By: Deborah Johnson Wood
Muskegon’s former Edison Landing, now known as Harbor 31, is 34 acres of Brownfield redevelopment along Muskegon Lake at the end of Terrace Street, with the potential for $100 million to $200 million worth of green, sustainable development. The owner, Grand Rapids-based True North, is marketing that potential nationally and is prepared to wait for the right developers with the right vision—green and self-sustainable.
This potential is based on the ability to use the land surrounding GVSU’s MAREC, VidaNova Condominiums and Parmenter O’Toole to create a place for people to live, work and play, says True North’s Dan Henrickson. He sees an opportunity to promote the entertainment aspect of the waterfront, including some 100 boat slips, a possible casino, hotel, restaurants and residential.
“We want the entire development to be off the grid,” Henrickson says. “MAREC is basically an alternative energy power plant and has the potential to power the whole site.”
The land used to be Teledyne Motors, which had nearly a million square feet under roof. Henrickson says True North will use a percentage of the property’s urban Brownfield credits to invest in green buildings and renewable energy. He’s looking for developers who have that same vision.
“Sustainability has to be as important to the developers as it is to us.”
While Henrickson declined to divulge True North’s financial investment, he says the firm has invested enough to minimize carrying costs, which allows time to find the right partners.
“Sustainability is hard to define, the old models are no longer in play,” Henrickson notes. “Our job right now is to create the sustainability access, and link the water to the land and the downtown; the water is the backbone to downtown Muskegon.”
Henrickson presented the Harbor 31 vision during a breakout session of the University of Michigan Urban Land Institute Real Estate Forum on October 15.
Source: Dan Henrickson, True North
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Deborah Johnson Wood is development news editor for Rapid Growth Media. She can be contacted at [email protected].
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