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Bicycle Factory Project

GRDadof3

By GRDadof3
in Grand Rapids

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joeDowntown Metropolis

joeDowntown

Posted
Posted

It's been a while. Anyone heard anymore about the Phoenix rising from the ashes? I'm still intrigued by the Grand Rapids brand name.

Wood TV Article

I'm surprised I haven't seen anything about this on here. They're saying "A Grand Rapids-based "name brand" may step in and help save the project; perhaps the cornerstone to a rebirth on the southwest end of town"

Hmmm...

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GRDadof3 Ecumenopolis

GRDadof3

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And like the eagle from the ashes. Wow, nice looking project!

1559585572_d9975c26d2_o.jpg

Big change in the plans though. The first 3 floors of the 5 story building will be office/commercial, with only the top 2 floors as apartments. The apartments will consist of 12 - 2story townhome style units renting for $850/month (yes, only $850).

GRPress Article

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joeDowntown Metropolis

joeDowntown

Posted
Posted

Great looking building. It's good to hear they put some commercial space in as GVSU will definitely grow around this development in the future.

What is with all these food brokers going downtown? It seems logical that we have them (with Spartan, GFS and Meijer) but I never realized the brokering of food was such a huge thing. :) More power to them! Any other food brokers looking to move downtown?

Joe

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The General Crossroads

The General

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Well I'm glad everyone likes it...not easy trying to decide on a style...almost the most stressful thing about the project it seems. Powerlines - ugly no doubt but so expensive to bury. Earlier there was a post about why the tax credits are needed. quick lesson - the project costs 8.4 million for the core and shell - appraisal came in at 5.3 million - bank will lend 75% of the value of the appraisal. The balance has to be equity and the income that comes off the leases and apartments you would have to wait like 200 years to get your money back. Appraiser values it at 5.3 million for a reason - it is only worth that for buyers (theroritical buyer that is)....shortfall has to be made up by the tax credits or these things just are not feasible...believe me there still is a million dollars in as non tax credit equity...cash is what the more common name is :)

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Ted Whistle-Stop

Ted

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And like the eagle from the ashes. Wow, nice looking project!

1559585572_d9975c26d2_o.jpg

Big change in the plans though. The first 3 floors of the 5 story building will be office/commercial, with only the top 2 floors as apartments. The apartments will consist of 12 - 2story townhome style units renting for $850/month (yes, only $850).

GRPress Article

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The General Crossroads

The General

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JBR12....I really didn't answer your question specifically - the brownfeild credits (what we called the SBT before it became the MBT credit under the recent tax change) go with the site (kind of) the TIF is the same...mostly goes with the site as it is contaminated. The New Market Tax Credit goes with the "project" - not quite the building. The best way to say it is we lost the historic credits because there is no doubt that they go with the building - all 800,000 dollars of them on this deal :(

The rest - very little precedent on what happens when there is a catastrophic event like this one - the state, the city, the bank, the tax credit agencies at the fed, GVSU for our parking, our project saving tenants, the design team - all pulling together on this one - extremely complicated to reassemble but we are 99% of the way through it....

P

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highwayguy Whistle-Stop

highwayguy

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Are they just going to toss this stuff into a landfill somewhere? I'd seriously go down there and load up a hundred or two of them for landscaping around the house if so...no reason to toss it away!

Anyone affiliated with the project (or just in general) know if that's okay or not?

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