BTW, as Hood alluded to earlier, please check out this months Greater Lansing Business Monthly. It's FILLED with interesting stories about the different downtown developments, and even on on East Village in East Lansing:
Guess what I saw, recently? A Gillespie Group sign on guess which building? The old Cedar Street School behind the former Temple Club in Old Town. Gillespie seems to have bought up quite a few properties in the Cedar/Larch corridor in the past month or two.
I seen one of his signs near the SE corner of Shiawassee & Cedar, advertising 15,000 sq ft. I'm not sure which building that could be. He obviously has big expectations for that area. There may even be the possibility that the Cedar/Larch area, or at least the "Stadium District" could be entirely absorbed as part of Downtown, with ground floor retail mid-rise buildings all over.
Yep, I posted about that one a few weeks back. I'm pretty sure it's an "L"-shapped lot that includes the building mid-block on the southside of Shiawassee, and the parking lot between the old Bonnies Place structure and another little shack just north of the city garage. I'd wish the group would update its site (or make an entirely new one) showing all of the different properties the group now owns.
I have a feeling that Gillespie doesn't really plan on having these buildings long. He probably bought them with the intentions to either redevelop or as speculative property and he will sell when values in the area begin to rise.
I suspect it's the latter. What I think the group is doing is buying them to flip them, and will use the money to put towards larger projects. Once the group started the Stadium District, I kind of doubt they'll be going back into small potatoes development/redevelopment, at least to the same degree.
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Greater Lansing Business Monthly, July 2007