According to a recent article by the Grand Rapids Business Journal, the mixed-use developments becoming so popular downtown are not restricted to that main corridor of Grand Rapids. Oakwood Manor Apartments, located in Heritage Hill at 547 Cherry Street SE will soon be renovated into a mixed-use building, giving this historical building a much more modern appeal for younger area residents and businesses. Oakwood Manor is currently home to 94 residential apartment units, and while those will remain, hopes are that the building will find commercial tenants as well.
Originally constructed in 1927, Oakwood Manor was initially built as a mixed use building. Back at the time the original construction was completed, in addition to residential units, the seven story tall building (currently the tallest edifice in Heritage Hills) hosted a small grocery store and a restaurant on the first floor. Those spaces have been vacant for some time, but that is about to change. X Ventures, a commercial real estate company, will be renovating the building in the near future in the hopes of turning it into an anchor location in the Heritage Hill neighborhood.
Oakwood Manor is currently owned by Green Property Management, and they are collaborating with X Ventures and Lott3Metz architecture firm in the renovation. Plans for the renovation include a complete overhaul of the interior of the building, a new back patio, and a carriage house for residents' bicycle storage. Everything, from the residential hallways to the lobby to the elevator interior, will be brand new when renovations are completed. There are plans to redesign the landscaping on the surrounding lot as well. The companies intend to work closely with the Historical Preservation Commission and the Heritage Hill Neighborhood Association, who will have a chance to review the renovation plans as soon as they are completed.
As for current tenants, some are staying and others are moving out. The upper floors are being completely redone to house several larger penthouse units, but many of the apartments on lower floors will remains close to the same in size and layout after renovations. Some current tenants are re-leasing, while others are moving on to new spaces, with their units being renovated as they leave. The first floor commercial units have already been renovated, and tenants are being sought for the 4,400 and 2,700 square foot units, which are reported to cost roughly sixteen dollars a square foot. Management reports the spaces would be perfect for an upscale convenience store or coffee shop.
This development and the renovations it will include will certainly have an impact on the values of properties in nearby communities and neighborhoods once it is completed. If you own a home in Cherry Hill, Heritage Hill, East Hills, or South Hill, there is a chance that this project could have an impact on you if you plan to sell your home in the next few years. Working with the knowledgeable, experienced realtors at Pyxis Realty is one way to ensure that you have the most up-to-date information about community developments and projected future changes in property values and housing demand. Call us today to see how easy making the most of selling your house can be!