Real Estate

Videos: Pendulum commits to Cannon Township's Town Square

April 17, 2013
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Pendulum Real Estate plans to revitalize Cannon Township's Town Square
Grand Rapids-based Pendulum Real Estate plans to develop residential and commercial units on 34 acres at Town Square in Cannon Township. Photo via preigroup.com

It looks like the Ric’s Food Center in Cannon Township is going to get some new neighbors.

The empty 34 acres of land behind Ric’s, at 6767 Belding Rd. NE, has been purchased from Independent Bank by Pendulum Real Estate Group, which scouted the land for about a year before finally settling on a deal recently with the bank.

Andy Woodrick, owner of Ric’s, said he was excited Rob Scott, Pendulum co-founder and partner, was looking to develop on the land.

Ric’s moved to the site in about 2007, he said, expecting to be followed by other businesses and real estate as part of a town center development.

No developments, however, occurred and Ric’s was left as a lone store on the otherwise tenantless corner of Belding Road.

“And then 2008 occurred,” Woodrick sighed, as he remembered the economic bottom falling out of American business during the Great Recession. “We were counting on a center, and we needed a center to bring traffic in. We were committed and stayed there and paid the bills. Our volume finally picked up, and we got to profitability, and we’ve been holding the fort down.”

Pendulum's Scott said Ric’s steadfastness in the area is what kept the land attractive.

“The fact that the Ric’s store is there is such a nice anchor,” Scott said. “It was really attractive for why we would go about it, and then with the township being as friendly as they were towards helping us go forward, we felt confident that if we have to re-arrange the proposed approved concept, they would work with us to accomplish that.”

Undeterred by a stormy April morning, Pendulum held a revitalization ceremony inside Ric’s and invited the community in to offer suggestions about what kind of developments they would want to take place on the land — although Pendulum’s already has some ideas of its own.

Jen Martin, realtor at Pendulum, said the company has been approved to put 120 residential units and six commercial building units on the land.

After extensive research and community feedback, Pendulum will be presenting a plan to the planning commission in about six months, she said.

Martin said Pendulum is looking to bring in commercial and resident developments on the land, and let the two “play together.”

“Pendulum, as a group, has . . . never done commercial before, so this’ll be our first undertaking for that. We’re excited,” said Sarah Kelbel, realtor at Pendulum. “We would be most comfortable with finding investors that want to come in and build their own buildings, but with the economy the way it is, that’s probably not going to happen for everybody.”

Scott said he’d like to set something up that would allow for seniors in the area to have a spot to stay. Businesses could then be built around their needs.

“If the retirement concept works, we’d want to put in a (pharmacy), a beauty salon and a doctor's office and things that would be conducive to making it so seniors could stay in this environment without even needing to leave the area,” he said.

Pendulum invites people to send suggestions on what should be developed on the land to t.square at preigroup dot com.


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