AF breaking ground hopefully will push things along faster for Capitol Club than if it had stalled. That coupled with MarketPlace going through, hopefully there is some synergy that will move Capitol Club along. I also am holding out hope that with MP and AF moving forward that the developers will push Capitol Club back up to 18 floors or more...but maybe I'm dreaming with that one.
This is much more likely to happen then say the Lenawee. I wouldn't be too worried. I doubt it'll turn out near to what it was originally proposed as, but I think we'll see something.
BTW, I noticed that they hung a rendering of the tower (18-story version) from the South Grand Parking Structure, today. So, that's a good sign.
I know that something will go here. But I wouldn't say that this more likely to happen than the Lenawee, there will be a lot of condo units getting built in the next 3 years or so, but the only significant new office space will be the Lenawee. The only thing that may hold back the lLenawee will be the inexperienced developers, of course the same is true for Capitol Club, thats what worries me.
When you have folks like the MDA moving out of downtown and the city altogether when someone is proposing a project specifically for organizations like theres, I don't have much hope for the downtown office sector. Heck, even Capitol View was a wash of an office project. Most of downtown's new office space (including renovations) hasn't really attracted anything new in the private sector. All we've been seeing is the state playing musical offices.
Residential, on the other hand, and particularly the creative and niche-type of residential, will be a much stronger sector, downtown.
I agree that residential is a stronger sector downtown. But there is still more office than there will ever be residential. There is still no significant vacant class A or B office space, whether it's leased by the state is irrelevant. Also, don't be surprised if the state does end up leasing a significant amount of space in the Lenawee. And after all these developments are finished, I expect downtown to become a lot more enticing for residents and businesses. I expect that we will see a wave of new offices and suburban transplants after this first wave of development is finished.
My opinion is based on some information I got concerning the Lenawee the other day that I'm still waiting to get some confirmation on. There doesn't seem to be any real demand for any kind of significant office space, at the moment. BTW, the state playing musical offices does matter. If all developers are doing is stealing leasees from one property to another, downtown, there is no net gain
The vast majority of new downtown space leased by the state are not moves from within the downtown area, they are usually from offices out of the downtown area. The state still has tons of relatively small scattered offices in and out of downtown. They eventually plan on consolidating all of them downtown into state-owned space. I think they will also phase out the secondary complex, that's probably quite a bit further off though.
There is now a large banner on the parking deck with a rendering of the Tower and the windows on the first floor of the Lansing City Club have been boarded up.
Some news, according to the Council agenda for the tomorrow, the DEQ has approved the plans for the tower. Anything being built on the river needs their approval, and Capitol Club got it. How many more hoops they have to jump through to get started, I'm not sure, but it's looking like they are really close to construction, now.
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BTW, I noticed that they hung a rendering of the tower (18-story version) from the South Grand Parking Structure, today. So, that's a good sign.
Residential, on the other hand, and particularly the creative and niche-type of residential, will be a much stronger sector, downtown.
BTW what info on the Lenawee do you have?