Beal says new projects separate from Thompson Block

By Dan DuChene
Dec. 22, 2008    ·    3:41 a.m.

After local developer Stewart Beal announced he was purchasing five foreclosed properties in the area, an Ypsilanti City Councilmember had a question.

Brian Robb, D-Ward 3, asked his question during Council proposed business at a meeting held last month. He asked why Beal is investing money into new buildings as the Thompson Block still sits stalled in Depot Town.

Beal, who plans too put $200,000 into renovating the homes, called Robb’s question “ill-advised commentary.” He said the project to purchase the buildings, located near Eastern Michigan University, was embarked on to maintain business in the city until the wheels started moving in Depot Town again.

“These are two completely different animals and they shouldn’t be lumped together,” Beal said.

Though Beal had acquired two tenants to occupy storefront units in the Thompson Block, the bank he planned to receive finance from pulled its loan. He said the leases are still binding and the companies, which were hoping to expand into Ypsilanti, are conducting their business as usual.

However, Beal said the newly purchased houses, which he plans to convert to apartments, keep his 30 local employees at work in the city.

In the mean time, Beal said he is working out a new boarding plan for the Thompson Block. He said he doesn’t know when it will be completed, but the boards on the windows will be painted to resemble real windows.

He said a passer-by could be deceived based on an “extremely quick glance.”

The fist of the five buildings recently acquired by Beal will soon be completely renovated, and he said it is nearly rented out. He expects to be completely done with the 17 apartments by the middle of next year.