| Author
|
Post |
 
|
|
Steve Myers
Site Admin
|
Forgive owner Walt Drwal if he isn't terribly optimistic about plans to convert downtown's Berridge Hotel into a $4.9-million loft development.
"I'm not getting too excited about it," said Drwal. "There have been talks about someone buying the hotel for more than three years now. Until I have the paperwork in my hand, I am not going to get too excited about it at all."
Local Initiatives Support and other non-profit organizations, including the Charles Stewart Mott Foundation, are partnering to revamp the hotel. In 2003, Ferris Development of Lansing wanted to convert the hotel into a 32-unit apartment building with commercial space on its ground floor, but those plans never materialized.
"Residents say they want to see change," said Michael Freeman, program officer for the Flint branch of Local Initiatives Support Corp., a national group that helps community development corporations. "I think we need to do better for those people."
Freeman said the idea to convert the Berridge came after Drwal showed interest in selling the hotel and retiring.
The Berridge straddles Carriage Town, a neighborhood just west of downtown. Carriage Town residentshave complained for more than a decade about drugs and prostitution stemming from the residential hotel.
Drwal said about 90 percent of the tenants work, but there has been trouble in the area.
"Of course you would like to control as much crime as possible, but you can't control it all," said Drwal, who added that he has a list of more than 1,000 people who are not allowed to stay at the hotel.
Plans for the hotel are still in the
conceptual stages, but Charles Stewart Mott Foundation officials say they are dedicating $300,000 toward it and Freeman said the Flint City Wide Advisory Council recommended up to $500,000 in community block grant money be used for the project.
"We don't have all of the funding commitment in place yet," Freeman said. "Some funding is in place but it's all contingent on other funds."
To move forward, funds have to be secured from the city. Freeman said Mayor Don Williamson has said he supports the project. The Journal could not reach Williamson for comment.
"It's not just bank financing," Freeman said. "We had the support of the last City Council. Hopefully we can when the support of the new council. If we get the city on board we're pretty safe."
The group also plans to buy the house next door at 413 Garland and convert it into four condos.
"This is not an easy task," Freeman said. "We're trying to work out a plan of equal distribution and appropriate housing. It's a very complex project and a very difficult project to do. We want to put some affordable units in there."
Full Story:
http://www.mlive.com/news/fljournal/index.ssf?/base/news-33/113440441590000.xml&coll=5 |
|
|
Mon Dec 12, 2005 1:50 pm |
|
|
mysearchisover.com
Guest
|
| Seems like a bad return on investment to me. I figure 300/month per unit profit would only equal $115,000 per year. That's only a 2.4% return on investment. Who's the moron that thought this one up? |
|
|
|
Tue Dec 13, 2005 1:32 pm |
|
|
Ted jankowski
Guest
|
| Is it a 32 unit loft or a four condo complex and the building next door into four condos. What bogles my mind is the about of money spent to convert these properties. 4.9 Million 500,000 grant and 300,000 grant. How much does it cost to build an apartment building that size? better yet to build the condos. If the whole amount was spent on just the apartment complex that would be 153,125.00 each. You can build houses NICE SIZE houses for that kind of money. Esp in down town flint. But I guess when your talkiong about downtown. Where a building that was sold for only a thousand 20 years ago sells to the county at over 300 times that amount without on single improvement to the porperty. I guess that is fair. |
|
|
|
Tue Dec 13, 2005 2:02 pm |
|
|
Summerfield
F L I N T O I D
|
quote:
mysearchisover.com schreef:
Seems like a bad return on investment to me. I figure 300/month per unit profit would only equal $115,000 per year. That's only a 2.4% return on investment. Who's the moron that thought this one up?
Mysearch - what kind of moron makes a cashflow projection without knowlege of debt service, operating costs, and total rent proceeds? Tell the truth, your '2.4% return on investment figure' was pulled out of your butt to try and sound like you understand real estate development and finance. Also, for future ranting, please note how I spelled 'investment.'
To clarify the use of grants - 1/3 of the units are being made affordable to people between 60% and 80% of area median income so that the project will be mixed-income, which is why grant funds are being used. Also, the HOME funds being used on the project are $$ that the City is about to loose if it is not spent by September (mind that these are the hardest funds to spend as they are so prescriptive on use and the due diligence that must be done before the project is eligible).
Has anyone actually considered the current impact of the Berridge Hotel on downtown and the surrounding neighborhood? The Berridge is the kind of housing that real cities are trying to eliminate - skid row. Better housing can be provided with federal funds that is service enhanced and help end whatever cycle brought individuals to live in such conditions. How long will OUR downtown be the place where we warehouse ex-offenders, the mentally-ill, drug dealers and prositutes? If you ask me, the rug we brush people under makes for an unstable foundation to rebuild downtown Flint.
Financially, this investment supports more than just the condo-project - it will support residential housing in the entire area (believe it or not, some people do not like living amongst drug dealers and prostitutes). This project is a catalyst for the static development we have seen in Carriage Town. There are a number of people who have done really nice work on the houses down there - but the Berridge has always scared people away from investment due to the activities that take place there. The best thing that will come out of this will be that the worst building in the neighborhood will become one of the best buildings in the neighborhood. As well, when housing values increase, so does the tax base. More taxes coming back to the city means more services for all. Once the Renaissance Zone is done, no one will be complaining about the new tax revenue coming from the condos.
Please people - I enjoy a good rant as much as the next person. But before you put it out there - do your research. Ask questions and do not make assumptions. Trust me, one of the things that is killing this town is the lack of vision, the need to understand ALL the facts. In other places this is not such a big issue, but with all the Chicken Littles we have in Flint, it kind of makes change difficult. |
|
|
|
Wed Jul 26, 2006 11:10 am |
|
|
Joe
Guest
|
Flint needs to be fixed up, MIXED INCOME IS BAD... But a closed down CRACK HOTEL IS BETTER than it being open.
I drive down there sometimes, and see all the crazies. |
|
|
|
Fri Jul 28, 2006 1:25 pm |
|
|
Jake
Guest
|
| Summerfield lay off of Mysearch. Mysearch is very intelligent. |
|
|
|
Thu Sep 07, 2006 12:15 pm |
|
|
William Johnson
Guest
|
| Drove by there today, still a ton of crack heads out there. Are the Condos done yet?? |
|
|
|
Mon Sep 11, 2006 9:00 pm |
|
|
|
FAQ
Search
Memberlist
Register
Profile
FlintTalk.com Forum Index
> Open chat
