I am really looking forward to seeing construction start on Abrams Landing. This seems like a great project, and I also like how it appears that the developer is taking initiative on this, whereas the city of Lansing appears to be heavily pushing Stadium District.
The city seems to be giving no love to this project. I'm almost wonering if the city has any idea of what te project will like and how big it will be, because if they did I would find it hard to beleive that they would treat it the way they are.
I don't want to jinx anything, but the way things are going I wouldn't b suprised to see Stadium District be held up until winter or next spring, it's been pushed back 3 months from a already delayed start date as it is. And I hope that Prudden Place is not a sign of whats to come with the Stadium District, Prudden Place isn't very nice on the outside and is downright plain on the inside from the virtual tours I've seen. For an "urban" development, Prudden Place is poorly done. I hope that the Beaumont is more insightful of the quality of the Stadium District.
One thing that dissappointed me was to see that Abrams Landing wasn't even mentioned on the project listing that the city had for the Ottawa Power Station RFP.
I definately wouldn't consider the project to be delayed at all. It is still part of the first wave of development, which requires tax credits and tricky financing, that all takes time. This project has moved from concept to solid proposal simply awaiting all the red tape to be cut in less than a year thats great compared to the Stadium District which took at least two years to get to a solid plan and actual progress being made.
Oh well, I really think the project is more viable than Matt let on. He estimated the cost at $3-4 million, it would have had over half the units of stadium district and cost less than third of it. In fact I would expect any new project here to be delayed slightly, probably starting after stadium district is finished, but be larger, around 6 floors.
BTW Matt didn't plan on having one top floor unit for himself, he was going to occupy one of four, two floor penthouse units.
Yeah thats too bad that Matt is leaving. Once Stadium District is opened, we may see more projects just like Matt's start to pop up though. (hopefully).
Just FYI, I am looking at the feasability of taking on this project with a friend (or friends) as financial backing. I met with the listing agent today at the building, but I found out little more than what we already know. I have a meeting on May 7 with Kincaid to further discuss the project. Basically, if the $4-5 million construction cost estimates are right it only becomes a sticking point over $200-300k more down than what I think I can get ahold of (if $5 million.) If $4 million, the project would be on a tight budget, but I could probably pull it off with only my current financial backer. Like I said, just FYI, I'll keep you guys updated if anything happens, I'd say theres around a 50/50 chance of the project happening now.
If fianancing becomes a big issue I may look at a scaled back project, but I would really, really like to exaust all my options before going that route.
Just a friend who also owns a cigar shop downtown. You need a suprisingly small down payment, in percantage anyway, to get a loan. About 15% is all thats required, or about $660k-850k on the $4.5-5.5 million.
Theres two ways it could pan out, I get a personal loan from my investor(s) and do the project myself, or my primary investor would be a "silent partner" in an LLC, we may seek another investor for a loan only, and I would still do the project myself. The other person or people would contribute money, I would act basically as the only developer. I would personally much rather just get personal loans for the down payment and not deal with any partners.
Comments
One thing that dissappointed me was to see that Abrams Landing wasn't even mentioned on the project listing that the city had for the Ottawa Power Station RFP.
BTW Matt didn't plan on having one top floor unit for himself, he was going to occupy one of four, two floor penthouse units.
If fianancing becomes a big issue I may look at a scaled back project, but I would really, really like to exaust all my options before going that route.