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About
Project Timeline
Planning Documents
Selected Developer:
Pierce Education Properties
Design Concept & Project Components
Project Updates
Contact Us
Comment Form
Links
Sign up for
East Village Updates
Project Updates
City and Developer agree on next phase
On March 4, 2008, East Lansing City Council approved a resolution to enter the next phase of the City’s agreement with Pierce Education Properties (PEP). At the Feb. 26 City Council Work Session, the developer presented the conclusions of 18 months of project feasibility studies. The developer completed the preliminary due diligence studies; prepared a preliminary program, a preliminary concept design plan and a preliminary financial pro-forma and concluded that the proposed redevelopment of a 25-acre area within the East Village area is feasible, contingent on several financing sources.
Councilmembers unanimously approved the first addendum to the Memorandum of Understanding between the City of East Lansing and PEP. During the next 12 months, PEP will proceed with the following steps: develop a detailed architectural design, develop a project schedule, develop a development program, complete the financial feasibility analysis, pre-lease retail and office space, and acquire the necessary properties. Also during the next 12 months, the City and PEP will negotiate a development agreement.
Check out the preliminary conceptual design and the proposed uses for the proposed redevelopment project for a 25-acre area within the East Village area.
Change of Name
In 2007, The Pierce Company formed a partnership with Hunt Realty Investments to enable the expansion of their real estate investment and development efforts in educational communities across the nation. As a result of the partnership, The Pierce Company became Pierce Education Properties, L.P., beginning Feb. 1, 2008. Their new Web site is www.pierceeducationproperties.com.
Sign up for East Village Newsletter
East Village newsletters are published quarterly by the City of East Lansing. The newsletter aims to provide regular updates of the East Village project status. Sign up for our electronic East Village Newsletter and we will send you quarterly updates by e-mail. [Newsletter Archive]
Red Cedar River Analysis
In September 2007 the City of East Lansing and the Downtown Development Authority (DDA) applied to the Federal Emergency Management Agency (FEMA) for a Letter of Map Revision (LOMR) to update the 100-year and 500-year floodplain and 100-year floodway boundaries for the reach of the Red Cedar River between the Hagadorn Road bridge and Bogue Street bridge. In January 2008 FEMA approved the City's request. [Learn more]
Project feasibility
Over the last six months the development company has continued working to move the East Village project forward by concentrating on the project feasibility. It had made steps in the formulation of a financial plan for the project. Different available financial resources and tools are considered in this process: debt financing, New Market Tax Credits and State of Michigan grants for different components of the project, such as the development of a six-acre riverfront park. Pierce Education Properties is working with Citigroup Global Markets for the financing of the project.
Brownfield Environmental Assessment
The City of East Lansing was recently awarded an Environmental Protection Agency (EPA) grant to conduct environmental assessment throughout the entire City. In April, the City selected AKT Peerless Environmental Services as the consultant to conduct this investigation. As part of this task, the consultant will provide necessary environmental analysis of properties located in the East Village area.