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Wednesday, January 2, 2008

Griswold Condo Project Scrapped

With all the economic problems that the state of Michigan is having, its a wonder that so many great things are going on within the city. That being said, unfortunately it has been announced that the Griswold Condominium project downtown has been scrapped. This is extremely disappointing. The condo development was going to be a nice complement to the renovated Book Cadillac. For those who are are not aware, the Griswold was going to be about 8 stories of condos sitting on a top of a parking deck next to the Book Cadillac. The parking deck was to be used for both the Book Cadillac and the Griswold. Apparently, the parking deck is still going to be built and used for the Book Cadillac.

One of the problems with the project and reason for a quicker than usual announcement regarding the cancellation of the project is that if the condominiums were to be built, the parking deck had to be built in a specific way to allow condos to be built on top. Because the parking deck had to be built on time to service the Book Cadillac, either the developers of the Griswold had to be one hundred percent sure that the project would go through for financing purposes. Obviously, the Griswold developers did not received enough commitments for the condos and therefore could not provide assurance that the project would go through. While lack of buyers at the present time most likely was part of the reason the project was scrapped, I believe that the timeline was a more influential factor. I personally believe that if this deadline was not in place, the condo development would still be a go as they would have more time to secure buyers. There is a possibility though that the Griswold could be built in the future. After the parking deck is built, and possibly when the economy is better, the developers of the Griswold could decide to attempt to go through with the project again and just as with any project, if they were then able to secure enough buyers and the financing is in place, the necessary modifications could be made to the parking deck so that the condos could be built.

I seriously hope a faltering economy doesn't stymy any developments in the next couple years. It would really be a shame for a poor economy to rain on our parade. While the cancellation of the Griswold is disappointing, we have many other projects to focus on and look forward to. We will just have to keep on keepin on. If anyone has any other information about the Griswold cancellation, comments would be appreciated. Meanwhile, a link to the Griswold website, along with renderings of what the building would have looked like is posted below.

The Griswold
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