Developer plans apartment building on riverfront
Another riverfront development could be going up in Grand Rapids.
A proposed four story mixed-use development at 449 Market Ave. SW, at the corner of Wealthy Street SW, will head in front of the Grand Rapids Planning Commission on Feb. 25.
Mount Pleasant-based PS Equities applied for the special land use.
The first floor would contain parking, services and some retail space, according to the application.
The development’s second, third and fourth floors would be a mix of 23 apartments, ranging from studio, one- and two-bedroom units. The apartments would be market rate and range from 500 square feet for the studios to 900 square feet for the two bedrooms.
The city re-zoned 14 properties last year from industrial to transitional city center. This development is the first proposed for any of the lots.
“I like the urban setting,” said Garrett Seybert, a developer with the PS Equities. “It’s not quite a part of the city core, but there’s a lot of potential, and I’ve heard a lot of other things being talked about in that area.”
The development is the first in recent history for PS Equities, Seybert said.
Part of the draw for the developer was the river, Seybert said, adding that the firm’s offices are on the river in Mount Pleasant and have been full since they were built.
Seybert said there is no concrete cost yet, and the firm is awaiting final approvals and plans before trying to whittle it down.
“Preliminary numbers are pretty high,” he said. “Construction costs are high right now, so once we get approved, we’ll go charging at that.”