Developer plans $25M apartment complex off East Beltline
A developer is planning to build a roughly $25-million apartment complex in the heart of a major shopping corridor.
The project, which is tentatively being called Knapp Corner Flats, comes from developer American Kendall Properties, an Indianapolis-based partnership between Kendall Property Group and American Village Properties.
The project would develop 203 apartments, comprised of one, two and three-bedroom units, spread across six buildings on the about seven acres of vacant land in Grand Rapids, at 3100 Knapp St. NE.
The project would also involve the building of a clubhouse with a pool and workout facility, as well as about 400 parking spaces.
The land is zoned for office use, and American Kendall Properties is seeking approval to develop the site for residential use.
The plan goes before the Grand Rapids Planning Commission on June 11, said Mike Speedy, owner of American Village Properties.
If all is approved, Speedy said the developer hopes to be under construction this fall and would like to start leasing next summer, with the apartments being completed and leased the third quarter of 2017.
The corridor — which includes businesses like Meijer and Celebration! Cinema and a number of other retailers — is ripe for attracting millennials, which Speedy said American Kendall Properties is targeting.
“We have an upscale urbanistic apartment development proposed for people who are traditionally called millennials,” Speedy said. “We enhance vitality of that area by putting young people with strong incomes in an area that has plenty of services to offer them.”