GRAND RAPIDS | Development Thread

[DetroitMan]

High-rise towers would bring 735 apartments to amphitheater, soccer stadium sites

Two residential and commercial towers, containing 735 apartments, retail and parking, would be built next to Acrisure Amphitheater and the proposed Grand Rapids soccer stadium under plans being crafted by Grand Action 2.0 and the Downtown Development Authority.

At this point, the buildings are still in the conceptual phase.

But a new city memo gives a glimpse of two projects that, if completed, would represent a $386 million investment, and — at 21-stories and 18-stories tall — add a new layer to the city’s growing skyline. The buildings seek to capitalize on the amphitheater and soccer stadium and further activate downtown Grand Rapids with more opportunities for residents, visitors and businesses. “I think we’ll be able to get it done,” Jono Klooster, interim economic development director for the city of Grand Rapids, said of the two housing towers.

The buildings were detailed in a memo from city staff to the Grand Rapids Brownfield Redevelopment Authority, which helps redevelop contaminated, blighted, or functionally obsolete properties. Grand Action is expected to seek a Transformational Brownfield Plan for the soccer stadium, amphitheater and the two commercial and residential towers.

A transformational brownfield plan would enable developers to capture a host of state and local tax revenue generated as a result of the development, thereby giving the projects a financial boost.

How much tax revenue could be recaptured hasn’t been finalized. But, when coupled with the demand for housing in Grand Rapids, those dollars would help make the projects feasible, Klooster said.

“The Transformational Brownfield plan … provides a significant amount of investment into the projects,” he said. “You’re well aware of the demand for housing in the community. I think riverfront property and downtown property adjacent to these sorts of entertainment facilities is going to be pretty attractive.”

https://www.mlive.com/news/grand-rap...ium-sites.html

[DetroitMan]

Bank accuses Sligh building developer of defaulting on $4M loan

The developer planning to transform the former Sligh Furniture Co. building into a massive mixed-use project is being sued for allegedly defaulting on a nearly $4 million commercial loan involving multiple adjacent properties.

Huntington Bank filed suit against JV SBAM SA LLC, which is registered to developer John Gibbs, on March 22 in the U.S. District Court Western District of Michigan. The bank claims that the LLC has defaulted on a $3.96 million promissory note, secured by a mortgage, that was executed on May 14, 2021 to purchase properties surrounding the former Sligh building.

Huntington Bank, Gibbs and the same investors named in the suit also are embroiled in a legal dispute in Detroit over a plan to convert the Park Avenue House property in the District Detroit area into a multifamily housing project, as Crain’s Detroit Business reported.

Gibbs is the co-founder of Detroit-based Sturgeon Bay Partners, which unveiled development plans in May 2021 for the Sligh building and adjacent properties located just south of downtown Grand Rapids. The developer’s plan for the Sligh building would include the former furniture factory as well as multiple properties spanning nearly an entire city block. lans for the property initially called for 753 apartment units, but were scaled back in 2023 to a site plan approved by the Grand Rapids Planning Commission. Most recent redevelopment plans for the Sligh building and surrounding properties included 438 apartments, self storage units, a 69-space parking garage, 298-space surface parking lot, 21,823 square feet of retail space and 35,937 square feet of public green space.

Huntington Bank is also requesting a court-appointed receiver for the properties at 440 Grandville Ave. SW (now Cesar E. Chavez Ave. SW), and 188-190 Wealthy St. SW. Doing business as JV SBAM SA LLC, Gibbs purchased the properties for $5.3 million on May 14, 2021, according to property records.

“We won’t comment on any pending legal matters, but we are confident in the path forward and remain excited about delivering a successful project to an important, evolving neighborhood of downtown Grand Rapids,” a Sturgeon Bay Partners spokesperson said in an emailed statement.

The lawsuit does not name the address of the former Sligh Furniture building at 211 Logan St. SW, which Gibbs purchased on Feb. 15, 2022 under a covenant deed.

https://www.crainsgrandrapids.com/ne...ng-on-4m-loan/

[deja vu]

Pretty impressive photos of some cantilevered concrete slab pouring, at the reimagined Lyon Square, from about a week ago, by Kent Companies -










Source: LinkedIn | Kent Companies

[deja vu]

Originally Posted by deja vu

Pretty impressive photos of some cantilevered concrete slab pouring, at the reimagined Lyon Square, from about a week ago, by Kent Companies -

As a follow-up to the previous post, here are the latest renderings of the $15 million, reimagined Lyon Square. It should be a pretty nice node / link between the hotels and DeVos Perfromance Hall / Place, once finished (especially when compared to the current scene) -










Source: LinkedIn | DGRI (with credit to: Progressive Companies)

[Velvet_Highground]

Nice

[DetroitMan]

Grand Rapids airport begins $135M terminal expansion

Gerald R. Ford International Airport has begun a $135 million project to expand its terminal and make traveling more efficient and convenient.

Business, county and airport leaders gathered Wednesday, April 10, for a ceremonial groundbreaking marking the start of construction on the airport’s “terminal enhancement project” that will expand the terminal to the southeast and add 175,000 square feet of new space. The project at the airport at 5500 44th St. SE in Cascade Township is expected to be completed by the end of 2027.

In the expanded and restructured terminal, all of the ticketing operations will be consolidated into one area, and the baggage claim area will be expanded and modernized, resulting in a more “intuitive flow” for passengers, said Tory Richardson, president and CEO of the Gerald R. Ford International Airport Authority.

“What the customer will see when they come up to the terminal building is a much more intuitive flow, so coming into the building all of the ticket counters in one area,” Richardson said, “and then, as people are leaving the building, baggage claim all in the same area with much larger, more appropriately sized baggage claim devices to accommodate the larger airplanes that we see in and out of here every day now.” Behind the scenes, there will also be a new automated system for getting checked bags from the counter through Transportation Security Administration (TSA) inspection and then onto the plane. That system accounts for $80 million of the project’s $135 million price tag. TSA will put $30 million toward the new system.ichardson said the new system will expedite the checked bag process, allowing the airport to take on more passengers in an efficient manner.

The expansion is part of Ford Airport’s larger, $600 million Project Elevate campaign that kicked off in 2019 and contains multiple projects aimed at accommodating passenger growth. No local tax dollars are being used on any of the projects. Ford Airport is paying for the work with a blend of federal and state grants, municipal bonds and airport flier fees.

“We think this is a very exciting time,” Richardson said. “This is one of several projects within our Elevate program investing over $600 million over the next several years, really making sure that the facility is ready to accommodate today’s growth but also future growth.

https://www.mlive.com/news/grand-rap...expansion.html

[deja vu]

^^^
As a West Michigan transplant, I'm thrilled with what Ford airport has been doing. To have a competitive & comparable air travel option within 45 minutes of us, as compared to driving 2+ hours to DTW or O'Hare, at the mercy of interstate roadwork and traffic - is a major advantage for the entire region*. $600 million worth of airport improvements over a few short years is HUGE. My wife flew out of GRR for spring break to Houston, and it was stupid easy. What Ford is doing and plans to do in the future is a total gamechanger for air travel in our state.

*True, we have our humble little Kalamazoo-Battle Creek airport, with it's 5-6 flights per day, to / from Chicago, Detroit, and Orlando. But while it is convenient, the price is usually exorbitant, and you have to transfer to get pretty much anywhere other than the two cities you could just drive to from here.

Some renderings of the CBIS (Checked Baggage Inspection System) / terminal enhancement project, from the aforementioned groundbreaking -




Source: flyford.org

[DetroitMan]

CWD is planning to convert seven floors of the Fifth Third Bank Building into 140 residential units.
CWD proposes $32M conversion of downtown commercial space into 140 residential units

CWD Real Estate Investment LLC plans to invest $31.7 million into renovations to turn the top seven floors of the Fifth Third Bank office building into residential units, Crain’s Grand Rapids Business has learned.

https://www.crainsgrandrapids.com/ne...dential-units/