Developer plans urban apartment building
A developer is planning to redevelop a six-story building in a local neighborhood into an apartment community with ground-floor retail.
Grand Rapids-based 616 Development will go in front of the Grand Rapids Historic Preservation Commission today to discuss the potential renovation of the Elston Storage Building, also known as the Kregel Building, in the city’s Wealthy neighborhood, at 733 Wealthy St. SE.
616 Director of Development Jeff Olsen says the project would include between 76 to 84 apartments, including studio, one, two and three-bedroom apartments, according to a letter to city Historic Preservation Specialist Rhonda Baker.
Additionally, the project would include 10,000 square feet of retail and 68 parking spaces.
The building’s ground floor would be activated with storefront windows and return the building to its original look from when it was built in 1917.
Olsen says the developer already has three letters of interest for retail tenants.
The building has been discussed as part of rehabilitation projects in the past.
616 Development also plans to acquire 751 Wealthy St. SE for the parking and 759 Wealthy St. SE, the home of Lee & Birch, which will remain an active retail building, Olsen says.