That's the issue here - while the developer flails around dealing with all the other messes he's created, a whole block sits rotting away. And it's not as if this is some out-of-the-way property that no one sees. This is really the centerpiece of downtown. A straight up shame.
Given Grooters recent problems with RiverHouse in GR (inability to close deals, filing lots of lawsuits against individuals who hadn't closed on units they signed agreements for, etc.), I'm not sure how much benefit having them involved in Capitol Club Tower would be. Certainly they have experience in high-rise living, but our local guys have been the heart and soul of the project. An outside partner with Grooters' expertise can be replaced.
On a different topic, I don't want to be caught defending Strathmore, and I have no idea if it's the case in this situation, but in some development projects, if there's an existing building that holds some value on a site, a mortgage holder will not let it be torn down until there's proof a deal can move forward. So it's possible some of the buildings, including the old Citizens building, are collateral on the loans that bought the site. He might be prevented from knocking them down from either/or both A) the cost of demo (especially if there's asbestos or other contaminants) and bank restrictions. That doesn't excuse letting the area start to look like crap though.
I mean, you'd think the EL City Council would be aware of Strathmore's other delinquencies. However, it certainly doesn't seem to be phasing them when it comes to giving the developer all the time they could possibly need to make sure City Center II still happens.
I know it's really unlikely to happen, but I just wish Gillespie, or some other developer, would swoop in and show interest in developing this land themselves.
Really good news. I'd imagine they wouldn't bother if they had the idea this thing was going to die, but who knows. Here's the State News article for those interested.
I would truly love to see this project happen, but I will not be holding my breath to see this thing get underway. It would be awesome to see it actually start this summer though.
Comments
I've begun to wonder what kind of quality this project will be when/if it ever gets done.
Given Grooters recent problems with RiverHouse in GR (inability to close deals, filing lots of lawsuits against individuals who hadn't closed on units they signed agreements for, etc.), I'm not sure how much benefit having them involved in Capitol Club Tower would be. Certainly they have experience in high-rise living, but our local guys have been the heart and soul of the project. An outside partner with Grooters' expertise can be replaced.
On a different topic, I don't want to be caught defending Strathmore, and I have no idea if it's the case in this situation, but in some development projects, if there's an existing building that holds some value on a site, a mortgage holder will not let it be torn down until there's proof a deal can move forward. So it's possible some of the buildings, including the old Citizens building, are collateral on the loans that bought the site. He might be prevented from knocking them down from either/or both A) the cost of demo (especially if there's asbestos or other contaminants) and
I know it's really unlikely to happen, but I just wish Gillespie, or some other developer, would swoop in and show interest in developing this land themselves.
http://www.lansingstatejournal.com/article/20100126/NEWS01/301260006
http://www.lansingstatejournal.com/article/20100223/NEWS03/2230323/1004/NEWS03