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Commercial Real Estate (204)

City of Muskegon to develop housing

Written by | Sunday, 10 January 2016 22:51 |

With developers facing a series of complications in creating a sustainable housing market in downtown Muskegon, city government decided to take the rare move and jump into the business of commercial real estate development.

With state tax changes secured, Switch Communications Group LLC now turns its attention to the decade-long buildout of its $5 billion cloud-based data center in southern Kent County.

The home of the former Southwest Regional Rehabilitation Center in Battle Creek could reopen next year under new ownership if the potential sale to a Pennsylvania company goes through.

Recent quarterly reports from two West Michigan commercial real estate brokerages point to continued growth in the area’s industrial, office and retail segments alongside increasingly tightening inventory.

Crowdfunding opens up a new set of opportunities for capital formation to support commercial real estate projects, according to industry experts. But along with the ability to raise money from a large pool of non-accredited investors comes a host of new complexity.

Fifth Third Bancorp. has quietly put its longtime home in downtown Grand Rapids on the market, the sale of which could reshape the city’s central business district, MiBiz has learned.

A burgeoning K-12 construction market brought on by the passage of recent school bond proposals stands to create a windfall of new projects for West Michigan’s general contractors.

As the urban core of Grand Rapids and its near neighborhoods adds new residents, many people expect the area will see a rush of new retail options. However, those new stores offering basic staple items may not come as fast as many people would hope.

As demand for housing in downtown Grand Rapids and its near neighborhoods continues to grow, developers need to strike a critical balance between market-rate and “affordable” housing.

Downtowns across West Michigan have transformed into destinations for some of the area’s leading life sciences and biomedical research institutions. For proof, one needn’t look beyond Grand Rapids and Kalamazoo where Michigan State University and Western Michigan University, respectively, have each made significant investments in medical learning and research facilities

GRAND RAPIDS — Visitors to Grand Rapids’ growing central business district will find no shortage of old and new office buildings filled with law and accounting firms, design-centered businesses and tech companies.

SHERIDAN — A long-vacant and blighted industrial building in a small Montcalm County village could be demolished with the help of a federal grant, better positioning the community for redevelopment in the future.

Orion Construction plans to build a mixed-use development along the banks of the Grand River just north of downtown Grand Rapids. The River’s Edge development at 1001 North Monroe Ave. will consist of 35 one- and two-bedroom apartments, on-site parking as well as a ground-floor restaurant and bar, said John Wheeler, director of business development at Orion Construction and president of its development subsidiary, Orion Real Estate Solutions.

Stakeholders in Michigan’s construction industry remain starkly divided in the debate over repealing the state’s prevailing wage law.

When MiBiz broke news that Spectrum Health plans to bring 500 I.T. workers to a new office in downtown Grand Rapids, many quickly praised the health system’s continued investment in the city. But the move certainly gave other business owners pause once they realized Spectrum Health would need to find parking for all those employees. After all, the perception persists that the core downtown area lacks available parking options, despite studies to the contrary.

Motorists who spend much time in Ottawa County have long hoped for a north-south alternative to the busy U.S. 31 corridor that passes through the resort town of Grand Haven.

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