Developer buys urban property for $1.6M
A developer is on the move in Grand Rapids.
Lofts on Alabama LLC purchased a five-building property in Grand Rapids, at 420 Alabama Ave. NW, for $1.6 million on Feb. 28, according to city property records.
Lofts on Alabama is registered to Derek Coppess, founder of Grand Rapids-based 616 Development.
The 49,154-square-foot property was sold to Coppess by John Hyatt, owner of John S. Hyatt and Associates, an architectural and theatrical lighting supplier.
Hyatt purchased the property in 1999 for $306,600.
A spokesperson for 616 Development said it doesn't have anything to talk about yet and is willing to discuss the deal soon.
A spokesperson for Rockford Development Group in Grand Rapids, which was reportedly part of the deal, also declined to comment on the deal.