Things are really getting moving with Beal Properties's
Thompson Block project. The $4 million redevelopment project has gained steam with the recent announcement that 100 percent of the 14,000 square feet of commercial space has been spoken for. The tenants will include big local names such as Zingerman's, Espresso Royale and Unity Vibration, as well as an unnamed bar and performance venue.
"In the fall of 2013 I asked Tyler Weston with Howard Hanna Real Estate Services to become a partner in the project and to specifically handle the leasing of the project," says Steward Beal of Beal Properties. "Tyler agreed and we then literally made a list of businesses that we would approach and ask them to consider opening up their business in the building."
Seeking out their ideal businesses has panned out. Beal estimates 10,000 people a year will make special trips to Ypsilanti to visit the businesses, making the hand-picked business mix a potential boon for Depot Town.
"The businesses we have attracted are a good fit because they are 4 credit worthy businesses 3 of which have other locations where they have a good rental history," Beal says. "The brand names bring excitement and anticipation to the project both of which we need to make the project successful."
Beal aims to have the businesses open and operating by late 2015 or early 2016. Currently, his team is working to secure construction financing and continuing to sell remaining shares in the project ownership group to individual investors.
Source: Stewart Beal, Beal Properties
Writer: Natalie Burg
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