Knapp's building redevelopment



  • I would love to see that northeast corner be a nightclub or restaurant. I know there are already plenty of those in the area, but I think that space would make for a very unique atmosphere. The mezzanine level would really make it nice for a nightclub with a large dance floor though.
  • The Knapp's project has failed to receive a brownfield grant for the project: Knapp's redevelopment project on hold in Lansing

    Now because of the lack of a $2 million grant the Eyde's are acting as if the project may not happen. I personally think the Eyde's are just being greedy, even without the grant the project would still probably be the most subsidized one we've seen in this area.
  • It's too bad the project won't move forward. Getting the Knapps building project off the ground could be one of the large turning points for the next step of downtown.
  • edited August 2010
    I think the LSJ is being irresponsibly presumptous by labeling the loss of $2 million on a +$30 million project as being "on hold" if even they specify temporarily.

    The financing of this project is particularly complicated given all of the sources of money they are looking for. I can be a pessimist, but it would seem crazy to me that the project would end just because they were unsuccessful in obtaining less than 7% of the total amount needed to make the project.

    Sounds to me that this is a media-driven announcement, meaning that the paper probably approached them about the status of the project, and not the other way around.

    Lest we forget, this project is really the brainchild of the director at the EDC. There is no way he'd let this fail without a fight and especially not over being unsuccessful landing one credit/grant/etc.
  • Dear MichMatters,
    That is not the case at all. The LSJ did not approach the developers on this matter. They sent us a press release that stated, and this is a direct quote: "While the BEDI grant is a relatively small piece of the overall funding for the Knapp’s Centre, the project is temporarily on hold while the city of Lansing and Eyde Company determine whether to apply for the next round of grant funding or seek other funding alternatives."
    Melissa Domsic
    Lansing State Journal
  • Thanks for correcting that, Melissa. That makes the story even more strange, then. When a project of this size and complication runs into a roadblock, it's usually like having to pull teeth to get these developers to speak candidly of the troubles. Why in the world would the Eydes pre-emptively offer this information, especially sense the Eyde's are notoriously media-shy when it comes to failed or delayed projects (read: 7 Block)?
  • 7 block was Sam Eyde. Knapp's is George and Lou. While family, they operate completely separate real estate operations. As does Mike Eyde, who's behind much of the Eastwood area. Most folks probably don't realize that because of the shared surname.

    That said, MichMatters is right that it's highly unusual to have a press release to announce a problem with ANY project. Most of the time, projects are announced with lots of fanfare, and if things don't come together, they die relatively quietly (Gene Townsend's Gateway, to name one of many examples by other developers). Nobody likes to publicize their professional failures, even though it's pretty easy to fail given the economic (and project financing) realities of the current period).
  • The LSJ is reporting that Eyde still wants to go ahead on the redevelopment of the Knapps building. They say that they have gotten tips from HUD on what changes they need to make to their grant and hope that it will be rewarded in the second pass.
  • I hope something positive happens soon with the property. I used to love shopping there back in the day, being old enough to have done so as an adult, and have fond memories. It would be a shame to lose this historical building to yet another parking lot!
  • I'd say this project is fairly likely to happen at this point. I also think there is virtually zero chance of Knapp's being turned into a parking lot.
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