Developers partner on urban apartments and office space
A developer has joined the second phase of a redevelopment project in Grand Rapids to help it get off the ground.
Maplegrove Development invested $1.5 million to help Bazzani Associates begin construction on the upper-floor rehabilitation of the Kingsley Building in Eastown, at 1415 Lake Drive SE. The total rehabilitation cost of both phases is $10.8 million according to city documents.
“We were approached by Bazzani and really liked and loved the location,” Emdin said. “We’re excited about it. Bazzani has a great reputation.”
The first phase of the building’s renovation, ground-floor retail, was completed in 2012.
Emdin expected construction to begin immediately and wrap up by January 2018.
In the second phase, the second floor is slated to be office space, while the third, fourth and fifth floors will include 41 apartments. A two-level parking deck will be built on the current parking lot, with tenant parking below the building as well.
“There will be lots of windows and balconies — it will be really great for the area,” Emdin said.