I think both of these guys are proabably capable of pulling this off, I'm just not sure they have enough of their own money to make it happen, even if they do getting a bank to loan you the rest is a chore with little development experience.
I've grown to dislike the Boji's, seeing how their doing the Hollister rennovation and hearing from my dad about how they maintain some of their leased properties, they are pretty cheap.
This project now has a name: Capital Club Tower. A banner was put up this week on the Goodrich building (just south of the old City Club building, that will be part of the high-rise's footprint).
The city council's development committee today moved forward a key element of the project - a Renaissance Zone plan that essentially would give the residents and any businesses there state and local (nearly) tax-free status for 15 years. It should go in front of city council next week.
I think the fact that Grooters is pitching in on this is impressive and could be a sign of greater things to come. Their pulling off River House in GR, I take their involvment as a sign of confidence about downtown and the possibility of another developer capable of pulling off large projects in town.
This is good news! Though, the website seems to be little more than regurgitated news items anyone who's been following this has seen. Hopefully, that will change very soon.
Hopefully due to the lack of condos downtown this project will move forward despite the housing market. Any idea when they will start taking reservations?
I'm not sure when they will start taking reservations but I was reading the City Council Agenda packet for this week and in the rennisance zone documents it sets a deadline for completion of the building on December 31, 2011. I'd expect them to start taking reservations anytime and start construction no later than mid 2010, but I would assume it will start sooner than that or not at all.
I was looking at the council agenda packet for this week and there is a letter from the developer to the city. It is a notice of intent to establish a condominium project, allowing them to start taking reservations (It also states that Wolvorine Building Group will be the contractor.) This thing may very well be moving quicker than any of us were thinking. It seems like they are ready to start construction now, I think we will basically be waiting for them to get enough units pre-sold.
Comments
I've grown to dislike the Boji's, seeing how their doing the Hollister rennovation and hearing from my dad about how they maintain some of their leased properties, they are pretty cheap.
The city council's development committee today moved forward a key element of the project - a Renaissance Zone plan that essentially would give the residents and any businesses there state and local (nearly) tax-free status for 15 years. It should go in front of city council next week.
http://capitolclubtower.com/
Man... lansing sure is changing!