Downtown Grand Rapids has seen some major announcements recently regarding developments, from new construction to work on updating existsing structures, that are sure to revitalize the city center. One of the projects drawing the most excitement and interest is the aptly named Arena Place, which will be located at 55 Ottawa Avenue SW. People are anxious to see construction completed, as there are hopes the exterior structure will be built by December 31st, 2015.
Currently under construction, this eleven story tall building will be another mixed use development. That means that it will feature housing units, retail space, and office space, instead of being solely zoned and planned for only one kind of tenant. The project was designed and constructed by Orion Real Estate Development, a subsidy of locally-owned Orion Construction, who has been involved in a number of large construction and renovation projects across West Michigan in recent years.
The 210,000 square foot building will include a massive, two hundred and eighty unit parking structure, ensuring that business and residential traffic to Arena Place will not impact already scarce parking during peak times downtown. In addition to the retail space on the ground floor, there will be office space for rent (tenants already announced for office spaces include the Miller Johnson law firm and branding firm DOMOREGOOD, along with others) and one hundred market rate housing units in the building. The housing will be spread across four floors, one of which is planned as condominium units on the sixth floor. There will be a mix of studio, one bedroom and two bedroom units available when construction is completed.
Arena Place could be open for tenants as soon as the spring of 2016. Once the exterior is finished, crews will begin the work of interior construction for the individual units and floors. It was recently announced that a good portion of the 8,174 square feet of ground floor retail space will be leased by Option One Credit Union. While not the biggest local name in credit unions, Option One Credit Union has been in operation for 79 years, making it a stable and powerful local business and a great anchor to a major development such as Arena Place.
Option One Credit Union will share the first story of the building with a restaurant being opened by the Meritage Hospitality Group, who owns, among other things, local Wendy's franchises. The planned restaurant is being called The Wheelhouse, and it will take up approximately 6,000 square feet on the ground floor of the development. Proponents of Arena Place are pointing to the convenience of banking and upscale dining in the same building where one lives.
As with many of the recent announcements for planned renovations and developments in the downtown Grand Rapids area, the completion of Arena Place will likely have an impact on the Grand Rapids real estate market and West Michigan real estate market. If you are thinking of buying or selling a house (or buying a condo unit in Arena Place), get in touch with the real estate professionals at Pyxis Realty today, and let their experience and knowledge of the local markets work for you!