GRAND RAPIDS — Compass Insurance Agency is proposing a Class A office expansion along the Grand River north of downtown Grand Rapids.
The insurance company wants to add a third story to its 15,000-square-foot, two-story office building at 280 Ann St. NW, located just south of Riverfront Hotel between the Grand River and U.S. 131.
The plans call for an additional 18,000 square feet of Class A office space, according to Chip Bowling, principal at Bradley Co., a commercial real estate brokerage that is marketing the property to attract more tenants.
“Based on the initial activity, I feel strongly that we’ll have a new tenant in the first quarter of 2020,” Bowling told MiBiz.
“We felt that given its location being right off U.S. 131, overlooking the river, the free onsite parking, the outdoor patio, the hotel and restaurant directly next door — all these things would lead to a successful project and are all things any potential tenant may be looking for,” Bowling said.
An affiliate of Compass Insurance owns the building and 2.5-acre property, and the company would serve as the developer on the expansion project.
Compass Insurance is currently based in the facility and would be the lead tenant for the expansion, occupying about 50 percent of the building, CEO Jack Hoedeman told MiBiz. The company outgrew the space in the last two years after moving its headquarters to the site. Hoedman said the plan is for Compass to remain in its current space and expand into the new building.
“We’re excited for all of this development that’s happening in this area,” Hoedeman said. “Our business is growing; the additional square footage will allow us to continue to expand our business.”
Grand Rapids-based Lott3Metz Architecture LLC is the architect on the project, while Grand Rapids-based Honor Construction Inc. will serve as construction manager.
The facility is located just north of Kent County Road Commission’s Central Complex, from which it is separated by railroad tracks. The Road Commission last year rejected a $5 million bid for the property, as MiBiz previously reported.
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