There's some major downtown developments in the works that could permanently alter the skyline of downtown Grand Rapids. Orion Real Estate Solutions, along with Midtown Properties, Lansing-based DTN Management and Concept Design are planning to construct two massive towers downtown, on the northeast corner of Ottawa Avenue and Lyon Street.
Like many of the more modern and recent developments in the city center, these two towers will be mixed use. That means that in addition to residential units, the buildings will also contain retail space and office space as well. So far, the planned development has at least one major tenant in the works, the law offices of Warner Norcross & Judd, a company that has offices in downtown Grand Rapids currently, as well as in many other cities across Michigan.
According to an article in the Grand Rapids Business Journal, Warner Norcross & Judd is currently renting space in the Fifth Third Bank Building, but their lease is up in 2019, and they have been looking for more attractive and modern facilities, only to find a dearth of options. Thus, negotiations and discussions began with Orion Real Estate Solutions, and the concept of Grand Rapids' own twin towers was born. Planners hope to break ground on the project in 2017, with residents moving in the next year.
The location selected for this development is currently just a parking lot, owned and operated by Ellis Parking. The firms involved with this concept are hoping to have two towers constructed and open for tenants by 2018. Each of the towers will be between fourteen and seventeen stories tall. The towers will sit atop five story tall parking structures, making the final buildings close to or over twenty stories tall.
Although they are part of the same project, each tower will have its own unique design. One will be dedicated solely to office space, which designers hope will appear competitive with modern office facilities in Chicago, while the other tower will be mainly residential, with plenty of windows and balconies for residents to enjoy. Each building will have main floor retail, and while they will be connected via the parking structure, they will have their own entrances and lobbies.
For those who are worried that this new project will decrease already scant parking in the downtown area, never fear! The surface lot currently run by Ellis Parking only has 120 parking spaces, many of which sit empty on any given day. The new, multi-level enclosed parking structure will more than quadruple the available parking spaces, with an estimated five hundred parking spaces to be available inside upon completion of the project.
While there will be some time before these planned towers have a direct impact on the downtown Grand Rapids real estate market, it is important to work with realtors who know about planned developments and upcoming shifts in the local market. If you're considering purchasing a home or an investment property in Grand Rapids or the West Michigan area, you'll find the knowledge and experience of the staff at Pyxis Realty invaluable. Give them a call today to get the process started!