www.mybaycity.com
October 21, 2004
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Ground Broken for Boathouse Condos After City Commission Grants Tax Break
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Paul Rowley says "it didn't seem as though we'd ever get to this stage" at the groundbreaking ceremony for the Boathouse Condos.
City Commissioner Chris Hennesey and co-developer Bill Gregory attend to a shovel at the massive downtown housing project event.
Barely 24 hours after the City Commission approved a 10-year tax break, ground was broken for the multi-million dollar 37-unit Boathouse Condos, 1111 N. Water St.
"This is a good thing to put Bay City on the right track and should reverse our declining population trend," said Paul Rowley, co-developer along with Bill Gregory.
Work was scheduled to begin today on converting the massive two-story former Jennison Steel Warehouse into a four story luxury condominium building commanding several hundred feet of prime Saginaw River front area.
"It's all about economic growth," said Candace Bales, director, Downtown Development Authority and Downtown Management Board. "This will bring another wonderful group of downtown people into the mix."
The tax break, under the OPRA (Obsolete Property Rehabilitation Act) provisions of the state tax code, will reduce property taxes from about $14,000 a year to about $1,400 a year on the most expensive units, ranging up to $600,000, according to estimates by officials.
Speakers at the event besides Rowley and Gregory included Mayor Robert Katt, City Manager Robert V. Belleman, Rob Anderson of Gregory Construction Co., State Sen. James Barcia, State Rep. Joseph Rivet, and Mike Seward, president of the Bay Area Chamber of Commerce.
Wielding shovels for the groundbreaking were Mayor Katt, City Commissioner Chris Hennessey and Gregory.
There were smiles, handshakes, kudoes and superlatives all around:"We are the envy of the state," said Rep. Rivet, who was lauded by the developers for his work in smoothing the way in Lansing for tax breaks, adding:"Bay City is now a major tourist destination.
"Teamwork and cooperation allowed this development to go on," enthused Mr. Seward, adding:
"This is the next jewel on the waterfront built by Rowley and Gregory and will stimulate future development just as Jennison Place did before."
"We couldn't have done it without the help of the mayor, city commission and city staff," said Mr. Rowley.
The project is roughly estimated to cost from $10 million to $15 million. The developers have estimated they will invest $2.5 million to $3 million in sinking pilings more than 90 feet before any work is done on the building itself.
Boathouse plans call for a huge lobby and club room area on the river and penthouse units with huge decks.Of the 37 units, only four will face Water Street and the others will have river views.
The Boathouse will have additional features such as shops for wood and metal working, crafts room and exercise room. Trash and recycling will be handled through a central system. Each unit will have two indoor parking places.
Architects for the project are Freiwald-Staudacher of Ann Arbor and project engineer is Larry Gregory while project manager is Jim Peplinski of Gregory Construction Co. Sales of condo units are being handled by Mitzi Dimitroff, R.D.S Management, 686-1147, or at website www.boathousecondos.com.###
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