If there's one indicator of how strong the West Michigan real estate market and more specifically the greater Grand Rapids real estate market currently are, it is probably ongoing investment and development in the downtown area. The end of October will see the pre-leasing open house in the face of the final stages of completion for the long-awaited 616 Lofts on Michigan, a housing project that represents a $16 million dollar investment in our city and community. The company who designed and built 616 Lofts on Michigan, 616 Development, has also built and operates six other 616 Loft complexes, including 616 Lofts on Monroe, 616 Lofts on Pearl, and 616 Lofts at the Kendall, among others.
616 Lofts began construction of the Michigan Street complex in September of 2014 and hopes to finish construction on the building by January 2016. Located at the corner of Eastern Avenue and Michigan Street with an address of 740 Michigan Street, the 616 Lofts on Michigan are close to everything downtown, particularly the Medical Mile area. It was designed and built as a mixed-used building, meaning that the first floor of this four-story addition to downtown will be devoted to rental retail space. According to the developer, they will be announcing the tenant of the 9,700 square foot retail space on the first floor in the near future.
The upper three stories of the building contain fifty-four one and two bedroom apartments. There are multiple layouts available, with space inside the units ranging from 678 square feet to 1,086 square feet and rents ranging from $1,350 to $2,325 per month. That amount includes water, sewer, trash, recycling. Units are pet-friendly, but there is a pet fee for those who wish to bring their furry friends along to live at 616 Lofts on Michigan. Some of the amenities planned for this building include 95 parking spaces for tenants, many of which are below ground and therefore protected from the elements, and washer and dryers in each of the units, as well as modern fixtures and stainless steel appliances in the kitchen. Some units will feature balconies as well, making them very desirable to those who enjoy a beautiful view of the cityscape.
The open house, which will allow prospective tenants a chance to check out the building and the area, will be held on October 23rd from 3-6 p.m. and Oct. 24th from 10 a.m. to 3 p.m. There will be gift bags for the first 50 attendees to show up. Applications will be taken at the open house. There is a $50 application fee and security deposits for tenants will be $800. For those looking for a rental in a brand new building, this could be an excellent opportunity!
At Pyxis Realty, our staff keeps up-to-date on local and nearby development projects, such as the ongoing investments in the city made by 616 Development. Knowing what is going ensures that we can offer our clients the best possible advice on what neighborhoods are currently and will soon be a good fit for their living spaces and investment properties. If you're considering purchasing a home, either for a dwelling space or an investment, contact Pyxis Realty today to get the edge you need in this highly competitive market!