Townsend bought the property in 2008 with plans for an $11.9 million residential and retail complex in the area bounded by Butler Boulevard and Ottawa, Sycamore and Ionia streets.
But later that year, the banking and housing markets crashed and the appraised value of the project sank below the cost to construct the buildings, Townsend said.
“There’s no foreseeable future for being able to improve that property at even a break-even,” he said.
I don't know why someone just won't develop some high-end rental on the property given how quickly downtown apartments have filled up. This would be a perfect place to continue to density of the Lansing Towers across the street. I feel that there is a need for another market-rate high-rise living option downtown, especially with the land literally being across the street from hundreds, thousands, really, of state employees that downtown living can be marketed to. Technically, Lansing Towers is the only one, and it's an aged building.
There's not many details right now and from what I can tell he's pretty early in the planing process, but I'd just be happy to finally get some nice infill on this site.
Anyway, just glad to here that someone is looking at this site, again, and hopefully, it gets better as it moves through the process.
Developer plans $6.8M housing deal in Lansing
I'm not very excited about the design on these, it looks like a generic apartment building with a little extra brick.
Looks like the cheap, student housing in the Northern Tier. I totally get why none of the units will be over $1,000 rent.