Real Estate/Development

SPONSORED BY ROCKFORD CONSTRUCTION COMPANY

GRAND RAPIDS — A 105,000-square-foot medical office building fully occupied by Metro Health-University of Michigan Health was acquired by new owners as part of a multi-state, 25-building property deal, MiBiz has learned.

With the retail sector undergoing seismic shifts to its traditional bricks-and-mortar business model, large malls and shopping centers continue to seek out new ways to remain relevant in the future.

GRAND RAPIDS — Citing demand for more diverse housing products, developers cautiously have started exploring whether to market new condominiums for sale in Grand Rapids’ downtown district.

MUSKEGON — Public and private partners hope to leverage existing assets as they move ahead with plans to develop a $15 million convention center in downtown Muskegon.

Spurred on by the dearth of available manufacturing space across West Michigan, developers have started to add inventory in the region by building or expanding industrial parks.

Grand Rapids may be known colloquially as Beer City, but visitors should plan to avoid walking between hip bars and eateries with a pint of local IPA, at least for the foreseeable future.

To some local economic observers, the success of the architecture and engineering industry in West Michigan serves as a microcosm of the region’s broader economy.

As West Michigan’s economy expands, planners and business owners find they’re facing a new growing pain.

GRAND RAPIDS — The new owner of Schuil Coffee Co. LLC hopes to leverage nearly two decades of experience in the packaged food and e-commerce industries to grow the 36-year-old roastery.

GRAND RAPIDS — Two large downtown sites along Division Avenue will likely remain vacant, at least for the foreseeable future.

When Brian Kelly first heard about a suburban space to move his Grand Rapids-based photography studio, he ignored the idea for one simple reason: It was in Kentwood.

While West Michigan’s affordable housing crisis may pale in comparison to situations in other larger metro areas, disparate groups are taking a hands-on approach to the problem.

GRAND RAPIDS — After running into challenges with leasing retail space at a prominent downtown redevelopment, a DeVos-held entity got permission from the state to delay its incentive loan repayments.

With a commercial real estate development pipeline that stretches into 2019, the forecast for the industry in West Michigan remains bright. MiBiz periodically checks in on the status of proposed developments. This report highlights several projects from around West Michigan and examines where they currently sit in the development pipeline.

GRAND RAPIDS — A local nonprofit real estate developer is in talks to acquire a large West and Mid-Michigan residential property portfolio from its current out-of-state owners, MiBiz has learned. 

GRAND RAPIDS — The developers of a mixed-use project being built on the southwest side of downtown just completed an $8.7 million capital raise to finalize a construction loan.

The group behind the Kent County Youth Fair will buy Deer Run Golf Club in Lowell Charter Township with plans to turn the 140-acre site into its new fairgrounds by 2020, MiBiz has learned.

Stakeholders in West Michigan’s commercial real estate and construction industries remain generally upbeat as they look toward the second half of the year. 

GRAND RAPIDS — After a half-dozen staff departures and several stalled high-profile projects, 616 Development LLC has struck a new partnership to put the real estate firm back on what it sees as a growth trajectory.

MACKINAC ISLAND — Despite generally strong economic activity and considerable private sector investment, even cities like Grand Rapids struggle to keep up with increased demands for public services. 

GRAND RAPIDS — With three offers on the table to acquire its under-utilized downtown office building, Kent County officials now have a decision to make: whether to actually sell the facility at 82 Ionia Avenue NW.

As executive director of the Kent County Land Bank Authority, David Allen thinks his organization contributes to more affordable housing options in the greater Grand Rapids area.

The retail real estate sector could be on the verge of a major upheaval, beyond the near steady stream of headlines about brick-and-mortar store closures and bankruptcies in recent weeks.

A new kind of institutional investor has started to capitalize on opportunities in West Michigan.

As the city of Grand Rapids considers selling publicly-owned land, it hopes to use a new method of engaging would-be developers looking to redevelop the parcels.

As developers from around the Midwest descend on Michigan’s capital region, the Lansing area’s brownfield sites could soon become a lot less brown.

WYOMING — Stakeholders in the ongoing development of the Metro Health campus say they’re about halfway to their targeted $1 billion investment in southwestern Kent County.

GRAND RAPIDS — Developers behind a $140 million movie theater and mixed-use district south of Van Andel Arena want to expand the project to include a new office tower and hotel, MiBiz has learned.

GRAND RAPIDS — As Grand Valley State University expands its presence in the Belknap Lookout neighborhood, it’s juggling myriad concerns that often come with large-scale development.

GRAND RAPIDS — A lawsuit filed last week alleges a West Michigan real estate firm engaged in racketeering and other fraudulent practices in order to charge higher rents at properties intended for affordable housing.

For all the talk of placemaking and city building across Michigan, State Rep. Andy Schor believes something very basic remains missing: local grocery options.

GRAND RAPIDS — A group of investors hoping to redevelop one of downtown’s last vacant buildings believes energy-efficient infrastructure could serve as one method to achieve greater affordability.

West Michigan construction industry executives believe some of their recent worker training efforts have started to pay off. 

GRAND RAPIDS — Two stalwart West Michigan retailers are closing up shop, opening up valuable real estate at a time when space is at a premium in the region.

More than a decade into the “Envision Ada” planning process, stakeholders can now see construction activity on new mixed-use buildings they hope will attract new retailers, restaurants and residents to the village.

GRAND RAPIDS — Stakeholders from around Michigan say they’re impressed with the results the Grand Rapids Economic Development department cited in a recent report detailing the performance of various project incentives.

GRAND RAPIDS — Facing a future in which the role of the traditional automobile is changing, officials in Grand Rapids continue to evaluate long-term mobility investments, particularly when it comes to parking.

KALAMAZOO — It may have taken five years, but the partners behind one of the largest mixed-use projects in downtown Kalamazoo finally have secured the financing they need for the development. 

More than 12,000 amateur athletes and their traveling companions from around the Great Lakes will descend on greater Grand Rapids next summer when the region hosts the State Games of America.

WYOMING — Stakeholders looking to redevelop one of West Michigan’s most storied industrial sites and attract high-quality manufacturing jobs have brought on a new partner. 

By and large, 2016 made for a record year for many in West Michigan’s commercial real estate and construction sectors. 

Despite political uncertainty and fears of an impending economic slowdown, commercial real estate and construction stakeholders have faith in the fundamentals of the industry in West Michigan.

WEST MICHIGAN — 2016 has featured a flurry of commercial real estate news, in a year that’s been defined by dwindling vacancies for developers and rising costs for end users. 

West Michigan’s commercial real estate industry is capping off a banner year for 2016. Developers, architects and contractors have all reported success across multiple sectors, including retail, industrial and health care. And while some divisions have started to emerge about just how strong all those sectors truly are, executives across the region agree the boom in apartment development — and the corresponding need for design and construction for those projects — is real and makes for significant business opportunity. In separate interviews, MiBiz spoke with three industry stakeholders to get their take on where one segment in particular — the multifamily market — stands and where it’s going. 

Large amounts of new office space, particularly for medical uses, will come online in suburban Grand Rapids in the near future, and it’s not expected to last long on the market. 

HART — After operating for a decade, The Starting Block has helped the West Michigan craft food movement grow from an idea into the fledgling industry it is today.

GRAND RAPIDS — A recent Grand Rapids Planning Commission decision underscores its long-term development goals for the high-traffic area near the intersection of Knapp Street and East Beltline Avenue. 

GRAND RAPIDS — Facing a dearth of high-amenity space in the downtown Grand Rapids market, commercial real estate stakeholders hope developers can soon begin to add Class A office inventory.