A new, $4 million plan in the works for the
Thompson Block property in Ypsilanti includes 16 luxury lofts, 14,000 square feet of commercial space and 30 onsite parking spaces.
"The building is one of the most historic buildings in the entire state of Michigan," says developer Stewart Beal of
Beal Properties, who has been working to redevelop the property for several years. "The project is extremely important to me."
Beal presented his new plan to the Ypsilanti Downtown Development Authority last week, including the news of new investors who have helped raise $300,000 toward the project goal of $1,740,000. Beal calls the new investors critical to the success of the development.
The presentation also requested support from the DDA in the form of grants from the organization's Façade Improvement and Building Rehabilitation programs, consideration of future DDA liquor license requests and a letter of support to the Michigan Economic Growth Corporation to help secure financial support.
Beal hopes to begin work on the revised Thompson Block plan after a 6-month period of raising new equity, obtaining local and state approvals and signing leases for the spaces. He anticipates construction to begin in late 2013 or early 2014 and complete work by late 2014 or early 2015.
Source: Stewart Beal, Beal Properties
Writer: Natalie Burg
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