Developer plans downtown apartment building
A building with 71 “turnkey” micro-apartments and ground-floor retail could be on its way downtown.
Grand Rapids-based Malone Development is planning the four story, mixed-use building in Grand Rapids on the site of a former grocery store, at 363 State St. SE.
The site’s existing building was ruled non-contributing to the Heritage Hill Historic District by the Grand Rapids Historic Preservation Commission on July 6.
The cost of the roughly 38,000-square-foot project is still being finalized, Malone Development owner Shayne Malone said.
Malone Development sought an advisory on the in-fill project at the same meeting and will seek final approval from the commission on Aug. 17.
If it is approved, the project should begin next spring.
Malone said his firm looks for opportunities for “high-quality urban infill,” and the State Street SE site meets many of his criteria.
“Some factors that play into that are walkability, access to mass transit and bike lanes,” he said. “We see that location as meeting that criteria and an opportunity to improve the existing use of the site.”
The rental prices of the micro-apartments haven't been determined, but Malone said the market-rate units will be relatively inexpensive, because of small footprints and a “turnkey operation,” with a variety of finishes and furnishes provided.
“Basically, apartment living for the new generation — they address single living at an affordable rate in an urban context,” he said.
Malone added that he and his partner on the project, Grand Rapids native and Chicago developer Rob Horton, are seeking opportunities for similar projects in Chicago.