275 Fulton Place May Set Mark
GRAND RAPIDS — A project planned for the northwest corner of Fulton Street and Monroe Avenue could very well turn out to be the largest new office development built downtown in more than a decade.
Principals of 275 Fulton Place LLC announced plans to put up a 140,000-square-foot structure on property that is adjacent to Plaza Towers, a residential building. 275 Fulton Place is a division of Eenhoorn LLC, which owns Plaza Towers.
The project will have multiple uses. But spokeswoman Lena Stob told the Business Journal that at least three-quarters of the total space — 105,000 square feet — will be set aside for offices. The remaining square footage will be marketed as retail and residential space.
Stob said the design and layout of the building, estimated to cost $51 million, hasn’t been completed yet, so she couldn’t say how many square feet would be devoted to each use or how many residential units would be included in the project. But she did say that the retail and residential components were minor compared to the office section.
Stob added that the principals would have a better idea of the building’s layout once the company’s request for a brownfield is approved and a new state business tax is in place. 275 Fulton Place is seeking a Single Business Tax credit of almost $4.2 million for the project, which is the estimated remediation cost to prepare the site for construction.
The city’s Brownfield Redevelopment Authority added the project to its brownfield plan earlier this month. Once the City Commission approves the request, it will go to the state for final approval.
“We hope to have (all approvals) by the end of July,” said Stob, who added the firm wants to be certain that credits are part of a new business tax before it goes forward with the project.
275 Fulton Place wants to begin construction this summer, and Stob said it would take roughly 18 months to build the structure, which is not expected to exceed 12 stories.
The building plan also includes creating a connection to the Riverwalk, which is situated just west of the property, and to the enclosed skywalk, which runs through Plaza Towers. Green space will be built on the roof, the project is expected to be LEED certified and parking will be included. The development should create 194 full-time jobs.
At a time when developers seem to be backing off from residential projects downtown, due to what some believe is a glut of housing, Stob said 275 Fulton Place has condominiums in the plan because the site is on the east bank of the Grand River. The property has been successful for Plaza Towers, which Eenhoorn bought six years ago.