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EZ2

09/12/16 11:38 AM

#115663 RE: timhyma #115647

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to beat "ex-div" date for this quarter. This is the one
where you get 8% yield + 5% (of holdings) FREE SHARES !!

Carpe Diem !!

EZ2

09/12/16 1:34 PM

#115674 RE: timhyma #115647

Where will Detroit's Eastern Market go from here?

KNIGHT RIDDER/TRIBUNE 13:33 ET 9/12/2016


Sept. 12--The mostly vacant and blighted blocks north and east of Eastern Market may one day flourish with food entrepreneurs in Detroit's next great opportunity for small-business enhancement.

Dan Carmody, president of the nonprofit Eastern Market Corp. that manages the city-owned operation, said the district needs to expand into those vacant blocks to keep its traditional character as a food-centric area, even as residential development and other non-food businesses gradually insert themselves into the traditional market footprint.

That will only happen if his vision today becomes a solid long-range plan tomorrow. Securing the future expansion could one day depend on the Detroit City Council, the ultimate arbiter, which may have to choose between market expansion and private development.

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Carmody said he's "working with the city trying to design the next round of planning to go from a general idea to a concept" for that vision.

Any final plan likely lies well in the future, but given how development debates sometimes lead to bitter struggles, Detroit officials might one day find themselves trying to balance protecting and expanding Eastern Market as a treasured destination with a push from private developers for more access to the very land the market says it will need.

John Roach, a spokesman for Mayor Mike Duggan, said no one from the administration could comment yet "because it's way too early in the process, and too much talking will probably just drive up speculation in the area."

With its Saturday farmers market that attracts tens of thousands of shoppers, access by bus line and new greenways like the Dequindre Cut, and proximity to downtown and Midtown, the once-dying Eastern Market has experienced a surge in popularity in recent years. Trendy new shops and restaurants have opened in immediate proximity to meat-packers and wholesale produce sellers that supply area restaurants and institutions.

There's time now to develop that vision into a future expansion plan, but perhaps not a lot.

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Diversification in planning

Developers feverishly building up downtown and Midtown sites with new residential projects have yet to turn their eyes in the direction of that vacant land, but that may not be that far behind.

That's because the evolution of the current Eastern Market district is proceeding full speed with new residential projects and other development.

--Jonna Luxury Homes of Birmingham is seeking permits to build an 82-unit residential development designed by Detroit-based Hamilton-Anderson Associates called Russell Flats at Russell and Alfred just north of the popular Bert's barbecue restaurant.

Joseph Jonna, head of the project, said he's still working on permitting and parking issues but added, "We expect to have a shovel in the ground next spring."

--The Market's existing Shed 4, an open-air structure, is slated to be enclosed and topped with up to 60 residential units. This Shed 4 project could cost from $10 million to $15 million and remains in early planning stages led by businessman Dan Gilbert.

--Along the newly expanded Dequindre Cut, Detroit-based Boydell Development has enclosed two vacant former food-related buildings at 2902 Orleans and 1825 Division for possible future redevelopment, possible as commercial or retail use.

Residential development isn't the only new game in the Eastern Market district. Recently, a bicycle shop, a yoga studio, a clothing store, and other non-food retailers have opened there.

Carmody is OK with the diversification as long as planning for expansion continues.

"We like the mix of uses," he said last week. "It's all tied to the overall plan of having room to be able to expand the market to keep food businesses but making space within the current market available for more dense uses."

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Food innovation

Eastern Market's most near-term plan for expansion, already under way, involves the conversion of a vacant 104,000-square-foot structure on the northern end into a Detroit Regional Food Accelerator. That structure was formerly used by the Detroit Water & Sewerage Department.

The space would be leased to start-up food entrepreneurs to develop their businesses. A fully equipped commercial kitchen would be available. This project would cost from $7 million to $12 million.

Meanwhile, what planners are calling the Food Innovation Zone would see multiple buildings built to the north and northeast of the current market, adding 100 to 150 acres of the market footprint. Food manufacturers currently doing business either in or outside the city could build or lease space in this zone.

The expansion would be done in accordance with sustainable development practices that include open green spaces, walking and bicycle lanes and storm water management practices, Carmody said. The cost would vary depending on what actually gets built.

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Market evolution

Owners of traditional market businesses voice a variety of opinions about the market's evolution.

Abe Berry, owner of the Berry & Sons Islamic Slaughterhouse at 2496 Orleans St., frets about finding expansion space.

"We need more room," he said last week. "We're thriving and we're trying to expand but not to a different location. We want to expand outward and there's really no room to do anything."

And Berry complains about the condition of streets in his corner of the market district.

"You go down Russell, all that's become beautiful," he said. "Then you go down Winder, Riopelle, Orleans and you don't see that much attention around our area."

But Mark Kisel takes a more positive view. Kisel, owner of Kay Foods, a 50-year presence in the market at 1352 Division St. selling bulk quantities of fruits, vegetables, paper products, and cleaning supplies to restaurants and other institutional clients, said all the newcomers are welcome even if they're not in the food business.

"To me, my feeling is anything that brings anybody down to the market, whether it's to live, or to shop at the bicycle shop, or come to the yoga shop, or some of the other specialty shops, to me it's fine," he said.

"Anything that enhances the market helps any of the businesses, some more than others, but it helps us all."

Contact John Gallagher: 313-222-5173 or gallagher@freepress.com. Follow him on Twitter @jgallagherfreep.