In today’s news, we will look into the happenings in a new apartment building in Manchester-Nashua, New Hampshire, which is booming fast. Keep an eye on these West Michigan industrial projects. As development on Lighthouse Point resumes, residents of North Shore harbor skepticism regarding its eventual completion.
Manchester-Nashua, NH apartment building booms
Original Source: New Apartment Construction is Booming in Manchester-Nashua, NH
U.S. housing is in a crisis and getting worse. According to Up For Growth, a housing affordability and production research group, the country is short of 3.8 million housing units. more than quadruple the 2012 shortage of 1.7 million units.
High density housing is a solution. 5+ unit buildings may house more people on urban and suburban property. In recent years, more cities seem to be embracing this approach, with some boosting their high-density building supplies more than others.
In Manchester-Nashua, New Hampshire, apartment development permits are rising fast. In 2021, the metro region issued building permits for 1,342 new dwelling units, 42.4% of which were in five-unit structures or greater.
In 2005, just 32.6% of new housing licenses were for buildings with at least five units. The 9.8 percent rise in new apartment buildings from 2016 to 2021 ranks 22nd among U.S. metros.
New apartment buildings often follow a real and expected population increase. According to the U.S. Census Bureau’s American Community Survey, Manchester’s population rose 3.1% from 2016 to 2021, to 424,079.
All new apartment development permit projections in this piece are based on annual data from 2021 and 2016.
West Michigan industrial developments
Original Source: Industrial projects to watch in West Michigan
West Michigan’s industrial sector remains a strength in the local commercial real estate market, with many firms expecting to expand despite a scarcity of accessible space, which has driven new development projects.
2.5 million square feet of industrial space were under development by the second quarter of 2022, according to JLL Inc.’s Industrial Insight study. Experts at the firm expect the building pipeline to rise as demand for industrial space outpaces supply.
Industrial projects in Walker, Battle Creek, and Coopersville highlight the variety of work being done.
Cold storage at Bay Logistics
- Location: 275 N 68th St, Coopersville
- Construction manager: Pioneer Construction co.
- Completion: July 2023
- Developer/owner: Bay Logistics Inc.
Pioneer Construction Co. started a 201,250-square-foot cold distribution center in Coopersville for Bay Logistics Inc. Kyle Haan, Bay Logistics’ business development manager, said the company focuses on the food and beverage industry and owns 14 distribution centers throughout Michigan and many out-of-state locations.
Coopersville sits between Grand Rapids and the lakeshore, where Haan sees many prospects. “We plan to hire 80-100 new workers here. We built it for present and future clients.”
The new structure can hold 35,000 pallets, Haan added. The project uses part of the site’s 25 acres, allowing Bay Logistics to add 150,000 square feet if needed.
“Everything in food and drink has grown since the pandemic,” added Haan. We have other industries, but this boosted our food business.
- Location: 3101 Fruit Ridge NW, Walker
- Construction manager: Wolverine Building Group Inc.
- Completion: Fall 2023
- Developer/owner: Honeycrisp Ventures
Honeycrisp Ventures LLC is planning a speculative industrial project at 3101 Fruit Ridge Ave. NW in Walker. Site plan approvals could come in November. Developer Ben Sietsema is in “serious talks” with a tenant interested in half of the 200,000-square-foot structure.
The company hopes to break ground in 2022 and finish the building by fall 2023, Sietsema added. Sietsema said just 12 to 13 acres of the 27-acre land are buildable due to a waterway.
Project partners plan to seek tax advantages for the buildout.
“We don’t do 100% speculative projects,” Sietsema stated. We attempt to have a corporation interested in at least part of the building before breaking ground.
Sietsema said Honeycrisp Ventures expects to order some electrical equipment for the project before final approval.
“You risk ordering before the deal is done,” he remarked.
The Ada-based developer recently finished a similar building at 3501 Fruit Ridge Ave. NW, which is now completely leased by ACME Marine, Irwin Seating, and Material Handling Systems.
Hangar in Battle Creek
- Location: 15745 S Airport Rd, Battle Creek
- Construction Manager: Pioneer Construction co.
- Completion: January 2024
- Developer/owner: Duncan Aviation Inc.
This month, construction began on Duncan Aviation’s $30 million expansion at Battle Creek Executive Airport. The private airport project will add 200,000 square feet and numerous structures, including a vehicle maintenance center, paint booth, upholstery hangar, and support office space.
Owners can fly their planes to Battle Creek to be modified or upgraded. The Lincoln, Neb.-based aviation corporation has 39 other locations nationwide.
Chris Beckering, executive VP of Pioneer Construction, which is supervising the project, stated, “We have a long history with aviation.” “Airplane hangars are complex, but we have the cranes, equipment, and knowledge you need.” We have a niche.
Battle Creek’s largest employer is Duncan Aviation, and the expansion will boost capacity by 40%.
- Location: Mecosta Co.
- Construction manager: n/a
- Completion: 2029
- Developer: Gotion Inc.
- Location: Holland, at 875 E. 48th St.
- Contractor: W.G. Yates 7 Sons Construction Co., Philadelphia.
- Completion: 2024
- Developer/Owner: LG Energy Solution Michigan Inc.
Two new battery plants in West Michigan will serve the electric vehicle sector.
Recently, Gotion Inc. picked two townships in Mecosta County for a $2.36 billion complex that may create 2,350 jobs. Supporters say the project might encourage economic development in Michigan and help Ferris State University retain talent.
More than 2 million square feet will be used for cathode and anode production.
The Michigan Strategic Fund authorized $175 million in performance-based grants and a $540 million Renaissance Zone exemption last week.
LG Energy Solution Michigan Inc. stated in March 2022 that it would expand on its Holland land. The 1.4 million-square-foot project will include a manufacturing plant, storage sites, and a disassembly lab. The $1.7 billion expansion might add 1,200 jobs.
The Michigan Strategic Fund provided $56.5 million in subsidies, a 20-year Renaissance Zone worth $132.6 million, and a $500 million private bond enticement.
North Shore citizens mistrust Lighthouse Point’s completion as construction resumes
If the Lighthouse Point project in St. George had been developed according to its original plan, North Shore residents would have benefited from the $250 million mixed-use facility for the previous five years. There is no luxury apartment complex 60 months after the developer broke ground. No shopping paradise. The projected Westin Hotel isn’t there.
A general contractor’s bankruptcy in 2019 and court fights afterwards have halted the development, leaving its empty shell looming over the shoreline for years. Recent development, cleanup, and remediation have been apparent. Lighthouse Point is back on schedule, say NYCEDC and Triangle Equities.
On Oct. 6, Evan Petracca, Triangle Equities’ COO, delivered a project update to Community Board 1. After six years of permission, we started building and encountered delays. Construction has resumed, which prompted this update.
Petracca showed updated drone photographs of the project site during the virtual conference to establish that Phase 1 development has resumed. New deadline?
March Associates has mobilized and parking garage building has resumed. Petracca’s slide presentation shows staging/scaffolding for the home façade.
According to Petracca, the construction has restarted since the “non performing surety” settled in 2021 and “given cash to fund project completion.” The developer also claimed that the city had granted a 50-year ground lease extension.
Petracca claimed the lease was extended from 49 to 99 years to ensure project financing.
St. George locals on the CB1 Zoom call criticized the project update and ground lease extension.
One guest commented, “We gave them 10 years and they did nothing.” “Another 99?”
Others asked NYCEDC to prove the land wouldn’t be given over to the city, fearing the financially ailing project may become a homeless shelter.
One guest asked about commercial leases. What happens if the supermarket and other tenants back out? This community fears the site will be abandoned and transformed into a refuge. Can you show us the project will continue at a higher level?
Triangle Equities and NYCEDC were indifferent – “we’re completing the project according to the original plan,” Petracca stated – while CB1 members supported the project’s completion.
“We’re rooting for you,” one meeting participant stated. Bay Street Landing supports it. The Lighthouse Museum supports this shoreline. There’s no link to Bloomberg’s initial idea. This area and the shoreline were to be revitalized. Tonight, we tell the EDC to plan. Staten Island begs NYC to fix its failings.
Triangle Equities’ amended Phase 1 proposal includes a mixed-use skyscraper overlooking New York Harbor and Lower Manhattan with 60,000 square feet of new commercial space, including a co-working space, an innovation incubator for the College of Staten Island, and an early childhood learning facility. Food grocers, restaurants, and quick service are planned.
At least 20% of the multifamily building’s 115 apartments will be affordable to residents earning up to 60% of the area median income, and at least 5% will be affordable to residents earning up to 130%.
The project will provide 62 full-time equivalent permanent jobs and 265 structured parking spaces (115 below the residential building and 150 in the garage).
Phases 2 and 3 were not discussed, although several guests questioned whether the Westin Hotel would ever be built.
Petracca added, “There are no plans to delay a hotel right now.”
Community support persisted.
One attendee said, “The community supports this endeavor.” We’re delighted this won’t be another abandoned building, despite our misgivings.
Summary of today’s construction news
Overall, we discussed about the Permits for the construction of apartments are in high demand in the Manchester-Nashua area of New Hampshire. Even though there is a shortage of available space, the industrial sector in West Michigan is nevertheless a driving force in the region’s commercial real estate industry. North Shore residents would have benefited from the $250 million mixed-use Lighthouse Point project for the past five years if it had been built as planned.