Real Estate/Development

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GRAND RAPIDS — As Michigan’s second-largest city continues to grow and developers scoop up the remaining developable vacant land, it’s likely that some Grand Rapids residents who rent homes in desirable neighborhoods could face being displaced.

An “upscale casual restaurant” and wine tasting room is planning to open in Kentwood this summer.

GRAND RAPIDS — Studio Park developers announced Tuesday that five retailers and a restaurant will be included in the development.

A $4.5 million mixed-use project is in the works for downtown South Haven.

New York-based real estate development and management firm RD Management LLC plans to convert a former Muskegon-area shopping center into a mixed-use development.

Professional services firm BDO USA LLP has relocated its service center to a Franklin Partners LLC building at 5300 Patterson Avenue in Grand Rapids, the development firm announced today.

Until a couple of years ago, environmental assessments for property transactions did not include checking for PFAS contamination. Now, it has become standard practice in areas that have confirmed contamination with the family of industrial chemicals. According to legal experts who work in the real estate industry, both buyers and sellers need to complete due diligence when it comes to properties contaminated with PFAS.

GRAND RAPIDS — Ahead of the impending dissolution of the Kent County Land Bank Authority, the city of Grand Rapids and the Michigan Land Bank are working to form a partnership to allow the local agency’s services to continue under the state banner.

WALKER — Industrial technology and electrical services firm Feyen Zylstra LLC plans to invest $5.3 million in a new facility in Walker.

KALAMAZOO — Campus Advantage Inc., a student housing management company based in Austin, Texas, has taken over management of a property in Kalamazoo, near Western Michigan University.

GRAND RAPIDS — A development partnership wants to convert the massive former Display Pack Inc. building at 1340 Monroe Ave. NW into a 310-unit affordable housing project.

GRAND RAPIDS — RDV Corp. is planning a transformation of a former Fifth Third Bank building in downtown Grand Rapids where it announced in December it would move its headquarters.

GRAND RAPIDS — Developers for the new Studio Park entertainment district have resurrected plans to add an office building at the project, MiBiz has learned. Olsen Loeks Development LLC of Grand Rapids, in partnership with Studio C, says it will develop a new $30 million office development at 100 Ottawa SW in Grand Rapids.

GRAND RAPIDS — City planners hope a road diet along the Michigan Street corridor will move traffic more efficiently and help reduce crashes The road diet, planned for this spring, will extend from College Avenue to Eastern Avenue on the northeast side of Grand Rapids. Modifications include changing the striping configuration to create one travel lane in either direction and a center left-turn lane, plus a parking lane on the south side of the road.

GRAND RAPIDS — New ownership plans to turn Local 741 into a neighborhood bar after acquiring the site from a partnership involving an affiliate of Third Coast Development LLC. James Matthews, owner of Iron Well LLC, purchased 741 Leonard St. NW and Local 741 from Third Coast on March 20. Terms of the deal, which included Class C liquor and specialty designated merchant licenses, and the property transaction were not disclosed.

The Kent County Road Commission has voted to deny a more than $5 million bid for its Central Complex property along the Grand River

GRANDVILLE — Mall owner Brookfield Property Partners LP has purchased the former Younkers store at RiverTown Crossings in Grandville. The purchase came as part of A&G Realty Partners’ auction of 10 department store properties formerly owned by Milwaukee-based The Bon-Ton Stores Inc., which filed for Chapter 11 bankruptcy protection in 2018. The Younkers location at The Lakes Mall in Fruitport Charter Township near Muskegon was also included in the auction.

GRAND RAPIDS — To help curb fears of gentrification, a local nonprofit and an Ohio-based developer have partnered on an affordable housing development on the city’s southeast side. Ohio-based MVAH Development LLC, a development, construction and property management firm, is working with LINC UP on the proposed Eastern Lofts at 623 Eastern Ave. SE. The two hope to secure Low Income Housing Tax Credits (LIHTC) from the Michigan State Housing Development Authority (MSHDA) in the April funding round.

Grand Rapids-based Long Road Distillers LLC hopes to open a new satellite tasting room on the lakeshore.

A vacant church in Grand Rapids’ Heritage Hill neighborhood could be transformed into affordable housing by next year.

VICKSBURG — A proposed large-scale redevelopment in Southwest Michigan is angling to be the second project in the state to use a new funding tool. Paper City Development LLC is hopeful its proposal will meet the Michigan Strategic Fund’s criteria to use the state’s transformational brownfield program, an incentive first enacted in 2017.

David Denton says even though e-commerce is affecting the retail market, he’s expecting another good year for the sector from a real estate development perspective. Denton, vice president of real estate brokerage at DAR Development in Grand Rapids, was recently named to the Midwest Real Estate News Hall of Fame and previously served as president of the Commercial Alliance of Realtors.

A Grand Rapids-based development group has proposed plans to activate Grand Rapids Public Schools’ long-vacant West Leonard Elementary facility.

Holt-based Moore Trosper Construction Co. has opened an office in Sault Ste. Marie in an effort to work with the local Sault Ste. Marie Tribe of Chippewa Indians.

The real estate and development arm of Livonia-based Schostak Brothers & Co. has purchased a 950,000-square-foot distribution facility in Grand Rapids.

GRAND RAPIDS — The Kent County Road Commission is evaluating one bid valued at more than $5 million for its property on the Grand River. The Road Commission in December released a notice of sale for its Central Complex property located at 1500 Scribner Ave. NW along the west bank of the Grand River near U.S. 131. According to the Road Commission, 2722 Vassar LLC, which is registered to Christopher Weller, was the only entity to submit a bid.

A proposed headquarters project in Cascade Charter Township could become the home for Acrisure LLC, a Caledonia-based insurance brokerage that’s been growing rapidly through an ambitious M&A strategy. 

Two lakeshore communities are rethinking how former industrial sites will play a role in future development along their waterfronts. 

To help make Bronson South Haven Hospital more efficient, the owners are planning to shrink the facility’s footprint as part of a compact, contemporary health village design. Kalamazoo-based Bronson Healthcare, which acquired the former South Haven Health System in 2017, tapped Elzinga & Volkers Inc. to lead the $22 million project, which exemplifies a shift away from the inefficient designs of the past.

A $44 million hotel development in downtown Kalamazoo has secured project funding from the state of Michigan.

A project to construct townhomes in the city’s Michigan Oaks neighborhood gained financial support from the state on Tuesday.

Developers hope to begin construction this summer on housing and commercial space at a former church on the west side of Grand Rapids.

Hotel development in West Michigan remains on a torrid pace for 2019. Developers have plans to add more than 800 new rooms this year, with developments popping up in downtown Grand Rapids and in suburban areas surrounding the city. At the same time, although annual hotel occupancy dipped slightly for 2018, hotel revenue actually increased, a reflection of record room bookings.

Trillium Ventures MSV LLC, a Grand Rapids-based multifamily investment and property management firm, has acquired two Kalamazoo apartment complexes.

Pending finalization of the building’s purchase agreement, Gaia Cafe and the Division Avenue Arts Collective LLC have a clearer path to opening in Grand Rapids’ Creston neighborhood.

Grocery chain operator and food distributor SpartanNash Co. plans to open a small-format Forest Hills Foods store in the Grand Rapids suburb of Ada.

GRAND RAPIDS — Three Grand Rapids women on a mission to “keep Creston funky” have entered into a partnership to bring back Gaia Cafe and The Division Avenue Arts Collective LLC, this time in the city’s north quarter neighborhood. The partners are under contract to purchase a vacant 4,972-square-foot building at 1553 Plainfield Ave. NE, which has commercial space on the ground floor and a two-bedroom apartment on the second level.

GRAND RAPIDS — A strip shopping center along 28th Street has new owners. Grand Central Plaza, located at 2035 28th St. in Grand Rapids, was sold to an undisclosed Michigan-based firm, according to NAI Wisinski of West Michigan.

A co-op hopes to open a grocery store as part of a larger mixed-use project just south of downtown Grand Rapids.

The state will help fund the cleanup of a contaminated former dry cleaner in Wyoming to make way for a redevelopment project.

For years, the city of Hudsonville wanted to encourage developers to create a more traditional downtown for the Ottawa County community. Officials often found themselves in a Catch 22 in trying to spur those kinds of development projects. Because the city lacked what’s traditionally classified as a downtown area, the local government was unable to seek funding incentives for developers, which in turn hindered the growth of a centralized urban area.

MUSKEGON — A deal to redevelop the former Ameribank building is making headway, but the project remains contingent on incentives from the city and the Michigan Economic Development Corp. Muskegon developer John Essex, managing partner and president of Core Development LLC, submitted a formal purchase agreement to the city prior to the Jan. 30 deadline. If the project goes ahead, it would transform a partially demolished building into a new use in the core of the city’s downtown.

KALAMAZOO — Southwest Michigan’s largest city is radically rethinking how its street network connects its people to neighborhoods, businesses and major institutions. In a January agreement with the Michigan Department of Transportation, the city of Kalamazoo accomplished a long-standing goal of getting back under local control the major streets through its downtown and into adjacent neighborhoods. Now, officials want to reconfigure the streets into a multi-modal part of the city’s urban center.

GRAND RAPIDS — A private investment group has purchased a downtown commercial office building at 61 Commerce Ave. SW for $4 million, MiBiz has learned. An investment group affiliated with Byron Center-based E5 Ventures LLC bought the five-story, 28,245-square-foot commercial office building from ProCare Corporate Headquarters LLC. The transaction closed on Jan. 14.

A corner commercial building along the East Fulton Street corridor in Grand Rapids is under new ownership.

GRAND RAPIDS — Developers relied on low-income tax credits to add nearly 2,000 units of affordable housing in the city over the last five years. While the credits provide key gap financing to affordable housing developers, officials who administer the funding say the program is consistently “oversubscribed,” leading to delays for new projects.

WALKER — With a massive amount of new housing in the works, the city of Walker hopes to further define its identity. Developers have planned and the city has approved more than 400 housing units for the Grand Rapids suburb, including 206 single-family units and up to 221 multifamily residences.

Federal tax reform means multiple benefits to the real estate industry, although some further guidance is needed for investors to fully understand what that means. After President Donald Trump signed into law the most sweeping changes to the U.S. federal tax code since 1986 with the Tax Cuts and Jobs Act, experts pointed to the real estate sector as one of the winners with the reforms.