Thompson Block, pictured here on March 14, 2013, may soon be redeveloped. Owner Stewart Beal will present an update at the Thursday YDDA meeting.
Melanie Maxwell | AnnArbor.com
Thompson Block owner Stewart Beal has secured new investors for the project and will provide a public redevelopment update to the Ypsilanti Downtown Development Authority board this week, according to DDA Director Tim Colbeck.
"He showed me some basic stuff," Colbeck said. "He's saying he has some new investors and wants to redevelop the property. It's kind of an extension of what he's said before."
City officials declined to share additional details of Beal's plans, but expect more to be revealed at Thursday's public YDDA board meeting.
The presentation follows a February meeting Beal had with City Planner Teresa Gillotti, Mayor Paul Schreiber and City Manager Ralph Lange, in which he updated them on his redevelopment plans.
"He came in for an update on where he is on the project and I'm going to follow up with him to formalize things," Gillotti said. "He's looking to restart the project and we're trying to coordinate with him and see what a realistic time frame is."
Beal could not be reached for comment.
A large fire gutted the Thompson Block building on Sept. 23, 2009. Beal, whose company Historic Equities Fund 1 LLC owns the building, and the city ended up in court over a disagreement on how to proceed with the building’s renovation.
Thompson Block, pictured here on March 14,2013, sustained severe damage after a 2009 fire.
Melanie Maxwell | AnnArbor.com
Colbeck said he believes the property will be redeveloped "at some point."
"There's a lot of stuff that's going to have to be done," Colbeck said. " What I told Stewart is, if you're going to move forward we want to support you... We’ll get behind him."
Beal and the city reached a consent agreement in August 2010 that gave Beal three years to complete the exterior envelope of the building, including a roof, walls and all openings sealed with at least temporary doors and windows.
Beal has until the end of August to complete these renovations. The building's total assessed value for 2012 was $152,900. Beal purchased the property, at 400 N. River, for $346,186 in 2006 and previously estimated that a total renovation of the building would cost around $4 million.
Beal presented plans in the past that would have included commercial space on the first floor and entire northern segment of the 148-year-old Depot Town building. The second and third floors were to hold residential lofts.
That plan eventually was changed to making the entire building all-residential with 23 lofts ranging in size from 620 to 1,120 square feet.
"The plans have changed over the years," Schreiber said. "I know he's doing some successful redevelopment in Detroit, so it's not like he doesn't know what he's doing. ... What happens though is, what is the reality of the economy, the reality of financing? I would like to see what type of plans he has."
Colbeck said the DDA would like to see Thompson Block redeveloped because it will add value to Depot Town.
"Obviously from the DDA's perspective, we would love to see the property be redone," Colbeck said. "It would be an anchor for Depot Town."
Beal will present a redevelopment update at the next DDA meeting at 8 a.m. Thursday, April 18 at the SPARK East building at 215 W. Michigan Ave.
Katrease Stafford covers Ypsilanti for AnnArbor.com.Reach her at katreasestafford@annarbor.com or 734-623-2548 and follow her on twitter.