Developer opens $5.6M urban apartment project
A developer has officially opened a pair of urban apartment buildings in Grand Rapids.
Grand Rapids-based Orion Real Estate Solutions, or ORES, hosted a grand-opening ceremony this week for its $5.6-million Eastown Flats development in Grand Rapids' Eastown neighborhood.
Eastown Flats, which re-claimed two vacant lots located at 1400 and 1415 Wealthy St. SE, is made up of two mixed-use buildings that feature a total of 2,140 square feet of ground-floor retail space and 35 one- and two-bedroom apartments.
Bluhouse Properties, the property manager, reported that 80 percent of the residential units are pre-leased.
The 18,309-square-foot building at 1400 Wealthy St. SE has 19 apartments and about 899 square foot of retail space, which is reportedly reserved for an unnamed tenant.
The 17,696-square-foot building at 1415 Wealthy St. SE has 16 apartments and about 931 square feet of retail space, which has now been anchored by Sacred Expressions.
“From the initial conception of this project to its completion, we focused on complementing the architectural and cultural trends that have given this area so much character over the years,” said John Wheeler, president, ORES.
“The feedback from the neighbors has been excellent, and we’re nearly full before the grand opening. We hope this is a testament to the need in the community we aimed to address.”
Orion Construction served as the project’s contractor.
First Community Bank provided financing for the project.
“Our trade contractors and partners in construction pushed hard through a tough winter to stay on schedule,” said Roger Rehkopf, president, Orion Construction. “All together, the team maintained a safe and clean job site in a high-traffic area and brought the project home on time and under budget.
Rehkopf added that “none of this would have been possible” without the support of the city of Grand Rapids, Eastown Community Association and the Michigan Economic Development Corp., or MEDC.
“We’re grateful for the opportunity and happy to see another public-private collaboration come to fruition,” he said.
MEDC gave Orion an $800,000 community revitilization program, or CRP, grant to complete the project.
Orion also received city Neighborhood Enterprise Zone, or NEZ, and city tax-increment financing, or TIF, funding to create Eastown Flats.