Financier draws plan to build Lansing's tallest building

FRIDAY, Aug. 21 — A national investment firm is looking for a developer to build what would be the tallest building in Lansing.

Charles D. Carey, senior partner at CIG Capital, told City Pulse he wants his firm to get behind a 30-story, mixed-use high rise. Lansing's tallest building, the Boji Tower, is 23 floors.

The plans, however, are far from concrete. Few at the Lansing Economic Area Partnership have even heard of the concept. The Lansing Regional Chamber of Commerce is still unaware of the plans. Mayor Andy Schor has been briefed on the idea, but said it’s still far from a sure thing.

“It’s a live-work-play type of outfit,” Carey explained. “We won’t lead the project, but we’ll bring in all the necessary capital to get it done. It’s about being able to have everything at your fingertips inside one building — whether that’s a coffee shop, spa services, a wellness center, medical and mental wellness, a retail side, some smaller boutiques or a small version of Whole Foods.”

CIG Capital bills itself as an “alternative investment firm” that has managed to keep shovels in the dirt even amid a global pandemic. The firm also announced this year a $95 million “lending project” for a new Sheraton hotel in Atlanta. Carey said he’s also financing a building in Orlando and his company also reportedly provided $125 million for 624 apartments in West Point, Georgia.

Carey’s team has had introductory-level conversations with economic development officials in Lansing, but the plan still needs to wade through a lengthy approval and financing process before a groundbreaking can even be contemplated. He also still needs to pick a location.

Carey said three properties, which he wouldn’t identify, are being considered for the skyscraper. One is adjacent to a highway outside of downtown, he said. He also suggested the construction (or renovation) could involve the relocation of City Hall, a long-time plan that began under former Mayor Virg Bernero. Schor slowed down the plan when he replaced Bernero in 2018 because of issues over where the courts and police would ago that remain unresolved.

No properties have been bought. No contracts have been signed. No permits have been pulled. But Carey said he hopes to have plans in front of the Lansing City Council by early next year.

“Funding is already in play. We’re providing the funding,” Carey added. “We’re also looking at meeting with the next parties involved. We don’t deal with everything, but we’ll be partnering with government officials, meeting with the mayor and getting things moving on this soon.”

Carey said conceptual plans for the building include a minimum of 30 stories and have space for 50 to 100 residents. Some shops and restaurants inside would be open to the public while others would be reserved exclusively for residents. It’s far too early to determine costs or possible tax incentives, but Carey’s projects usually run an average of $400 million, he said.

“We can build anywhere,” Carey added. “It’s a choice to be in Lansing. It’s a preference. I grew up here, and I want to impact Lansing. I would love to come here and do some great things.”

Carey said he grew up in Lansing and earned his first million dollars as a “serial entrepreneur” by the time he turned 30. CIG Capital operates two offices in Greater Lansing and manages a nationwide development portfolio of more than $10 billion, he said. While none of those projects have been tied to Greater Lansing, Carey said he’s eager to get started — and in a big way.

“They shared initial concepts,” Schor added. “Even in these tough times, many are still investing in Lansing, and I look forward to any further information and working with them on this project.”

What makes his project different from any other skyscraper concept in the last decade?

“We have the money,” Carey added. “At the end of the day, that’s what matters. If you don’t have the capital, you can’t get anything started. Everyone has these grandiose dreams and visions that sound good on paper. But for us, we have the money to put plans into action.”

Check back for continued coverage as the development plans continue (or fizzle out) in 2021.