Wealthy Street Mega Thread

[GRDadof3]

I think that earlier in this thread someone said Orion was no longer a part of this development.  If this is true, who is building it?

Still shows Green Cane Property LLC as the developer and property owner. Integrated Architecture is presenting to East Hills. 

[uncus]

 

I personally don't like the stepped back "penthouse" look at all.  That ought to be built right out to the street.  An HPC concern?  

Agreed.  As someone who lives very close to this,  i also  like to see a three story building built out the street too, but i'm guessing this was done to  appease the HPC.   I dont think this is a final drawing and there are details that still need to be worked out.  Green Cane/IA is on the agenda for the next HPC meeting Oct 7.  It will be interesting to see what come from that.

 

[GRCentro]

 

Does anyone know if this got approved?

Yes, approved.

[x99]

Agreed.  As someone who lives very close to this,  i also  like to see a three story building built out the street too, but i'm guessing this was done to  appease the HPC.   I dont think this is a final drawing and there are details that still need to be worked out.  Green Cane/IA is on the agenda for the next HPC meeting Oct 7.  It will be interesting to see what come from that.

This does not need to be done to appease HPC, in my opinion.  A single story departure is typically permitted.  One solution to getting taller from a residential area might be to do two separate facades, with a two story facade building on the west edge, giving way to a three story for the rest of the site.  It's a tried and true solution, with ample support in the literature, and it is almost always approved.  Still, I don't think that's necessary here at all if the design was right and the application properly supported.  When I see a design like this doing something unnecessary and a bit tacky to attempt to comply with rules that architects do not appear to fully understand, it makes me shake my head a bit.  That said, the penthouse is just bad, unsophisticated design.  It isn't necessarily non-compliant, sadly.  If I were a betting man, I would bet the design will be approved with the penthouse, without the green wall, and with possibly some modification to (what looks like) a completely unsupported overhang facing Calkins.  

Overall, I'm at least encouraged that Integrated is now operating at more of an 80% level on the first draft.  They're learning, however slowly.  Faint praise, but praise nonetheless when your competitors can't even get out of the starting gate because their stuff is absolutely disgraceful.  This is far and away the best design proposal on this site to date.

Anyone else notice what looks like split peaked roofs on the buildings in the back?  Am I seeing that right?  I hope not.  I might have to take back all of my faint praise.  

Edited October 5, 2015 by x99

[terra firma]

 

Does anyone know the current ownership scenario behind this, I believe it was referred to as the D&G liquor store formerly.

  I remember the announcements about a multi-story mixed use deal but the signs are gone and the plans appear "on hold."     Who owns it ?

 

 

Edited October 5, 2015 by terra firma

[GVSUChris]

Nice to see this moving forward.

http://mls.carwm.com/listing/29845298/733-Wealthy-St-SE-Grand-Rapids-MI-49503

 

[EastownLeo]

Nice to see this moving forward.

http://mls.carwm.com/listing/29845298/733-Wealthy-St-SE-Grand-Rapids-MI-49503

 

does not mean its moving forward, We have not heard anything of much renovation.  Seems like the owners are just trying to make ground retails happen to pay the bills.

[x99]

Does anyone know the current ownership scenario behind this, I believe it was referred to as the D&G liquor store formerly.

  I remember the announcements about a multi-story mixed use deal but the signs are gone and the plans appear "on hold."     Who owns it ?

Last I heard was some gnashing of teeth about how much the project was proposed to cost.  As far as I know, all of the approvals are in place, but nothing has happened since.  The space was also placed for rent, but the rents being asked for the ground floor appeared completely unrealistic--well over $20 a foot, triple net, if memory serves.  Past reports indicate David LaGrand bought the building, the parking lot, and a house across the street for $325,000.00.  http://www.grbj.com/articles/81323-develops-plans-up-to-seven-retailers-on-wealthy-street.  Some repairs were completed, and the building was then sold to his partner in Wealthy Bakery and some silent partner (see article) per public records for $480,000.00.  It appears the house was not a part of that deal.  How much profit component (if any) there was in the deal for the building after the repairs I have no idea.  The rental listing is now gone.

Suffice to say that if this was 2009, I suspect this building would probably be in foreclosure with a $150,000 sell price, tops.  Condition, by all accounts, is abysmal.  What led anyone to pay over $100 a foot for this building is baffling.  At the purchase price of about $500k for a 4000sf building, rents still would have been $13-$14/sf without putting another dime into the building in order to get a reasonable return for the risk. Chew on that for a minute.  You need to get current market rate rents for a building that is reportedly junk. So the plan, apparently, was/is to build on apartments to make $20+ a foot for retail space feasible.  The rents for the apartments would have to be astronomical to warrant the $2 million that was reportedly being dumped into the place, like $3000+ a month astronomical.  Are people paying that to live on Wealthy?  Are people paying $24 a foot for retail space?

I hate to say anything negative about a project that is really needed to eliminate an eyesore, but I think it's only fair to point how just how speculative this project was (and is).  A $2 million investment means nearly $200,000 in rents from what would have been 4000 square feet of retail and 2 apartments.  It's phenomenally optimistic.  I don't know anyone that would lend on a pro forma where all of the rents were completely untested.  I really hope they found someone, but I just can't imagine...  Hopefully they've got some magic sauce and are just waiting for the contractor's schedule to free up to put all of their pre-signed tenants into the place.  But if nothing happens, this is my best guess why.  That, or they were/are banking on some sort of huge tax break so that they can have their pie in the sky.

Edited October 5, 2015 by x99

[GR_Urbanist]

I never thought that anyone could have done a worse job with this property than the original D&G people. Ironic that the owners of the Wealthy Street Bakery has seemingly done more to preserve this blight than they did.

 

They should be allowed to gut it to the front facade and build whatever they need to behind it. If that doesnt work then I'd rather see something like the new buildings on Wealthy, in Eastown, with the empty lot across the street used as parking. Anything to get this moving along. It is a complete cluster how this has turned out!

[GRDadof3]

Last I heard was some gnashing of teeth about how much the project was proposed to cost.  As far as I know, all of the approvals are in place, but nothing has happened since.  The space was also placed for rent, but the rents being asked for the ground floor appeared completely unrealistic--well over $20 a foot, triple net, if memory serves.  Past reports indicate David LaGrand bought the building, the parking lot, and a house across the street for $325,000.00.  http://www.grbj.com/articles/81323-develops-plans-up-to-seven-retailers-on-wealthy-street.  Some repairs were completed, and the building was then sold to his partner in Wealthy Bakery and some silent partner (see article) per public records for $480,000.00.  It appears the house was not a part of that deal.  How much profit component (if any) there was in the deal for the building after the repairs I have no idea.  The rental listing is now gone.

Suffice to say that if this was 2009, I suspect this building would probably be in foreclosure with a $150,000 sell price, tops.  Condition, by all accounts, is abysmal.  What led anyone to pay over $100 a foot for this building is baffling.  At the purchase price of about $500k for a 4000sf building, rents still would have been $13-$14/sf without putting another dime into the building in order to get a reasonable return for the risk. Chew on that for a minute.  You need to get current market rate rents for a building that is reportedly junk. So the plan, apparently, was/is to build on apartments to make $20+ a foot for retail space feasible.  The rents for the apartments would have to be astronomical to warrant the $2 million that was reportedly being dumped into the place, like $3000+ a month astronomical.  Are people paying that to live on Wealthy?  Are people paying $24 a foot for retail space?

I hate to say anything negative about a project that is really needed to eliminate an eyesore, but I think it's only fair to point how just how speculative this project was (and is).  A $2 million investment means nearly $200,000 in rents from what would have been 4000 square feet of retail and 2 apartments.  It's phenomenally optimistic.  I don't know anyone that would lend on a pro forma where all of the rents were completely untested.  I really hope they found someone, but I just can't imagine...  Hopefully they've got some magic sauce and are just waiting for the contractor's schedule to free up to put all of their pre-signed tenants into the place.  But if nothing happens, this is my best guess why.  That, or they were/are banking on some sort of huge tax break so that they can have their pie in the sky.

Wow, so they bought all of the parcels for $325,000, got some entitlements (approval to add on the top portion) and then resold just the D&G building for $480,000? Am I reading that right? 

[x99]

They should be allowed to gut it to the front facade and build whatever they need to behind it. If that doesnt work then I'd rather see something like the new buildings on Wealthy, in Eastown, with the empty lot across the street used as parking. Anything to get this moving along. It is a complete cluster how this has turned out!

Then you've paid half a million for what amounts to worse than an empty lot, since you can only go one story high, two with a setback, so I don't know that would help the situation.  Still no excuse for not taking out a razor blade and a squeegee and cleaning up the windows on a weekend.  

Wow, so they bought all of the parcels for $325,000, got some entitlements (approval to add on the top portion) and then resold just the D&G building for $480,000? Am I reading that right? 

Yes.  But the parking lot across the street is also with the D&G building.  The house that went with the original sale was at 616 Wealthy, and now titled to Wealthy Street Bakery.

Suffice to say the economics of this thing don't look promising.  On the bright side, if they can manage to get what they need to for rent, the character of the remaining junk buildings on Wealthy should change in the blink of an eye, and this entire thread will be a dead letter full of memories.  If this building works out by some act of god, a two story 7000 square foot trash pit nearly collapsing in on itself ought to sell for a million bucks.  

 

Edited October 5, 2015 by x99

[GR_Urbanist]

And now for some good news!

 

The otherwise known as "that purple building" next to the former Literally Life book store is getting some major work. Those purple boards have been almost completely removed as of noon today.

This was one of those buildings some crank was holding onto, and doing nothing with, making for a large dead space coupled with the building with the fish mural. So it's one more needed win.

Have no clue what's going there.

[joeDowntown]

And now for some good news!

The otherwise known as "that purple building" next to the former Literally Life book store is getting some major work. Those purple boards have been almost completely removed as of noon today.

This was one of those buildings some crank was holding onto, and doing nothing with, making for a large dead space coupled with the building with the fish mural. So it's one more needed win.

Have no clue what's going there.

That is great news. I always thought the same thing- someone must be sitting on them otherwise they'd be rehabbed by now. Can't wait to hear what is going in. More windows along that stretch is a great thing. 

Joe

[x99]

That is great news. I always thought the same thing- someone must be sitting on them otherwise they'd be rehabbed by now. Can't wait to hear what is going in. More windows along that stretch is a great thing. 

Joe

I drove by that last night and was thinking, "What an eyesore..."  Nice.

[GR_Urbanist]

They still have a few boards to go, but already looking so much better.

[wingbert]

So, Founders gets a mention in this article discussing the crossroads at which "craft" beer apparently finds itself these days...

 

The End of Craft Beer

 

 

Edited November 2, 2015 by wingbert

[GRDadof3]

So, Founders gets a mention in this article discussing the crossroads at which "craft" beer apparently finds itself these days...

 

The End of Craft Beer

 

 

 

‘"The reports of my death have been greatly exaggerated" - Mark Twain

Edited November 3, 2015 by GRDadof3

[terra firma]

^^^^^^^^^     Anyone know who the owner is on this one ?   It's kinda small and mysterious.    I'm about to start one a few doors down, may be efficient to do another one simultaneously.....   Maybe I'll research this but if anyone knows the back story or ownership picture I'd be grateful.

Edited November 5, 2015 by terra firma

[mpchicago]

^^^^^^^^^     Anyone know who the owner is on this one ?   It's kinda small and mysterious.    I'm about to start one a few doors down, may be efficient to do another one simultaneously.....   Maybe I'll research this but if anyone knows the back story or ownership picture I'd be grateful.

I don't have a clue what is going on at this location, but what building are you working on?!

[GRDadof3]

According to the city permit report 1052 Wealthy is going to be a veterinary clinic.

[mpchicago]

According to the city permit report 1052 Wealthy is going to be a veterinary clinic.

 

So I assume this is Terra Firma.  It's a great little building.  Thanks Jeff!

[GRDadof3]

So I assume this is Terra Firma.  It's a great little building.  Thanks Jeff!

Actually, I don't think so. I believe they're further West. 

[EastownLeo]

Can somebody please revive that ice cream shop and turn it into a nice little local burger joint.  With wealthy street station gone I need my fix.

[egrguy]

Can somebody please revive that ice cream shop and turn it into a nice little local burger joint.  With wealthy street station gone I need my fix.

Speaking of that, I had thought we would have heard whom purchased the Wealthy Street station by now.

[GR_Urbanist]

According to the city permit report 1052 Wealthy is going to be a veterinary clinic.

 

Oh yes! I forgot about that. The previous owners (of the vintage/antique store) had told me this last summer when they were selling off their merchandise.