National real estate and development firms aren't the only ones who recognize that the West Michigan real estate market and the greater Grand Rapids real estate market are both great places to invest; locally-owned companies often spend years investing in West Michigan communities. The landscape of the downtown area and many of the more populous suburbs of Grand Rapids have seen a massive influx of investment, with new construction and retrofitting of older buildings happening all the time.
According to an article published by the Grand Rapids Business Journal, locally-owned and operated Orion Real Estate Solutions has a major project planned, and they will be appearing in front of the Grand Rapids Planning Commission on October 22nd to seek city approval for certain aspects of the project. This project, which represents a massive $8 million investment, would be an apartment complex located on the banks of the Grand River downtown, at 1001 Monroe Avenue Northwest.
These modern apartment units, if approved, will create housing for 34 individuals and families. Named River's Edge Apartments, this development would offer approximately 44,000 square feet of living space spread over a total of five stories. The apartments which will be located on the second through fifth stories of the building, would be studio units, one bedroom apartments and two bedroom apartments, ranging in size from 680 square feet to 1,100 square feet. The first story would be dedicated to parking, as well as to housing an 1,800 square foot restaurant space.
Orion Real Estate Solutions would handle the demolition of the existing structure at the planned location, as well as the construction of the new River Edge Apartments building. Orion Real Estate Solutions already owns the land, having purchased the property with business capital. Should they gain approval for the project, they will be seeking financing for the construction of the apartment complex. The building itself was designed by architects at Progressive AE, another Grand Rapids firm. As far as interior design goes, it appears that contract is still up for grabs, as no firm or company has been named at this time.
As far as the approval required from the Grand Rapids Planning Commission, that appears to have to do primarily with certain elements of design incorporated into the building plan. Orion Real Estate Solutions will need to obtain city approval for certain aspects of the project, including the art work, a set-back variance allowing them to build within a certain proximity to the Grand River, and certain other site details. Should it all go through the Planning Commission without a hitch, Orion Real Estate Solutions hopes to break ground on the project early next year.
As the downtown area of Grand Rapids continues to develop and expand its offerings, it is increasingly important for those selling their homes in the area or considering buying a home or investment property in the region to have very knowledgeable, well-informed, and experienced realtor backing them and aiding them in the process. The staff at Pyxis Realty is always ready to help clients navigate the confusing and complex real estate market, so give them a call today!