February 12, 2015 – The City of Jackson and a development group headed by Geenen DeKock Properties have entered into an option agreement for the redevelopment of the former Hayes Hotel building in downtown Jackson. The development group, aptly named Hayes Hotel LLC, will be working with the City of Jackson and the Jackson Anchor Initiative to evaluate the potential renovation of the former hotel in to a mixed-use development. It is anticipated the 113,000 square foot building could house at least three separate retail, hotel and apartment developments.
The two-year agreement which details specific milestones that must be reached to facilitate the project also includes a City investment in a new parking lot encompassing 165 improved spaces.
“The long overdue redevelopment of the Hayes will be the catalyst for the comeback of downtown,” said Councilman Andrew Frounfelker, who represents downtown. Frounfelker also added “the development envisioned by Geenen DeKock will strengthen and grow the west end of downtown and provide additional opportunities in our city.”
“For the past three years we have sought to turn our city around by investing downtown,” said Vice Mayor Derek Dobies, noting the Michigan Ave reconstruction and Horace Blackman Parks among the investments. “ The stimulus of this project and the wealth of opportunity it will provide shows that effort is having an impact.”
Geenen DeKock Properties is a Great Lakes based developer of green and brownfield properties into mixed use developments with an emphasis in retail and multifamily housing. Based in Holland, Michigan, Geenen DeKock has played a significant role in defining the downtown identity of Holland. With a working motto of “buildings which shape the community”, Geenen DeKock hopes to work with the City of Jackson to renovate this historic building.
“We look forward to working closely with the City of Jackson and the Anchor Initiative to create uses for the Hayes which will bring more people and varied experiences to the downtown,” stated Doug DeKock, a principal with Geenen DeKock.
InSite Capital will be assisting the Geenen Dekock Properties with concepts for the structuring of the various independent projects within the former Hayes Hotel. InSite Capital, LLC a wholly owned subsidiary of Lake Michigan Financial Corporation and is experienced in facilitating the redevelopment of mixed use projects across Michigan.
“Each use envisioned for the Hayes property can uniquely qualify for various economic incentives, and we intend to assist the owners in the evaluation of alternatives for structuring these individual businesses,” said Marty Richardson, Senior Managing Director at InSite Capital. “Working closely with the City of Jackson and members of the Anchor Initiative allows us to insure the uses of the building will reflect the needs of the community.”
The Anchor Initiative is the consortium of Jackson companies, agencies and institutions, employers, local colleges, and the Chamber of Commerce working together with the City– all focused on the importance of providing a vibrant urban experience to attract and retain talented workers. The Anchor Initiative will be working with the developers to identify retail concepts and to aggregate demand for hotel usage and apartments.
“The Hayes building is an iconic building in our downtown, and a successful renovation of this building will again make it a distinctive downtown asset, helping to attract and retain talented workers to Jackson,” indicated Allan Hooper, the Anchor Initiative’s Executive Director.
The Geenen DeKock-InSite Capital team will join with the Anchor Initiative in funding the feasibility studies for retail, hotel and apartment uses and the historic preservation prospects for the building. These feasibility studies are expected to be complete by this coming spring.