Wealthy Street Mega Thread

[joeDowntown]

Arvin Brewery is moving from Grandville to 1006 South Division 

https://www.mlive.com/news/grand-rapids/2019/09/ipa-focused-brewery-moving-to-grand-rapids.html

 

[arcturus]

Pretty bold move.  Unless Google Maps is out of date there's an abandoned building across the street on the SW corner of Shelby & Division that could be a cool spot once rehabbed. 

 

[discgrab21]

I didn't know about Arvon.  Exciting move into a good looking building.  Is there anywhere else in town that focuses primarily on hazy IPAs?  That has been the big move out west (at least in SF).  Moving away from the overly hopped west-coast style IPAs into the more juicy and balanced NE-style IPAs (they just call them Hazy instead of New England-style). If their beer is as in demand as the mlive article makes it sound, they should be able to succeed anywhere that can accommodate their capacity needs.  Most of the sales will be for local taps and if they can get shelf space for retail.  If they can successfully bring people and food trucks in on the weekend (in the face of the challenges of S Division), could it be a catalyst for that block?

Does anybody know who occupied that building before?  

[elcelc]

Streetview from 2015 shows what's been done there in the past few years.  Much improved, this will be interesting.

[discgrab21]

edit: nm

Edited September 4, 2019 by discgrab21

[ironyisadeadscene]

The land next to Elk Brewing has a fence around it.

Any ideas?

 

[GRDadof3]

13 hours ago, ironyisadeadscene said:

The land next to Elk Brewing has a fence around it.

Any ideas?

 

Received Date:

Aug 30, 2019

Description:

Temporary occupancy of public right-of-way: sidewalk. *** Complete sidewalk closure 9/4/19-10/11/19 for building construction and tie-ins, then 6' passable sidewalk 10/11/19-1/1/20 ***

Status:

Sep 03, 2019 - Ready to Issue

[GR_Urbanist]

Wow!

That sounds like this thing is going to go up pretty fast, I would assume with a Jan, 1, 2020 end date for fencing off part the sidewalk. Funny how no one ever release a rendering of what they have planned.

[egrguy]

Weren't there rumors of Bell's having a local taproom? Maybe this wasn't the spot, but I thought that was for somewhere on Wealthy... or I am way of base with my memory.

[jthrasher]

I'm all for infill but part of me thinks it might be nice for a little park/green space.  Might be kinda nice to have a little outdoor hang out space here.   

[GRDadof3]

21 hours ago, GR_Urbanist said:

Wow!

That sounds like this thing is going to go up pretty fast, I would assume with a Jan, 1, 2020 end date for fencing off part the sidewalk. Funny how no one ever release a rendering of what they have planned.

Sure there were, several iterations. This was I believe the most recent.  At least one retailer, a pottery store, is going in the 1st floor. 

[GVSUChris]

21 minutes ago, GRDadof3 said:

Sure there were, several iterations. This was I believe the most recent.  At least one retailer, a pottery store, is going in the 1st floor. 

What? I thought the pottery store was going in the building with the fish? They've been in the media about rehabbing that building. Unless there are going to be two pottery stores? lol

[ironyisadeadscene]

3 hours ago, GRDadof3 said:

Sure there were, several iterations. This was I believe the most recent.  At least one retailer, a pottery store, is going in the 1st floor. 

I was hoping for some 3 or 4 floor building with ground floor retail and apartments above with balconies. I think that would look great in that area.

[GRDadof3]

3 hours ago, GVSUChris said:

What? I thought the pottery store was going in the building with the fish? They've been in the media about rehabbing that building. Unless there are going to be two pottery stores? lol

You are right, I had the wrong building. 

[Guest]

4 hours ago, ironyisadeadscene said:

I was hoping for some 3 or 4 floor building with ground floor retail and apartments above with balconies. I think that would look great in that area.

That would be nice.  

I think the historical people won't allow anything taller than two stories?   Cause you know... buildings above two stories are a thing of the modern age and don't fit in with the aesthetic of the neighborhood....

[joeDowntown]

34 minutes ago, Floyd_Z said:

That would be nice.  

I think the historical people won't allow anything taller than two stories?   Cause you know... buildings above two stories are a thing of the modern age and don't fit in with the aesthetic of the neighborhood....

Not necessarily. Has anyone tried? I’m sure a 2 story building is much less expensive than 4. So maybe a large building was never a consideration. 

Joe

[walker]

1 hour ago, Floyd_Z said:

That would be nice.  

I think the historical people won't allow anything taller than two stories?   Cause you know... buildings above two stories are a thing of the modern age and don't fit in with the aesthetic of the neighborhood....

Early Modern Age Wealthy Street three or four story apartment buildings (depending how you count the lowest floor):

There's another one right across the street from these two, and another one down the street at Madison.

[GR_Urbanist]

Yeah, they likely wouldn't want to land in the tall grass with the HPC over a taller building since the one it is replacing was just two-stories as well.

 

I wonder if the Kregel building renovation will ever get off the ground. That's one tall building that has the luxury of already existing!

[Guest]

2 hours ago, joeDowntown said:

Not necessarily. Has anyone tried? I’m sure a 2 story building is much less expensive than 4. So maybe a large building was never a consideration. 

Joe

I thought they shot down the original design for the building on the NE corner of Fuller and Wealthy because it was too tall?

[joeDowntown]

1 hour ago, Floyd_Z said:

I thought they shot down the original design for the building on the NE corner of Fuller and Wealthy because it was too tall?

You could be right. From what I recall, they weren’t fans of the height but also didn’t like the lack of parking for the size of the building. I could be wrong though. 

Joe

[GRDadof3]

15 hours ago, Floyd_Z said:

That would be nice.  

I think the historical people won't allow anything taller than two stories?   Cause you know... buildings above two stories are a thing of the modern age and don't fit in with the aesthetic of the neighborhood....

No fan of the HPC here but I don't think that's true. I think the Fuller and Wealthy 3 or 4 story building version was rejected because of the scale of it at that particular corner.  And lack of parking. 

[RegalTDP]

5 hours ago, GRDadof3 said:

No fan of the HPC here but I don't think that's true. I think the Fuller and Wealthy 3 or 4 story building version was rejected because of the scale of it at that particular corner.  And lack of parking. 

Yes, it was the scale of the building.  It's just a few pages back in this thread.  It was an informal advisory session, and all that was reported said:

Quote

Bratschie said the commission did not support the four-story building.

A report from the city’s planning staff noted that the surrounding buildings were one- and two-stories tall (the commission’s goal is for new buildings to match the scale of the existing neighborhood).

...Which I still think is silly.  Especially when you have Wealthy & Diamond like a 1/4 mile over.  They didn't mention parking though.  Does HPC even consider parking?

[egrguy]

Press Clips: Founders Brewing Sale Valued at $198 Million, According to Report; Colorado Brewers Guild Names New Executive Director

I thought the evaluation would have been higher. It appears though that those funneling cash into the craft beer industry are finally realizing its not an ever growing cash cow.  

[MJLO]

4 hours ago, egrguy said:

Press Clips: Founders Brewing Sale Valued at $198 Million, According to Report; Colorado Brewers Guild Names New Executive Director

I thought the evaluation would have been higher. It appears though that those funneling cash into the craft beer industry are finally realizing its not an ever growing cash cow.  

They paid $198 million to acquire a 59% additional stake.  Don't forget they already had a vested 30% stake already.  So you're instincts are correct the full valuation of Founders is much higher,  That $200million was for a bit more than half, business is likely better than you think.

[kwl]

17 minutes ago, MJLO said:

They paid $198 million to acquire a 59% additional stake.  Don't forget they already had a vested 30% stake already.  So you're instincts are correct the full valuation of Founders is much higher,  That $200million was for a bit more than half, business is likely better than you think.

This is an absolute abysmal valuation if true and one wonders what their sales figures look like this year after hard seltzer has inevitably eaten into some of their session IPA cash-cow. 

Brewbound, which is very reputable, reported during the original Mahou investment(2014) that Founders turned down a complete buy-out at $300MM from MillerCoors. Founders has grown substantially then and is, by all evidence, exiting at an significantly lower multiple compared to 2014. 

Also, take into consideration that the 2014 investment was likely for growth capital and not buying out investors (what is happening right now) and this one looks like it hurts even more. 

Don’t get me wrong, hundreds of millions is a ton of money. But to exit at a lower valuation than Dogfish Head is unbelievable to me given the strength of their portfolio, annual production numbers, and footprint. 

If it were to be guesses, maybe the 2014 deal had some lofty hurdles the company wasn’t able to hit? 

Edited September 17, 2019 by kwl