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Thanks for stopping by the Three West Blog. Hopefully we can offer you some expertise regarding Northern Michigan commercial real estate, brokerage, leasing, property management, and business issues in and around the Traverse City region. The main purpose for our blog is to educate and help those looking for a resource as it relates to your commercial real estate and business needs. If you have a specific question, shoot us an e-mail at info@threewest.net and we'll do our best to provide an answer. We'll also post many of the frequently asked questions and answers that we come across on a daily basis. We look forward to hearing from you. Check back often.

Commercial Real Estate

Class-A Office / Medical Space

Posted by Kevin Endres - Jan 24, 2009

Are you looking to take advantage of Traverse City's most successful mixed use development? Copper Ridge has just anounced that space is now available in it's newest Professional Bldg. Building E is in white box condition and ready to build out to your specific specs. Highlights of this building include underground parking for tenants, ample parking for customers, and gorgeous views overlooking Traverse City. You can be in your new space in as quickly as 4 months for as low as $140/sf for white box and $200/sf built out. Size of spaces available are from 1,500 sf to 15,000 sf. For more information on Copper Ridge, please visit www.copperridgeonline.com

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Commercial Real Estate

General Growth Close To Bankruptcy

Posted by Kevin Endres - Jan 24, 2009

General Growth Properties, the owner of Grand Traverse Mall, is close to bankruptcy. Short on cash and the banks unwillingness or ability to refinance the retaill giants debt has put it in financial peril. What will this mean for our hometown mall's future? In this economic downturn, and with consumer confidence and spending as low as they are, it would be hard to think that another mall operator would buy the mall outright. The Grand Traverse Mall plays a big part in our local economy, draws tourists, and generates money from outside the area. Having that amount of retail space hit the market could be detrimental to our local Commercial Real Estate market. For more on the story check out http://tinyurl.com/6p4x79

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Commercial Real Estate

Historic Property Preservation Tax Credit

Posted by Kevin Endres - Jan 24, 2009

The governor has signed legislation that beefs up the historic preservation tax credit and helps Michigan downtowns in their redevelopment efforts. If you own, or are looking to buy, a commercial building that is a registered historic building or located in a registered historic business district, your next rehabilitation project with a price tag of $250,000 or less maybe eligible for a tax credit. If you're interested in more information on this topic, please contact me. For more on the story go to http://tinyurl.com/6v5jrg

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Brownfield Redevelopment

Brownfield Projects in Grand Traverse County

Posted by Kevin Endres - Jan 24, 2009

The community must come together to support developers and indivduals interested in utilizing the incentives provided by the Brownfield Redevelopment Act. These incentives are available to everyone in the state and the program is a product of the state legislature. Using the incentives not only helps clean up contaminated properties, but also provides the means to help developers get projects off the ground.

We have seen many projects in Grand Traverse County utilize these incentives in the last few years, Copper Ridge, Hagerty, the two "Holes" at each end of Front Street and even the Commons project. I don't think the generaL public, and especially the media, realizes the amount of risk and financial skin in the game that developers have in taking on such projects. The media has portrayed the use of Brownfield funds as money hungry developers stealing money from users such as BATA, the elderly, and the Library. This is obviously false and an intentional use of the media to direct public policy.

The two questions I have are these: 1) "Do you think that the County's Brownfield Redevelopment Authority is vital in helping redevelop properties within Grand Traverse County" 2) "Do you think the media is intentionally trying to drive policy and create controversy where there isn't any to sell papers". Let us know your thoughts.

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Brownfield Redevelopment

Definition of a Brownfield

Posted by Kevin Endres - Jan 23, 2009

The Definition of a "Brownfield Site", according to the EPA is,

"..means real property, the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant."

A more detailed definition along with can be found at the EPA's website. In Michigan brownfields are considered properties that are either contaminated, blighted, or functionally obsolete. The Brownfield Redevelopment Financing Act, Public Act 381 of 1996, provides tax incentives for developers and communities to redevelop these properties that may otherwise sit in disarray for years.

One of Mcihgan's most successful Brownfield Redevelopment projects is Traverse City's own Copper Ridge. Copper Ridge was the site of the old Grand Traverse County Road Commission. Years of dumping, on-site fuel and salt storage had contaminated the site. With the help of the Brownfield incentives, the developers were able to mitigate and cap the contamination and turn the property into the areas premiere office and retail complex. For more on Copper Ridge, click here.

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