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Wednesday, 14 August 2013 13:43

Aug. 14, 2013: Grand Rapids Downtown Development Authority approves support for building rehab developments, new construction

Written by  MiBiz Staff
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The Grand Rapids Downtown Development Authority today approved support for a handful of building rehabilitation developments along with some major new construction. The projects are expected to leverage approximately $94 million in private investment and will add more than 100,000 square feet of retail, commercial and office space along with as many as 284 new housing units in the downtown area, according to a statement from the DDA. Projects receiving incentives include, Rockford Construction’s Morton House at 55 Ionia Ave., The Trust Building owned by CWD Real Estate at 40 Pearl St., Brookstone Capital’s 14-story proposed high rise development at 20 E. Fulton St., John Wheeler and partners’ Arena Place project at 158 Weston St. SW and two reuse projects at 141 Ionia Ave. NW and 333 Grandville Ave. SW. The 284 units are estimated to contribute an increase of roughly $5.2 million in consumer spending potential, according to the DDA release. [1:44 p.m.]

Out-of-state real estate investment firms continue to trade assets in the West Michigan market. The Hampshire Companies, a New Jersey-based private investment firm, in a joint venture with Balitmore, Md.-based MCB Real Estate LLC, recently closed on the sale of a 113,481-square-foot retail property located at 1227 Michigan on M-89 in Plainwell, Mich. to Phoenix, Ariz.-based privately-held REIT Cole Real Estate Investments. The property is a fully leased Home Depot. CBRE represented The Hampshire Companies in the deal. [1:44 p.m.]

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