You know I bet it is less the developers and more the banks. Maybe they haven't seen enough evidence of demand yet to assume the risk for a bigger loan. Somewhat unfortunate that the projects with the best location are coming on so early and not getting the potential financing that might be around in 10 years.
Stadium District opened in 2008, right before the recession started. If Stadium District, with it's higher quality materials, was built then, I'm thinking much of the development nearby and since then has been because of Stadium District. The cheaper materials we're seeing being used is likely because the financing has dropped considerably but the developers are trying to stretch it as far as they can and get as many units as possible. If the economy hadn't crashed, we probably would have seen closer to 8 stories for The Outfield and another 8 stories for MarketPlace. Considering the economy in 2008 was actually inflated, both of those projects would realistically be better served at 6 stories. It's just too bad that due to the recession and fears from the banks we're looking at 4 story buildings.
This is something that I've wondered as of late. Are investors/banks really that bearish on the downtown Lansing housing market or is something else going on? I do think the banks are a significant part of the lack of developments and the low quality of the ones that do get built, but I doubt Gillespie is totally at their mercy and if he is that doesn't say much good about him as a developer. With the momentum that has been gathered I'd think that Lansing has to be getting close to the point where banks feel much more comfortable lending, when that happens we'll finally attract the dollars-and-cents type of developers as opposed to pro-Lansing/urban living type of niche developers.
It'd be great if anyone here who is involved in or knows anyone involved in commercial banking could chime in.
Prior to the recession we had projects like East Village and City Center II being proposed in East Lansing. Those projects can't get anywhere near the financing that was talked about back then, so I don't think the markets have fully recovered.
But SkyView is a good example of the financing opening up. I think it is still increasing and hasn't hit its full potential yet. I can't wait to see what the next few years bring.
Lansing was on the cusp of a boom at the worst time possible. A bunch of seemingly promising projects were proposed in 2007/2008, right before the worst real estate and financial market crash in a long time. I'm pretty confident that if those projects proposed during that stretch had started just a year or two earlier they would have happened. Before the recession money was insanely easy to come by, it's disappointing that downtown Lansing didn't benefit much from the pre-recession windfall. Money is nowhere near as easy to come by now as it was pre-recession, that's slowly changing but we probably (hopefully?) wont see anything like the few years leading up to 2007 ever again.
I was impressed by the State Journal articles that pointed to infrastructure as a place that is holding Lansing back. I think that the terrible state of the roads we have today are a legacy of the austerity government starving policies that were the wrong reaction to the recession, and proof of failed governance. Those same austerity people today were responsible for the recession in the first place. the free market easy money people promoted people to buy things they really could not afford, I think it may have been a good thing that some projects did not get started back then if they were going to be based on getting easy money. I think Lansing is coming back in a kind organic way, that the place itself is a nice place to live, kind of in spite of government turning it's back to a lot of issues here. I think that we use to have large local banks that had a greater interest in local development. I don't know but I don't think any bank here is locally owned. There is also still a let's spread out over the prairie mentality that is always seeking the next farther out ring of development, This could be changing. Perhaps the fact that the city is growing again points to that change.
Looks pretty nice. View from that upper apartment is awesome! I really liked the old proposal for a 6-story building here - it would have actually showed up on the skyline - but I suppose this kind of mid-rise infill is the name of the game in Lansing right now.
I think it looks OK now that it is done. The building photographs well and looks good on TV sports reports. Still they could have done better in many areas that have been discussed already. The corridor between Cedar and Larch is the perfect place for high rise apartment buildings. It would great to see more north south development there to go with the east west of Michigan Ave development.
So, I have been noticing some promising upgrades on buildings to the north of the outfield, along the strip bounded by Cedar and Larch, between the outfield/stadium and the motorwheel apartments area, but I haven't been able to find a good thread to post comments about this area of Lansing. Is there one, or should I start a new thread?
Comments
Stadium District opened in 2008, right before the recession started. If Stadium District, with it's higher quality materials, was built then, I'm thinking much of the development nearby and since then has been because of Stadium District. The cheaper materials we're seeing being used is likely because the financing has dropped considerably but the developers are trying to stretch it as far as they can and get as many units as possible. If the economy hadn't crashed, we probably would have seen closer to 8 stories for The Outfield and another 8 stories for MarketPlace. Considering the economy in 2008 was actually inflated, both of those projects would realistically be better served at 6 stories. It's just too bad that due to the recession and fears from the banks we're looking at 4 story buildings.
It'd be great if anyone here who is involved in or knows anyone involved in commercial banking could chime in.
But SkyView is a good example of the financing opening up. I think it is still increasing and hasn't hit its full potential yet. I can't wait to see what the next few years bring.
So, I have been noticing some promising upgrades on buildings to the north of the outfield, along the strip bounded by Cedar and Larch, between the outfield/stadium and the motorwheel apartments area, but I haven't been able to find a good thread to post comments about this area of Lansing. Is there one, or should I start a new thread?
There is a Stadium District thread where you can post about this area.
ok- thanks!