The Ypsilanti Courier
A Heritage Newspaper
Weekly Publication
Q&A: Stewart Beal
Young property owner talks about Thompson Block
PUBLISHED: May 31, 2007
The following is a Q and A session with Ypsilanti property owner, developer and young entrepreneur Stewart Beal.
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The 24-year-old Beal is a 2006 graduate of Eastern Michigan University and currently is president of Beal Inc., a demolition contracting service that boasts 40 employees, and president of Beal Properties, a property management and development company.
Beal also is a managing member of Historic Equities Fund L.L.C., a real estate investment company; a managing member of Go Downtown, L.L.C., a real estate holding company.
What inspired you to pursue your line of work?
I enjoyed working for my father's construction company, JC Beal Construction Inc., growing up. I enjoy construction and real estate because every day you are doing something different. The job is fast paced and exciting.
Why did you decide to set up shop in Ypsilanti?
I bought my first property in Ypsilanti when I was 19 and going to the Business School at EMU. I lived in one of the apartments at 15 N. Hamilton and rented out the other four.
Where do things stand with the Thompson Block?
The Thompson Block project is progressing, although not as quickly as we would like because of ongoing problems with (former owner) David Kircher.
We need to have 60 percent of the first floor leased before major construction can start on the project. We are negotiating leases with tenants that would take 40 percent of the first floor.
We are still looking for tenants to take the remaining 20 percent it will take to get the project going. We are confident that we will be starting soon.
Have you worked out how the parking for the site will be handled? If so, how?
We anticipate encouraging residents and employees who work in the building to use the 65-car city lot across the street. Short term needs will utilize on street parking.
How did you react when your application for a tax freeze on the Thompson Block was denied by the state?
I was surprised because we all thought Kircher would be in prison and that would stop his involvement, but he got out.
As I have said before, we anticipate that after the state of Michigan is made aware that they relied on fraudulent information that was provided to them by Mr. Kircher, they will approve our application.
What do you have to say to David Kircher about his involvement in that denial?
I have nothing to say about David Kircher that everyone doesn't already know. Everyone already knows exactly the type of person Mr. Kircher is, and any additional commentary by me would be unnecessary.
Are there any projects in Ypsilanti you have your eyes on?
I purchased 11 apartments in two properties in 2006. I am interested in acquiring 10 to 20 more apartments in 2007.
Unfortunately every deal I have looked for so far doesn't work because of the taxes that the property owner is required to pay.
You were recently recognized as a top young business owner by Crain's Detroit Business, could you describe that?
I really appreciate being recognized as a top young business owner and it always makes me want to work even harder to be more successful.
As a recent EMU graduate, and a successful young business owner, what would you say to the EMU graduates this spring?
I would tell them that the best time to start a business is now because of a young persons low cost of living.
I started my first business when I was 13. This was a great time to start a business because I was living in my parents' house and my monthly expenses were very low, so I could reinvest all of my earnings back into the business. If you have a great idea and are willing to work 80 hours a week for no pay in the first year I would tell anyone to go for it.
Do you plan to go back to college? If so, why?
I enjoyed my time at EMU and thought it was very important, but I have no interest in going back to school right now.
What has been your greatest accomplishment as a developer?
My greatest accomplishment is yet to come.
What has been your greatest disappointment?
At this time I have no great disappointments.
From the perspective of someone trying to attract businesses to Ypsilanti, do you favor a city income tax?
I am absolutely against anything that would discourage investment in the city of Ypsilanti.
Obviously, Sat face value a city income tax discourages investment in the city. Personally I would prefer to live in a city where there was no city income tax.
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