Developer begins 16-story apartment building downtown
An out-of-state firm has begun work on a $50-million, 16-story apartment building downtown.
New York-based Time Equities Inc. began excavation yesterday on the mixed-use site at 601 Bond Ave. NW, with a completion date expected in 2019.
Construction is being led by Grand Rapids-based Pioneer Construction.
The ground floor will consist of 4,500 square feet of retail and be accompanied by five levels of ramped parking as a base.
The main component of the project will be 205,000 square feet of residential space, making up 202 units.
Grand Rapids was a prime target for Time Equities Inc., said Brad Gordon, the company’s director of national residential.
Time Equities Inc. purchased the land in 2015, which is kitty-corner from the apartment building Icon on Bond, an asset the firm purchased in 2013.
“Grand Rapids’ stable growth and abundance of beautiful, old loft-style buildings make the area a prime destination for development, especially as people continue to relocate to urban areas,” Gordon said. “601 Bond is extremely well-located, as it is situated only moments away from the city center and other local landmarks, such as the Grand River.”
601 Bond is the latest development to break ground in the Monroe North neighborhood.
Currently under construction in the neighborhood are Orion Real Estate Solutions’ Rivers Edge, at 1001 N. Monroe Ave., and Suburban Inns’ 246-suite Embassy Suites by Hilton, at 710 N. Monroe Ave.