Firm building $17M apartment complex
An out-of-state developer is building a new apartment complex near a college in the region.
New Castle, Indiana-based Spectra Student Living said yesterday it has broken ground on Eight Thirty Water Tower, a $17-million project in Big Rapids, at 830 Water Tower Rd., less than half a mile from Ferris State University.
The new apartment complex will be geared toward students, professionals and families in Big Rapids.
Eight Thirty Water Tower is scheduled to open next August.
Pre-leasing will open later this week and be through Athens, Georgia-based Landmark Properties.
“We saw a great need here at Ferris State University, as well as Big Rapids to develop a community tailored to the needs of today’s residents," said Justin Farris, managing partner, Spectra Student Living. “The new community is an intentional and innovative development that provides the resident with a more robust university experience, while living near campus.”
The 130,000-square-foot project will encompass 120 units.
Several floor plans will be available: 509-square-foot, one-bed and one-bath units; 761 to 794-square-foot, two-bed and one-bath units; and 1,157-square-foot, four-bed and two-bath units.
Each unit will come with a furniture package that includes a smart television, high-speed internet, washer and dryer, full kitchen and all other utilities aside from electric.
Community amenities will include a clubhouse, resident lounge with televisions, YouTube room and more.
Midwest Construction is the general contractor for the project, working alongside Alliance Architects and Grand Rapids-based Nederveld for engineering work. Financing is through Muncie, Indiana-based First Merchants Bank.
Spectra Student Living is also partnering with Landmark Properties to manage the complex once it’s finished.