(PROJECT) Whiskey Business Coming to First Street Lofts

[jacobi]

Apparently the TDA hates selling properties to those who are funded and motivated but once they do they will give you second chances like a battered wife.  What a group of clowns.

[swake]

It also seems TDA cleverly wrote the contract and loan documents so that the city is a "Lender of no position at all"

[Jeff P]

Sager's assertion that the national economic downturn is the cause of this mess is complete junk. How many more projects other than just the three funded with this Vision 2025 money have been completed? A ton, that's how many.

Yep.

In addition to the Mayo, Mayo 420 and Detroit Lofts that were mentioned, you also have the Courtyard renovation job in the Atlas Life Building that was completed.

There are also the three major projects that are currently under construction - the Tribune Lofts addition, the Brady Hotel/Fairfield Inn, and the One Place Development.  That is at least seven major downtown construction projects that somehow managed to be planned, funded and executed in the midst of the economic downturn.

That doesn't even count all of the new restaurants/bars that have gone in during this time frame: all of Blake's places, most of Elliot's places, Elote, Mod's, Juniper, etc.

[DTowner]

Yep.

In addition to the Mayo, Mayo 420 and Detroit Lofts that were mentioned, you also have the Courtyard renovation job in the Atlas Life Building that was completed.

There are also the three major projects that are currently under construction - the Tribune Lofts addition, the Brady Hotel/Fairfield Inn, and the One Place Development.  That is at least seven major downtown construction projects that somehow managed to be planned, funded and executed in the midst of the economic downturn.

And Sager's is smaller (by money) than those 7, yet only he was stymied by the finanical meltdown. 

[cannon_fodder]

If someone can get me copies of the documents, I'd be happy to review them and pull some liens to see just how screwed the tax payers are... and then point out who the dolt was that left US, as tax payers, in an unsecured position with an unproven and unmotivated developer at the helm.

[Conan71]

If someone can get me copies of the documents, I'd be happy to review them and pull some liens to see just how screwed the tax payers are... and then point out who the dolt was that left US, as tax payers, in an unsecured position with an unproven and unmotivated developer at the helm.

Almost makes one wonder if Richard Studenny (Dick Stupidity) got the city into this one just like Great Plains.

[we vs us]

In a totally random occurrence, I met one of the principles today through work.  They are hoping to open within two months and would love to actually shoot for mid March but Sager has to get his act together and turn the space over to them.  And that still hasn't happened. 

[Conan71]

In a totally random occurrence, I met one of the principles today through work.  They are hoping to open within two months and would love to actually shoot for mid March but Sager has to get his act together and turn the space over to them.  And that still hasn't happened. 

Sorry but I feel a Muttley snicker coming on when I think of them waiting on Sager:

With any luck, they will be open by September.

[Vision 2025]

There is some missing information out here on the downtown housing projects that I believe is important to share but is in no way in defense of or a challenge to any of the developers.  

The original Vision project request contained nothing to identifying these as loans and many pushed for and expected them to be grants.  The loan approach was an implementation decision made by the City which was definitely not favored by multiple developers however the City took the position that the precedent had already been established with the Tribune Lofts project (not Vision funds) and even with the potential risk of non-repayment (then and now) it remains a much more responsible approach than grants.  Additionally, with the loan methodology the City originally intended to take a first position however the developers (apparently successfully) presented how challenging this would make the remainder financings to obtain and the City ultimately agreed to take a 2nd (secured) mortgage position on the properties.

Lastly, there has also been castigation about the slow speed of developments and yes some have moved rapidly after contract release and others have well, not.  Overall, the loan program itself was unfortunately delayed by cash flow restrictions within the Vision 2025 program which was obviously beyond the developers control and this may have some adverse impacts but it also appears to have benefited some by allowing more time for planning and other fund raising via tax credits and conventional borrowing.  Regardless, the City knew and understood the issue, delayed contracting accordingly, and where possible worked to mitigate it to some extent by front funding the program with TDA funds which were later repaid with Vision funds.

Hope this helps, your mileage may vary.

[Townsend]

Per their FB post a few minutes ago:

Ok...Who's celebrating St. Pat's with some beers in the Blue Dome?! We are!
Stop by, say hi and grab some St. Pat's giveaways and some info about the new store (Be the first to know all about 'The Beer Cave'). We'll be out in front of our soon-to-open location on 1st Street between Elgin and Detroit!

[Cats Cats Cats]

About a month out.  Should look nice, it is a lot bigger than you would think it would be.  Going to have quite the selection.

[Conan71]

About a month out.  Should look nice, it is a lot bigger than you would think it would be.  Going to have quite the selection.

Better than Parkhill's or Ranch Acres?

[Hoss]

Better than Parkhill's or Ranch Acres?

That would be tough...don't forget about Collins, either.  They have a good selection as well.

[Cats Cats Cats]

It will be as much selection as they can fit in their store.  Not sure on the sq footage.  Was mentioning it in relation to the "it's bigger than I thought" comment.

[Conan71]

It will be as much selection as they can fit in their store.  Not sure on the sq footage.  Was mentioning it in relation to the "it's bigger than I thought" comment.

Something every man loves to hear.