Oh, happy day. I was really beginning to doubt this one, as they hadn't even cleared the site. But, this is a big first step, because, even if the project doesn't make it the site is cleared for any future development removing that much from the cost of any future development.
GREG DeRuiter/Lansing State Journal
The City Club of Lansing is being torn down today in downtown Lansing to make way for the building of the Capitol Club Tower condos.
BTW, I'm kind of going to miss the old City Club. I believe it was the oldest (1861) surviving building in the immediate downtown core. I'd taken quite a few pictures of it over the last few years:
(backhouse)
BTW, I'm surprised the neighboring Goodrich Building is not being mentioned, as it will also have to come down to make room for the tower:
Is that an elevator shaft on the left of the Goodrich building? I wonder if such modernizations make that building more valuable (strictly financially speaking, because it's certainly not much to look at) to hold onto longer. If there's a mortgage on the land, for instance, could that building hold some collateral value to the bank?
The Goodrich building was completely remodeled less than ten years ago and as far as I know it hasn't had a tenant since. It was on the market for somewhere around $1.5 million for a long time.
It always blew my mind that it was never leased. There is literally parking all around it within walking distance, the actual office space was quite nice, and it sat right on the river. This would point to the land being more valuable than the land with the property still on it. Perhaps, the developers simply don't have the money, or don't want to spend it, to bring this down.
I was disappointed, when I went by the site, today, to find that they've constructed a surface lot, on site, complete with stripping. If they threw money into constructing a surface lot, that gives me little hope that the tower will start any time soon. The only reason you've blow money on a surface lot is if you hope it to be there long enough for it to pay itself off and then some. Apparently, they weren't making enough money on the ramp, alone, or they'd never torn down the city club for more spaces.
Doesn't this project have a development agreement with the city that stipulates deadlines and such for the project? The city really have to start enforcing these development agreements. I don't remember anything in the agreement that would have allowed them to put up parking on the site, if even temporarily.
Comments
http://www.lansingstatejournal.com/article/20090708/NEWS01/307080012&referrer=FRONTPAGECAROUSEL
(backhouse)
BTW, I'm surprised the neighboring Goodrich Building is not being mentioned, as it will also have to come down to make room for the tower:
Together:
Doesn't this project have a development agreement with the city that stipulates deadlines and such for the project? The city really have to start enforcing these development agreements. I don't remember anything in the agreement that would have allowed them to put up parking on the site, if even temporarily.