An Icon Gets Started
GRAND RAPIDS — Work has begun on one-half of a $60 million residential project in the North Monroe Business District.
Moch International, owned by Joseph W. Moch and his son Joseph A. Moch, started laying the preliminary groundwork last week for a nine-story condominium building known as Icon on Bond.
“They’re actually putting in all the cable, power lines and all the telecommunication lines underground so that we can get in there to start drilling the caissons. That’s the first step to get going,” said Joseph A. Moch.
This Icon on Bond building (another one is coming), will go up on the southeast corner of Trowbridge Street and Bond Avenue, just a half block east of Monroe Avenue. The site is in the city’s Renaissance Zone, which means homeowners will have most of their state and city taxes fully exempted for a few years and then partially excused for three more years.
The building will house 118 condos, ranging in size from 728 square feet to 1,418 square feet. Prices will run from $186,900 to $421,675. An underground, secured parking structure will have room for 123 vehicles.
The floor plans are either one bedroom and one bath, or two bedrooms and two baths. Some condos will also have dens. Each will have a balcony, a washer and dryer, and be wired for telecom services.
Joseph W. Moch said the structure is the first downtown residential building in 15 years that is not going up on a commercial floor plate. He added that both buildings were drawn up from the inside out to make them more accessible to residents. Forty of the condos have already been sold.
Wolverine Building Group is the general contractor. Bloodgood, Sharp & Buster of Chicago did the architectural work, while Palmetto Interiors of Charleston, S.C., designed the interiors. And in August, the Chicago Capital Management Group arranged for Moch International to receive a $26.5 million construction loan for the condo building. The loan covers about 90 percent of the total development costs.
The other nine-story building will be built on the northwest corner of Trowbridge and Bond. But instead of condos, this Icon On Bond will be an apartment building. Work on it will get started when the first building is completed in about a year.
“We’d like to do one building as apartments because I think there is a need for both types of housing downtown right now. The plan is to do one as condos and one as apartments and we’ll see how it goes. They will be nearly identical buildings,” said Joseph A. Moch.
Summit Properties and Greenridge Realty are handling the sale of the condos.
The city added the Icon buildings to its brownfield list last month, which will allow Moch International to be reimbursed $1.8 million over the next 30 years for $2 million worth of street improvements the company will make to Trowbridge and Bond.