The Thompson Block development in Ypsilanti's Depot Town isn't going to magically complete itself today, tomorrow, this month and probably not even this year. But that doesn't mean developer Stewart Beal doesn't plan to get something done.
The Ypsilanti-based businessman plans to rehab the historic building at the eastern edge of Depot Town in phases. The first of these phases calls for turning the third of the building that wasn't heavily damaged in last fall's fire into a home for a new bar/restaurant.
"Our current plan is to do a mini-Thompson Block development," Beal says.
The project will convert about 5,000-7,000 square feet of the 3-story building into a new entertainment venue. The first floor will become a service area while the second and third floors will be combined into a bigger space, which could serve as a live entertainment venue. Beal is coy about when construction could begin.
"I don't have any comment on that," Beal says.
Beal and his partners are self-funding the project, because "there is no financing available for projects like this," Beal says. His company has six other apartment rehab projects ready to go in Ypsilanti and another one in Toledo but can't move forward on any of them because he can't line up financing.
The Thompson Block is one of Ypsilanti's oldest buildings, dating back to the Civil War when it served as an impromptu barracks for Union soldiers. It has since served as the home to the city's fire department, the first place to buy a bicycle and one of the first Dodge dealerships.
The building had fallen on hard times in the last generation or two when decades of neglect left it in bad shape. Beal acquired the building in recent years with plans to turn it into a mixed-use structure with 10,000-square-feet ground-floor retail space and 16 second-floor lofts.
A combination of securing tenants and the financial crisis had stalled the project from keeping its financing in line. That left work moving at a snail's pace until a fire ravaged through much of the building this fall. Beal, who has renovated a number of buildings in Ypsilanti into rentals, remains unfazed by the setback, pushing the project forward.
Some city officials have pushed for Beal to remove wall supports that take up a lane of traffic on East Cross St. Both sides are trying to work out a deal that permits the opening of the entire road to traffic and Beal to continue to push the development forward.
Source: Stewart Beal, developer of the Thompson Block
Writer: Jon Zemke
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