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Monday, 03 February 2014 06:41

CWD plans new hotel in downtown Grand Rapids

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A new hotel is in the works for downtown Grand Rapids.

Developer CWD Real Estate Investment announced today that it plans to build a mixed-use hotel development at the corner of of Monroe Avenue and Louis Street, a site currently used as a surface parking lot, according to a statement. Other uses could include a restaurant, retail and possibly residential.

The project must still go before the City of Grand Rapids for approvals, likely this spring, and CWD hopes to begin construction later this year.

As MiBiz first reported in May 2013, CWD has been bolstering its war chest to do more projects in downtown Grand Rapids. At the time, the company’s CWD Urban Fund LLC had raised more than $26 million via a private offering toward a goal of $50 million to $75 million. 

The company is in discussions with Amway Hotel Corp. to manage the property once it is built, but a brand has not yet been announced. The hotel is expected to offer a mix of extended stay rooms, a first in the downtown market, the company said.

CWD selected Kulapat Yantrasast, the architect from wHY Design who designed the Grand Rapids Art Museum, to design the project.

The announcement comes after a strong year for hotel and lodging construction, which was the top building sector through the first 11 months of 2013 and grew 26 percent, according to according to Associated General Contractors of America Chief Economist Ken Simonson. Nationwide, lodging construction was forecasted to be among the top-performing construction sectors and expected to post double-digit gains in 2014, Simonson said.

In an AGC survey of Michigan-based contractors, one-third of respondents said they expected lodging, retail and warehouse projects to increase in 2014, while the remaining two-thirds expected activity to remain about the same.

Read 2088 times Last modified on Monday, 03 February 2014 09:38

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