer to bring in a mixed use project that ultimately the city and owners felt would not work. The press failed to mention a few other very pertinant facts: the building is also being marketed for lease, and the for sale listing has long been a tool by developers to attract out of town (developers, investors, potential partners/tennants) people looking for more than just some space to lease. And let's not forget the building even though vacant is now producing property tax revenue for the city. Yes the building is an eyesore, but vacant developed buildings don't do anything for the heartside district either. Some (not all) of the same owners of this building have renovated and successfully marketed a nearby Heartside building. While it might appear to be profitateering there is always more to the story!

FYI - 101 is approved for tax credits which does not mean the owners have recieved them or used them... that only happens when the project (in the case of 101 that is when not if) begins.

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