Firm plans $6M retail project downtown
A local real estate developer is looking to spur retail activity along a block of downtown Grand Rapids.
Grand Rapids-based CWD Real Estate Investment plans to redevelop the corridor along Lyon Street NW between Monroe and Ottawa into a retail stretch with multiple storefronts and restaurants, according to CWD yesterday.
The retail project at 111 Lyon St. NW, or Vandenberg Center, involves the removal of the stone wall along Lyon Street and replacing it with three to five storefronts, as well as public seating areas. Details such as the layout and square footage of individual spaces were not disclosed.
The project is expected to re-activate Vandenberg Center, bringing a modern aesthetic and new vitality to the site surrounding Calder Plaza, across from the convention center and near hotels.
CWD is investing $6 million into the retail project. This is part of a $139-million overall renovation of the Fifth Third Center.
CWD acquired Vandenberg Center in 2016, and the location has remained mostly unchanged since then.
“This has been a long time coming. Vandenberg and Fifth Third Center is the middle of our city, but its street-level design has not stood the test of time,” said Sam Cummings, managing partner, CWD Real Estate Investment.
“With the proximity of our best hotels and our incredible convention center, it has the best location fundamentals for increased retail and restaurant density.”
Construction on the project is expected to begin in the next few weeks.
In addition to the retail space available, CWD said there is more than 100,000 square feet of office space available at 111 Lyon and at 250 Monroe.