There have been several major announcements about West Michigan real estate in the news recently, some of which is very promising for our state and community as a whole. In addition to ongoing investment in West Michigan by major national companies, there is also continued evidence of locally-based real estate development as well.
One of the more exciting developments recently announced is the tribal development in Hartford, MI (located in Van Buren County). The development is past the planning stage; in fact, the Pokagon Band of Potawatomi Indians has already broken ground on its new tribal village called Pokégnek Édawat Hartford. The new village is located not far from the Four Winds Casino, which is also managed by the tribe. The land being developed is roughly one mile east of the campus for the Four Winds Casino and hotel, and while the property itself does not have an address yet, it is easily accessible and located off the Red Arrow Highway.
The recent groundbreaking ceremony was for the first stage of the Pokégnek Édawat Hartford village development, which will see the construction of eight residential dwelling units in a series of three buildings completed by the spring of 2016. Two of the buildings will be two unit duplexes, while the third will be a townhome featuring four units. Of the eight new homes, half will be designated for tribal elders, while other members of the tribe will be permitted to apply for and rent the remaining units.
There is also a second phase of the village's construction, but that is still in the planning phase. According to a tribal representative interviewed by the Grand Rapids Business Journal, there are currently 39 families in the Hartford area awaiting housing assistance from the tribe. There is a sincere hope that the village will be expanded to offer more housing units to those in need.
In news slightly closer to home, in the Grand Rapids real estate market, downtown properties, even massive commercial buildings, are receiving more interest and offers than they have in some time. The building built in 1932 and located at 82 Ionia Ave. NW, which is owned by Kent County, has received at least three credible offers for purchase following an announcement by the county earlier this year that they would be open to taking offers.
The building, which includes the parking structure at 78 Ionia Avenue, has a very desirable location with frontage on Ionia, Division, and Fountain Street. It currently houses many county offices, including Friend of the Court, Community Housing and Development, the County Prosecutor office, and Circuit Court Probation. These offices take up roughly 65% of the building. There are offers on the building from the New York-based Embassy Group, an investment group. They made the lowest offer, $6.5 million and free rent for county offices for twelve months after closing. With an offer slightly higher at $6.8 million and a lease for county offices, there is serious interest from Illinois-based Franklin Partners. The highest bid was a cash offer of $10 million by Kendall College, which is expanding its downtown holdings in other areas as well.
Both the development of high-quality, subsidized housing for those in need in the West Michigan community and the thriving commercial real estate market downtown indicate positive movement for the West Michigan real estate market, particularly the Grand Rapids real estate market. There's never been a better time to sell your home or purchase one in the West Michigan area. If you're interested in buying a home or investment property, call Pyxis Realty for the hands-on, full service assistance of our experienced, professional staff. If you're selling your home, listing wit Pyxis Realty can ensure you maximize your return on your investment and make the most of the market. Contact our highly skilled team at Pyxis Realty today!