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MIDDLE MARKET HIGHLIGHT, SEPTEMBER 2006
MUSKEGON
Dan Marcec
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A rendering of True North’s Viridian Place, which is located within the Edison Landing development.
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Currently, the Muskegon commercial real estate market is seeing several significant trends that have contributed to a healthy economic climate. Throughout the city, there is a strong demand for health services, which is one of the predominant industries in the local market. In addition, retail space continues to be added across the board, and there is heavy demand for industrial product as well. The industrial development is fueled by the metal fabrication and furniture manufacturing industries, both of which also are prominent across Muskegon.
Economic development organizations and the city of Muskegon itself are interested in attracting several types of businesses to the area for a variety of reasons. Muskegon's SmartZone is a mixed-use development combining university resources, new energy technologies, corporate offices, residences, and recreational and retail offerings on the shore of Muskegon Lake. Due to the fact that SmartZone focuses on developing high-technology firms and integrating technology created at Grand Valley State University, alternative energies and chemical engineering are the two technology focuses of the project, bringing demand for these types of industries to the area. The zone also is developing a waterfront center of commerce, including law offices, condominiums, office and retail, continuing the rebirth of downtown Muskegon.
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A rendering of one of the buildings being constructed by True North at Viridian Place.
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Dan Rinsema-Sybenga, the Main Street manager at Muskegon Area First, where he oversees the commercial revitalization of downtown Muskegon, highlights other areas on which the city is focusing its recruiting. “Due to the availability of extremely cost effective wastewater treatment, we can house food processing plants, and biofuel processing plants can take advantage of creative partnership possibilities with existing companies,” he says. “Automotive production facilities have access to a deep water port, rail, interstates, available sites and a trained workforce, and for those in the information technology sector — if you can work from anywhere — you can’t beat the great quality of life and the network infrastructure already in place.”
A majority of development in the city of Muskegon is taking place in the downtown sector, which is in the midst of a revitalization initiative. With lakefront and lakeview redevelopment possibilities paired with incentives, this sector is primed to see additional development. Another area that is seeing increased activity is Harvey Street, which is benefiting from population growth pushing up from Northern Ottawa County. The Downtown Muskegon Development Corporation is very active in the market, and New York City-based ANM Real Estate and Farsighted Development Group are as well.
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Western Avenue Properties is rehabilitating three historic buildings in Muskegon.
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Significant commercial development in Muskegon includes Edison Landing, an alternative energy-centered office/retail/ residential project, which is part of the SmartZone development downtown. In addition, Western Avenue Properties is rehabilitating three historic buildings, and Capstone’s structure that is underway will be anchored by the Muskegon Area Chamber of Commerce. Other construction online includes the WaterMark Lofts, a condominium development; Terrace Lots, a project that is anchored by a new Harley Davidson dealership; True North Construction, Architecture, Investment of Grand Rapids, Michigan, is planning Viridian Place, a $10 million office project that includes marina slips within Edison Landing; a new Wal-Mart; and a Target has been proposed for Lakes Mall at Harvey Street.
“In the future, expect downtown Muskegon residential and mixed-use development to flourish,” Rinsema-Sybenga says. “Numerous projects already have been announced, but plenty of potential remains.”
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