565 Building (formerly Stonehouse Village VI)

Jared

Announced a while back, but now looks to have the green light. Construction should start in June and be ready for move-in by Summer 2017.

Called Stonehouse Village VI, the roughly 48,000 square-foot building will include 36 one-, two- and three-bedroom apartments and have 6,500 square feet of retail space on the first floor, Dempsey said. The East Lansing developers behind the project are David Krause of Stonehouse Village VI LLC and Doug Cron of Cron Management LLC. Rent will cost between $1,000 and $2,000 a month.

More details here: http://www.lansingstatejournal.com/story/news/local/2016/03/01/87m-apartment-complex-replace-taco-bell-el/81117914/

(Talk on this site about this location dates back to to 2006, http://develop.metrolansing.com/forum/comments.php?DiscussionID=33&page=1#Item_1)

Jared

I drove by the site for this yesterday and no work has been done. I checked the city council and planning commission meetings dating back to March 2016 to now and see no mention of it either. Are the developers still trying to gather financing for this? That's my only guess. The LSJ story linked above says that the city council approved the project in September 2015 and that the Michigan Strategic Fund will give $1.4 million reimbursement over 15 years in brownfield money.

MichMatters

It's FINALLY gone. lol

Former Taco Bell razed in East Lansing for $8.7M apartments

EAST LANSING - The former Taco Bell building in downtown East Lansing is no mas.

The vacant restaurant on the corner of Grand River Avenue and Bailey street was razed Tuesday to make room for Stonehouse Village VI, an $8.7 million, five-story apartment building with retail on the first floor.

The project is being developed by David Krause, of Stonehouse Village VI LLC. When it finished, the building will be managed by Cron Management LLC.

Construction starts Monday and is expected to be complete by August 2017, said Tim Dempsey, East Lansing's planning, building and development director.[/img]

Jared

This project is now going by the name of "565 Building", in relation to the address of 565 E. Grand River Ave. The page on Cron Management's website says "Full for Fall 2017".

Residential occupancy rates don't need to hit 100% to make money. I bet the developers are wishing they would have added more floors here since the demand is outpacing the supply.

Jared

Checking the Assessor's office, the building next door which houses Moosejaw, Sushi Go, Jersey Mike's Subs and Rice Kitchen is also owned by Stonehouse Village VI[1], so this is likely the next direction that they will build.

I'm hoping that they will go taller for the next building, if at all just to satisfy market demand.

[1] https://is.bsasoftware.com/bsa.is/AssessingServices/ServiceAssessingSearchResults.aspx?i=1&on=stonehouse&appid=0&unit=138

gbdinlansing

Are you saying that is what is hoped for or what they are planning? All of these taller buildings are really going to change "Old E. Grand River Ave". From a college town downtown with one or two story builds to a more modern urban district part of the Greater Lansing downtown.

Jared

This is what I'm hoping for. I haven't seen anything about actual planning for these buildings. But the fact that they are owned by the same entity that built all of the other Stonehouse buildings is a good sign that this will be their next site once they finish working on 565 Building and can gather enough financing to move forward on their next project.