Real Estate/Development

SPONSORED BY ROCKFORD CONSTRUCTION COMPANY

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.

As the 2016 version of ArtPrize enters its final week, it might seem like local artists are living in a golden age. 

To help make Michigan more attractive for large-scale real estate developments, lawmakers want to give developers new options to help fund their projects.

The last major vacant building in the core of downtown Grand Rapids will remain empty, at least for the foreseeable future.

GRAND RAPIDS — BarFly Ventures LLC, the parent company that operates the growing HopCat craft beer bar chain, has secured a new $5 million investment to further its expansion in the Midwest, MiBiz has learned. 

GRAND RAPIDS — Restoring the Grand River to its former state and encouraging more recreational uses of the waterway in downtown Grand Rapids may be part of the long game of economic development, but a variety of companies have started banking on the notion that improvements will occur. 

WYOMING — Stu Kingma often fields multiple phone calls per month from people interested in redeveloping Site 36, one of West Michigan’s most storied former industrial sites.

MUSKEGON — A group of a dozen investors wants to bring a world-class mixed-use development to a mile-long section of the Muskegon Lake shoreline that has been an industrial site for more than a century. 

Stakeholders in West Michigan’s commercial real estate industry continue to express cautious optimism for the foreseeable future, despite the emergence of some headwinds. 

GRAND RAPIDS — From an undisclosed $100 million foreign-backed fund to local real estate agents, investors of all kinds are staking their bets on the Grand Rapids housing market. 

The Michigan State Housing Development Authority yesterday approved funding for four West Michigan projects through the Low Income Housing Tax Credits (LIHTC) financing program.

GRAND RAPIDS — When it comes to the possibility of redesigning one of Grand Rapids’ oldest downtown plazas, there’s a common refrain from people around the city: Something should be done. 

New commercial real estate projects continue to pop up around West Michigan at a frantic pace.

Downtown-ish Grand Rapids could finally get a “real” grocery store sometime in the future, if plans from Meijer Inc. and Rockford Construction Co. Inc. come to fruition. 

GRAND RAPIDS — Walking around the southern end of the historic Heritage Hill neighborhood, Mark Miller points out clues for how Grand Rapids could achieve greater housing affordability in the coming years. 

GRAND RAPIDS — Walking around the southern end of the historic Heritage Hill neighborhood, Mark Miller points out clues for how Grand Rapids could achieve greater housing affordability in the coming years. 

CWD Real Estate Investment Inc. appears primed to make another significant acquisition in Grand Rapids’ central business district.

GRAND RAPIDS — Commercial real estate brokers say the sale of two fully-leased, recently renovated office buildings in downtown Grand Rapids points to a healthy local economy, even if the transactions are far from the norm. 

KALAMAZOO — With a dearth of major buildings left to renovate in the downtown Kalamazoo area, developers say new construction will soon be their only option going forward. 

GRAND RAPIDS — As Kendall College of Art and Design finishes its first cohort of graduate architecture students, the school’s nascent program aims for significant growth in the coming years. 

GRAND RAPIDS — Realizing that a movie theater would not work as a standalone project in downtown Grand Rapids, J.D. Loeks knew that he needed to broaden the scope of his long-planned development.

Investments in rail infrastructure eventually will expedite the time it takes for Amtrak passengers to commute from Kalamazoo to Chicago, potentially cutting travel times by a half hour. 

GRAND RAPIDS — Offering shorter lease terms and increased flexibility to tenants may seem counterintuitive to executives in the office development and property management sector. 

Despite a global economic slowdown and fears of overheating in major markets, stakeholders in West Michigan’s commercial real estate industry say current regional indicators continue to show signs of a healthy market. 

Foreign investors have considered Michigan an attractive place put their capital to work in the post-recession years.

West Michigan contractors and architects point to the diversification of backlogged projects as further proof of a healthy regional economy. 

Most research firms project the commercial real estate market in West Michigan will maintain slow but steady growth in 2016. 

ADA — The future of the quaint village of Ada lies in creating a moderately dense, mixed-use downtown where residents and visitors alike can live, work, play and eat. 

A leaked internal document outlining potential plans for development in a Grand Rapids neighborhood has created a firestorm of controversy and stoked fears of gentrification.

Despite a number of recent global and national industry reports pointing to potential slowdowns in the construction sector, West Michigan contractors say they remain busy and confident for the foreseeable future. 

Michigan’s two leading construction trade groups find themselves on opposite sides of one key industry issue: prevailing wage. 

When developer Sam Cummings set out to redevelop a building at 25 Ionia St. SW in Grand Rapids nearly two decades ago, he needed to leverage the site’s historic designation to make the project economically feasible.

With nearly 2,000 new apartment units in the development pipeline for downtown Grand Rapids, many in the community have started to wonder when a full-service grocery store will open in the city core.

With more than 530 new apartments and at least $115 million in new investment, the pipeline for mixed-use development remains strong along the Michigan Street corridor east of the Medical Mile.

The West Grand neighborhood in Grand Rapids soon will offer residents and visitors the ultimate trifecta when it comes to craft alcoholic beverages.

From new high-rise office towers to revamped shopping malls to urban parks, the growing region continues to see new construction and major renovation projects across a host of real estate sectors. But a lot can go on between a formal project announcement and its actual completion — or even its groundbreaking.

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.