Partners complete $42M Michigan Street apartment project
An apartment project just east of Medical Mile is officially opening today.
Third Coast Development and PK Development Group are cutting the ribbon today on the $42-million Diamond Place project at 1003 Michigan St. NE in Grand Rapids.
Diamond Place is a 143,500-square-foot, mixed-use development featuring ground-floor retail and 165 apartments: 58 market-rate units and 107 designated affordable for households making 80 percent the area median income or below.
Diamond Place is jointly owned by Grand Rapids-based Third Coast Development and PK Development Group and managed by Okemos-based PK Housing & Management.
“The city made it clear they wanted a development along this corridor that was affordable and sustainable for people of all income levels,” said Chris Potterpin, partner, PK Development Group. “We believe that Diamond Place will serve as an example of how this approach can be successful.”
Unit options are 640-square-foot one-bedroom apartments and 860-to-900-square-foot two-bedroom apartments.
Market-rate apartments range from $1,125 to $1,600 per month, and affordable housing units range from $393 to $1,260 per month based on income.
The development features a 24-hour fitness center, controlled access, a 240-space parking garage, in-home laundry, central A/C and heat, gourmet kitchens and more.
Three retail tenants also occupy more than 22,000 square feet on the ground floor: Gordon Food Service Store, Ginza Sushi & Ramen Bar and Tropical Smoothie Café, which has begun a build out of its space and plans to be open early next year.
An 850-square-foot retail suite remains available.
The building sits on land formerly used by Proos Manufacturing.
After acquiring the property from Proos Manufacturing in 2015, Third Coast Development spent much of 2016 lining up the financing and design packages for the development. The site underwent demolition and environment cleanup later in 2016.
“This has been one of our largest and most complex projects, but it has been terrific working with so many partners who share in our vision of creating a vibrant Michigan Street corridor,” said Max Benedict, partner, Third Coast Development.
Plainfield Township-based Progressive AE served as the project's architect.
Grand Rapids-based Pioneer Construction was the project's general contractor.
Financing partners on the project were JPMorgan Chase, Grand Rapids-based Mercantile, Cinnaire, MEDC and Capital Impact Partners.