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Tuesday, 30 June 2015 11:30

Orion announces completion of Eastown Flats apartments

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Eastown Flats Eastown Flats COURTESY PHOTO

Grand Rapids-based Orion Construction Inc. has announced completed construction on two mixed-use buildings in the eclectic southeast Grand Rapids neighborhood of Eastown. The $5.6 million development — named Eastown Flats — consists of 35 one- and two-bedroom apartments and 2,140 square feet of ground floor retail.

The buildings are located at 1400 and 1415 Wealthy Street SE on the site of a former car wash and vacant lot. Tattoo shop Sacred Expressions will occupy the retail space at 1415 Wealthy and a tenant will be announced in the coming weeks for the space at 1400 Wealthy.

All retail is now full, according to a statement. The apartments are 80 percent pre-leased, according the building's property manager, Grand Rapids-based Blu House Properties. The development does contain some studio and three-bedroom apartments, however, they have all been leased, an Orion spokesperson said.

Rent at Eastown Flats starts at $800 for a studio and goes up to $1,800 for a three-bedroom, two-bathroom apartment, according to the Eastown Flats website.

“(F)rom the initial conception of this project to its completion, we focused on complementing the architectural and cultural trends that have given this area so much character over the years,” said Orion’s director of business development John Wheeler in a statement. “The feedback from the neighbors has been excellent and we’re nearly full before the grand opening. We hope this is a testament to the need in the community we aimed to address as well as the satisfaction of the residents now living and working in Eastown Flats.”

The land for Eastown Flats was acquired by Orion’s development subsidiary Orion Real Estate Solutions LLC and the development was a joint venture between ORES and Sibsco LLC, a development firm controlled by the Secchia family.

Nederveld Inc. was the project’s civil engineer and Integrated Architecture served as the project’s designer. Bank financing was provided by First Community Bank while gap financing consisted of an $800,000 grant from the Michigan Economic Development Corporation’s Community Revitalization Program, as well as Tax Incremental Financing and Neighborhood Enterprise Zone funds.

The apartments come at a time when Grand Rapids is in need of multi-family inventory. In March, real estate research firm Zillow released data stating that the city had a vacancy rate of 1.6 percent, the lowest in the country. As MiBiz has previously reported, approximately 1,400 apartment units are either committed or under construction at 22 different sites around the city.

Read 1983 times Last modified on Sunday, 05 July 2015 22:37