Wednesday. October 16, 2019

Business

https://www.mlive.com/news/kalamazoo/2019/04/arcadia-brewing-ceo-transfers-ownership-of-kalamazoo-brewery-property-to-mortgage-lender.html
https://www.mlive.com/news/kalamazoo/2019/04/godspeed-transportation-plans-to-close-after-cease-and-desist-order.html
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Arcadia
Godspeed

The Arcadia Brewing Co. property in Kalamazoo is no longer owned by Enmar, LLC, a company owned by brewery founder and CEO Tim Suprise. A quitclaim deed in lieu of foreclosure, transfered ownership to First National Bank of Michigan for $1, according to county property records. Godspeed Transportation, a business operating out of a home in Kalamazoo’s Edison Neighborhood, kept running after the state of Michigan sent it a cease and desist order, according to the company’s owner, who is planning to close the operation in the near future.

Published: April 29, 2019

Arcadia Godspeed
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Bell's Comstock brewery tour has been voted second best in the nation by USA today readers (link). Bell's has also expanded its retail market to Wyoming and Nevada (link). Meanwhile, Arcadia Brewing showed signs of continued financial stress (due to back tax and loan default woes), announcing that it would continue its limited winter hours into the summer months (link). For stronger spirits, Kalamazoo's amber-tilted cocktail renaissance continues with an expansive new whiskey bar on Stadium Drive (link).

Published: April 15, 2019

Read more
https://mibiz.com/sections/health-care/bronson-building-projects-reflect-shifting-health-care-trends
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MiBiz

The $60 million downtown Kalamazoo cancer pavilion is one of a number of capital projects for Bronson Healthcare that are driven partly by the shift toward delivering care at outpatient settings. Along with the cancer facility across from the Medical Office Pavilion on the South Campus in downtown, Bronson plans to develop a new $22 million hospital in South Haven and invest in a $3.8 million project to renovate inpatient rooms at LakeView Hospital in Paw Paw. The Kalamazoo-based health system also continues to weigh plans to develop a downtown outpatient surgery center. MiBiz talked with Bronson about how these plans fit together. 

Published: April 05, 2019

MiBiz
https://www.mlive.com/news/kalamazoo/2019/03/arcadia-brewings-2016-back-taxes-paid-but-company-still-could-face-mortgage-foreclosure.html
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MLive

Arcadia Brewing in Kalamazoo will not face tax foreclosure in 2019, though the brewpub still faces potential mortgage foreclosure of its property just east of downtown Kalamazoo. Past-due property taxes from 2016 and fees assessed on the property, totaling $5,388.74, were paid to the Kalamazoo County Treasurer’s office on March 20, stopping a process that otherwise could have resulted in foreclosure if the bill was still unpaid on April 1. In December, a mortgage foreclosure sale notice was filed for the Arcadia property, stating $1,409,677.12 was still outstanding on the mortgage. 

Published: March 30, 2019

MLive
https://research.upjohn.org/up_workingpapers/289/
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Upjohn Inst.

Kalamazoo, Michigan, and other U.S. localities often provide tax breaks and grants to private enterprise to influence decisions about business location, expansion, or job retention. Incentives’ benefits versus costs depend greatly on what percentage of incented firms would not have made a particular location/expansion/retention decision “but for” the incentive. Based on a review of 34 estimates of “but for” percentages, from 30 different studies, a paper from the Upjohn Institute concludes that at least 75 percent of incented firms would have made a similar location/expansion/retention decision without the incentive. Many of the current incentive studies are positively biased toward overestimating the “but for” percentage. 

Published: March 25, 2019

Upjohn Inst.
https://mibiz.com/sections/health-care/stryker-acquires-israel-based-medtech-firm
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MiBiz

Stryker Corp. completed the acquisition of OrthoSpace Ltd., an Israel-based company that developed a treatment for massive, irreparable rotator cuff tears. OrthoSpace’s InSpace product realigns the natural biomechanics of the shoulder. The technology has been used to treat 20,000 patients in 30 countries and remains under clinical study in the U.S. Stryker (NYSE: SYK) paid $110 million upfront for OrthoSpace and agreed to future milestone payments up to another $110 million. “The acquisition of OrthoSpace is highly complementary to our existing portfolio and aligns with Stryker’s focus on investing in sports medicine,” said Andy Pierce, group president for Stryker’s MedSurg division.

Published: March 25, 2019

MiBiz
https://mibiz.com/sections/economic-development/the-deep-dive-business-impact-of-pfas
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MiBiz

Michigan’s handling of past chemical contamination incidents offers perspective on what it’s going to take to clean up the state’s PFAS problems. Expect it to take decades, billions of dollars and some awkward dances of cooperation. Reporting on PFAS to date has focused mostly on environmental concerns and pointing blame at the companies and organizations that have discharged the emerging contaminant into water supplies. MiBiz's three-part series will go beyond the heated rhetoric to offer a dose of reality about how to handle the complex challenges stemming from the equally complex chemical.

Published: March 21, 2019

MiBiz
http://www.wmuk.org/post/rise-black-female-entrepreneurs-spurs-new-groups-conferences
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WMUK

Did you know black women are the fastest growing group of business owners? From 2007 to 2018, black female-led businesses grew by 164 percent, says a new report. To appreciate the magnitude of the growth, consider that, overall, the number of women businesses rose 58 percent for the same period. WMUK talked to Sisters in Business' Nicole Parker and her sister Alisa Parker; and Demarra Gardner of Black Women About Business. These Kalamazoo natives talk about the struggles of women entrepreneurs of color and how their individual groups are providing skill-building, support and financing for this rising demographic.

Published: March 21, 2019

WMUK
https://mibiz.com/sections/health-care/bronson-plans-60-million-cancer-center-in-downtown-kalamazoo?idU=1
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MiBiz

Bronson Healthcare plans to develop a $60 million outpatient cancer pavilion at its downtown campus. The five-story, 85,000-square-foot office structure will rise at Vine Street and John Street, across from the Medical Office Pavilion on Bronson’s South Campus in Kalamazoo. Construction could begin this spring with occupancy targeted for early 2021. Planning for the new downtown Kalamazoo pavilion began after the West Michigan Cancer Center and Institute for Blood Disorders, a partnership between Bronson and Ascension Borgess, decided nearly a year ago to transition medical oncology and infusion services to each hospital. 

Published: March 18, 2019

MiBiz
https://mibiz.com/sections/manufacturing/west-michigan-manufacturers-increase-r-d-spending
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MiBiz

West Michigan manufacturers have taken a disciplined approach to research and development spending throughout the sustained period of economic recovery and growth. The nine publicly-traded manufacturers in West Michigan collectively spent more than $2 billion on engineering, research and development (R&D) activities in 2018, up 6.5 percent from the prior year, according to an analysis MiBiz conducted of the annual reports companies filed with federal securities regulators. The analysis showed local manufacturers are remaining consistent in their commitments to R&D activities even when faced with heightened risk.

Published: March 05, 2019

MiBiz
https://www.mlive.com/news/kalamazoo/2019/03/saugatuck-brewing-co-to-merge-with-gonzos-biggdogg-brewing.html
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MLive

Gonzo’s BiggDogg Brewing will become Saugatuck Brewing Company – Kalamazoo under a merger announced Friday. Management of the Kalamazoo taproom and microbrewery will transfer to the Douglas-based microbrewer and winemaker. The merger still requires approval from the Michigan Liquor Control Commission and the Alcohol Tabacco Tax and Trade Bureau, which will likely be decided later this year. Megan Scheerhorn, vice president of marketing at the Saugatuck Brewing Co., said the two companies entered into a management contract that will allow shareholders of Gonzo’s to own Saugatuck Brewing Co. stock. The 23-member Gonzo’s staff will be welcomed to keep their jobs under the new ownership structure, she said.

Published: March 04, 2019

MLive
https://mibiz.com/sections/economic-development/mibiz-special-report-west-michigan-s-tribal-economy
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MiBiz

After three decades of running tribal gaming operations, Michigan-based Native American tribes have started to leverage their casino revenues to launch economic development corporations and diversify their economies. The tribes say the moves are necessary to ensure their economic sustainability and benefit tribal members for generations to come. In this Special Report, MiBiz explores how the tribes are engaging in the business community across West Michigan, how they interact with non-tribally-owned companies and the drivers behind their business and real estate acquisition strategies.

Published: March 04, 2019

MiBiz
https://mibiz.com/sections/real-estate-development/developers-secure-10-8-million-in-state-funds-for-kalamazoo-hotel-project
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MiBiz

The project will redevelop Kalamazoo’s historic Rose Street Market building at 303 N. Rose St. and an adjacent surface parking lot into a hotel and commercial space. The “sister” buildings will include a 113-room Hilton Garden Inn, 107-room Home2 Suites extended-stay facility and about 15,000 square feet of office/commercial space spread over 181,925 square feet. The project is expected to create about 75 full-time jobs, according to MSF documents.

Published: February 27, 2019

MiBiz
https://mibiz.com/sections/health-care/pharma-spinoff-started-in-kzoo-mulls-ipo
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MiBiz

A drug developer rooted in Southwest Michigan and backed by investors across the region may pursue an initial public stock offering that could net up to $86.2 million to support further development and commercialization. In a preliminary registration statement filed with federal securities regulators, Cirius Therapeutics LLC said the proceeds it could raise from the potential offering would take it through late-stage clinical trials for a new drug to treat nonalcoholic steatohepatitis, or NASH, with fibrosis.

Published: February 26, 2019

MiBiz
https://mibiz.com/sections/manufacturing/stryker-acquires-bay-area-medical-device-company
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MiBiz

Stryker Corp. has completed the acquisition of Arrinex Inc., a Menlo Park, Calif.-based medical device company that developed a treatment for chronic rhinitis. Arrinex began commercializing its ClariFix device in 2017. The acquisition adds to the Kalamazoo-based Stryker’s ear, nose and throat product portfolio. Rhinitis affects more than 24 million people in the U.S. annually and may cause runny nose, congestion, sneezing and nasal itching.

Published: February 26, 2019

MiBiz