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Monday, 19 June 2017 11:03

CWD Real Estate proposes commercial redevelopment near Ramblewood Apartments in Wyoming

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A subsidiary of CWD Real Estate Investment has proposed an $8.6 million redevelopment for an aging commercial complex on 44th Street in Wyoming, near the Ramblewood Apartments. A subsidiary of CWD Real Estate Investment has proposed an $8.6 million redevelopment for an aging commercial complex on 44th Street in Wyoming, near the Ramblewood Apartments. COURTESY PHOTO

WYOMING — A subsidiary of CWD Real Estate Investment LLC has proposed redeveloping a mostly underused commercial complex in Wyoming along 44th Street SW, according to municipal documents.

CWD 2757 44th LLC plans to invest about $8.6 million to expand office, restaurant and retail space at 2757, 2759 and 2761 44th Street SW, adjacent to the Ramblewood Apartment complex.

The Grand Rapids-based real estate development and property management firm is seeking around $1.1 million in brownfield tax capture for the redevelopment project that includes demolition of multiple buildings on the site, as well as lead and asbestos abatement and infrastructure improvements, according to documents filed with the city of Wyoming.

The redevelopment is expected to create around 100 new jobs.

CWD Real Estate expects to begin work on the site next spring and bring the development to market in phases over 36 months, according to the municipal documents.

Managing Partner Sam Cummings told MiBiz that the company views the project as an extension of its Bucktown retail development just to the west on 44th Street SW in Grandville. That site is anchored by Target and Cabela’s and contains multiple outlot buildings, largely occupied with retail and restaurant tenants.

“Our Bucktown project was a repurposing of an old industrial property that went really well,” Cummings said. “We like this corridor. We still don’t know exactly how it will play out, but we like the fundamentals.”

According to City of Wyoming property records, CWD bought three properties from AIMCO Ramblewood Residential LLC for a combined $1.2 million on April 17.

The company will seek approval tonight from Wyoming’s Brownfield Redevelopment Authority.

Read 2969 times Last modified on Monday, 19 June 2017 11:11
Nick Manes

Staff writer

nmanes@mibiz.com

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