A Grand Rapids developer is planning a 63-unit mixed-use development for the city’s west side neighborhood pending rezoning approvals from the planning commission.
Cherry Street Capital LLC, the firm that converted the former Walgreens on Michigan Street into a Goodwill store, has plans to develop a vacant piece of property at the corner of Lake Michigan Drive and Lexington Avenue NW in Grand Rapids.
The $12.9 million project includes two separate buildings that feature a handful of townhomes, 10,000 square feet of commercial space, two studio apartments and several one-bedroom and two-bedroom apartments with 83 units of underground parking.
All apartment units would be offered at market rates.
“We’ve been very mindful of the design on this and worked very hard to meet the balance of what a developer’s needs are and what the neighborhood wants,” said Chad Barton, partner at Cherry Street Capital. “We’ve listened to what the neighbors have said and have been very sensitive to how we transition into the neighborhood.”
Barton and firm partner Jim Peterson are also seeking brownfield tax increment financing to help cover the cost of constructing the underground parking. Their development plans go before the planning commission on April 10.
The project comes on the heels of other developments slated for the area, including Rockford Construction Co.’s nearly completed residential project at 600 Douglas Street and the recent announcement that a Canadian investor working through Orion Real Estate Solutions planned to renovate of the former Aslan Building at 600 Seventh Street.
Peterson’s firm initially pushed for the development of the Lake Michigan Drive site in 2006, but the South West Area Neighbors Association pushed back against the project.
“That was a much different project,” Barton said. “It was four stories of all one face and surface parking.”
The new project is much different, providing relief from the street and a step down effect that provides a transition into the traditional residential neighborhood, he said.
Grand Rapids real estate investor Jeff Boersma owns the property. Integrated Architecture Corp. provided the design services.