www.mybaycity.com
August 18, 2004
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Rob Monroe, CEO of Gougeon Brothers, Inc., and board member of Wenonah Park Properties, shows graphic of Waterfall Park at the foot of Third Street , funded under Michigan's "Cool Cities" initiative, that will help to revitalize the downtown area. DoubleTree Up to 52% Occupancy in Aug.
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One of the predicted consequences of a new hotel/conference center downtown was that it might spark a boom in development.
That what the Acquest real estate management firm's representatives told the Tri-County Economics Club last year. Their prediction was based on experience in similar developments across the nation.
The latest news flash is that the DoubleTree Bay City Riverfront Hotel reports occupancy jumping by about 20 percentage points from July to 52 percent by mid-August.
And, the word on the street is that the Jennison Boathouse project that will put 37 high-end condominiums downtown, is proceeding on schedule.
Boathouse developers Bill Gregory and Paul Rowley, joined by 25 investors, reportedly are forging ahead with one of the most ambitious luxury housing projects in the Saginaw Valley.
About 30-40 percent of the early commitments for condos in the Boathouse reportedly are out-of-towners, which is good news for Bay City boosters.
"The Bay City market alone would probably not have enough qualified buyers for such a project," said one real estate expert, adding: "A big project like that needs to have people from out of the area moving here."
Restaurateurs and boutique owners as well as downtown promoters are delighted with the prospect of dozens of more well-heeled patrons boosting dining and shopping revenues.
"We love it!" exclaimed Kingfish Restaurant co-owner GregKimbrue. "The more people living downtown, the better. We just hope they find everything they want right here."
Realtors like Nick Yaklin of Hollister Commercial report a surge in interest in downtown properties. However, a shortage of buildings might soon be a result of the heightened downtown attractiveness, he said.
That shortage would no doubt quickly be addressed by additional building, but land prices would no doubt rise just as fast, developers noted. Land may follow the price trend set by condos that began at $200,000 or less about a decade ago and have risen to the $675,000 asking price for one of Jim Reid's elite Water Street "brownstone" Condominiums.
Completion of the Boathouse will bring to more than 60 the luxury condos on the waterfront while Reid's Renaissance has another dozen more moderately priced units well underway in the Shearer Building and others on the drawing board.
The $34 million DoubleTree project has been projected to bring about $21 million a year in business to downtown Bay City, both direct and indirect. That projection was made by Acquest's founder David Ong. Acquest, a Bloomfield Hills, MI, firm has more than $300 million in real estate assets under management,about a third in hotel properties.###
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