Developer plans to transform old hotel downtown
A developer is planning to redevelop a former hotel in the heart of downtown into a property filled with apartments, condominiums and retail.
CWD Real Estate Investment in Grand Rapids said today that it plans to redevelop the former Rowe Hotel Building, also known as Olds Manor, in Grand Rapids, at 201 Michigan St. NW.
The building, which sits at the corner of Monroe Avenue, was purchased by Rich DeVos and RDV Corp. more than a decade ago.
CWD’s mixed-used project, which would cost $22-$26 million, would feature several parts: 9,500 square feet of retail and restaurant space on the first floor; about 77 one- or two-bedroom apartments, which would fill up floors three to nine; condominiums on floors 10-11; an indoor community room and fitness facilities; underground parking; and rooftop amenities.
The project would also restore the building’s historic facades.
“West Michigan’s life science industry is growing faster than the national rate, with the Grand Rapids Medical Mile as the core of the life science research and clinical trial work," said Nick Koster, VP of operations, CWD Real Estate Investment. “The Rowe has been designed to serve many of the new professionals being recruited to our city for hospital, university and research jobs.”
The project is seeking the support of the Grand Rapids Brownfield Redevelopment Authority and Downtown Development Authority. Public meetings on the project start in early January.
If financial incentives are approved and received, construction is expected to begin in the spring of 2016 and finish in late 2016.
“Creating spaces where professionals can walk to work is very important to the stability of a city,” said Grand Rapids Mayor George Heartwell. “I believe that the development of this corner will also play a pivotal role in helping us expand the vitality of our downtown to nearby neighborhoods.”