Plaza East Joins Plaza Center
The four-story Plaza East office and retail building is on the rise in downtown Holland next to the existing Plaza Center on 8th Street and College Avenue.
Developers Kris DePree, president of Grubb & Ellis|Focus Properties, and Jim Stroop, president of Lakewood Construction, broke ground on the $9 million Plaza East in May. The project has 130 feet of frontage along 8th Street.
Grubb & Ellis|Focus Properties and Lakewood Construction have worked closely together on a lot of projects over the past 20 years. Plaza East is their second major project in downtown Holland. Five years ago, they developed the adjacent Plaza Center building.
GMB Architects and Engineers designed the building and Lakewood Construction is the general contractor. Grubb & Ellis|Focus Properties will market the properties and serve as building manager. Space will be available for either sale or lease.
Plaza East office and retail spaces will be built out to tenant specifications, from as small as 1,500 square feet to as large as a whole floor encompassing 8,000 or 9,000 square feet, DePree said. Many of the tenant spaces will feature exterior balconies.
As of late June, Plaza East had two contracts signed, one for the entire fourth floor and one for a 1,500-square-foot space on the third floor, and the company was close to signing two other deals. DePree anticipated that about 50 percent of the building would be committed by the end of July.
The ground floor will be slightly more than 10,000 square feet. DePree said the company is in talks with several different restaurants that are considering ground-floor space, and a retailer and an office user are also interested in locating on the ground floor.
The restaurant will have an attached outdoor eating area on the east side of the building, which will overlook a 75-by-130-foot pedestrian plaza with benches, plantings and possibly a fountain. The open space will accommodate small gatherings, concerts or other outdoor entertainment.
Plaza East developers and neighboring property owner Plaza Realty plan to share the cost of building the pedestrian plaza.
DePree said the sale price of the units will range from $190 to $205 per square foot, depending on which floor of the building a tenant wants to locate. Ground floor and fourth floor space are considered “premium” space, so it will be priced at the higher cost level.
The developers are seeking LEED Silver certification for the building. DePree said Plaza East will feature extensive day lighting throughout and energy-efficient HVAC equipment, light fixtures and insulation. Plaza East will have reduced-flow toilets, faucets and showerheads, plus recyclable materials and low volatile organic compound interior paints, stains and fabrics.
All waste materials will be recycled, as well.
“It starts right at the beginning of construction; you have to split up all of your construction waste and keep track of it,” DePree explained about the process leading up to LEED certification. “The building has to be cleaned at the end of every day. People aren’t allowed to eat or smoke in the building through the whole construction process.”
Plaza East is expected to open in June 2008. DePree anticipates that about 90 new jobs will be created as a result of the new office/retail facility. CQ