A large building in downtown Grand Rapids will be reaping the benefits of business investment in the local West Michigan real estate market. As downtown develops, becoming more modern and walkable, many companies are looking to make their mark on the area, and wisely so. One of these major investments, according to an article in the Grand Rapids Business Journal, is that the Calder Plaza Building will soon be getting a makeover. This ten story building, which is located at 250 Monroe Avenue, adjacent to the Calder Plaza and across the road from DeVos Place, is going to be updated to provide more modern amenities.
Originally constructed in 1982, the large building has never really been changed or updated in any major way since its completion/ Now that one of the largest tenants, Miller Johnson, in the building is leaving, the company that owns and manages the building, CWD Real Estate, plans to completely overhaul the interior of the edifice. CWD has owned the building since December 2014 and has big plans for the space. They aren't providing an estimate as to the cost of renovating the 160,000 square foot building, but the company intends to make it into competitive, high-quality office space.
What they have been specific about are some of the changes they are hoping to make. These will include expanding/improving the common areas and lobbies, increasing the amount of natural light the building makes use of, improving curb appeal and street viewability for retail businesses inside the structure, making it more of an asset for the increasingly modern downtown area. This means the exterior of the building will also be seeing major changes, in an attempt to make a dated edifice appear more modern from the outside.
CWD Real Estate has reported that they hope to begin construction in December, with custom-made office suites available for tenants by next summer. Given that they haven't even owned the property for a year, it's clear they are eager to make an impression on the skyline and city streets of Grand Rapids. They aren't the only ones; many recent stories in local media have focused on the number of construction and renovation projects in the downtown area, from Heartside to the Westside,
As our city grows and modernizes, the property values in the surrounding areas and neighborhoods will increase. From demand for centralized condo units in the heart of downtown to the desireability of classic homes in South Hill, all of the outside investment in our city's infastructure bodes well for homeowners in the West Michigan area. Although there is a predicted slow down of the market this fall, overall, it is still much more quickly paced and competitively priced when compared to where it stood three years ago or even last year at this time. Right now is the perfect time to invest in the Grand Rapids real estate market or the West Michigan real estate market. While prices are healthy, they aren't artificially high, and they have nowhere to go but up. Contact Pyxis Realty today to see about purchasing a home or condo in Grand Rapids, or to list your home and find a new one!