Top 5 Projects in Grand Rapids

Grand Rapids is booming with new development and redevelopment projects. The once soot-covered city from decades of coal heating is now a West Michigan metropolis. Currently there are nearly 20 projects under construction worth approximately $584 million, and more than 20 projects proposed or in the planning stages worth approximately $600 million, according to the Grand Rapids Business Journal. To view a complete interactive map of these projects, see here. Below we’ve selected 5 of the most impactful projects to highlight.

1). Studio C

A nine-screen movie theatre is awaiting groundbreaking in the downtown Arena District, but the theatre isn’t the only component set to occupy the space. 616 Development and Loeks Theatres Inc. (aka Celebration! Cinema) are partnering on the $100 million project that will include retail space, apartment units, a piazza and parking ramp. With a significant shortage of downtown parking, the 900-space parking ramp will be beneficial to the city and provide another option for drivers in the area. A study conducted by Downtown Grand Rapids Inc. found that throughout the first 10 years upon completion, Studio C should generate $369 million in economic benefits, not including the cost of construction, short-term construction jobs and income tax receipts.

Studio C rendering 

Studio C rendering 

  • $100 million first phase development; $40 million second phase
  • 38,000 square feet of retail; 20,000 square foot piazza
  • 187 apartment units
  • 900-space parking ramp 

2). Switch SuperNAP Campus

Nevada-based technology firm, Switch, selected the former Steelcase Pyramid as the location for its massive SuperNAP data center. When complete, the $5 billion Michigan SuperNAP will be the largest data center in the Eastern U.S. and will be powered by 100% green energy. The renovation of the Pyramid itself is complete, and construction on one of three additional structures is also complete. The project is expected to be in continuous expansion for at least 10 years, making it a constant source of construction and growing employment.

SuperNAP Pyramid rendering 

SuperNAP Pyramid rendering 

  • $5 billion investment
  • 1.8 million square foot campus
  • Phase 1 completion expected in 2021 

3). Hinman Tower

A parking lot located in the Historic District of Grand Rapids will soon be developed into the city’s tallest building. The proposed 40-story, triangular highrise will include a mix of retail space, hotel rooms and market-rate apartments.  Included in the project will be the renovation of a nearby parking lot, which will be developed into a parking ramp and connected to the tower via skywalk. No date has been set for groundbreaking, nor has the total cost of the project been announced.

Hinman Tower rendering 

Hinman Tower rendering 

  • 40 stories; 418 feet tall
  • Ground floor retail
  • 125 hotel rooms
  • 255 market-rate apartments

4). Michigan State University Grand Rapids Research Center

The site of the former Grand Rapids Press building is now home to the $88.1 million Michigan State University Grand Rapids Research Center. Research for the College of Human Medicine will focus on such topics as Parkinson’s disease, Alzheimer’s disease, autism, cancer, genetics, and women’s health and reproductive medicine. The project is finalizing construction as workers prepare to load in laboratory equipment.

MSU Grand Rapids Research Center

MSU Grand Rapids Research Center

  • $88.1 million development
  • 162,000 square feet
  • Six stories

5). Bridge Street Market

The West end of downtown Grand Rapids is anticipating a new mixed-use development that is set to include a Meijer-affiliated grocery store, although it will not assume the name of the successful Midwest chain. Construction for the “Bridge Street Market” is expected to break ground on June 26th of this year with first phase work scheduled to be completed by fall 2018.

Bridge Street Market rendering 

Bridge Street Market rendering 

  • $55 million development
  • 38,000 square foot grocery store; 56,000 square feet of office space 
  • 116 apartments
  • 64 affordable housing units 
 

For additional insight regarding West Michigan market details, refer to our West Michigan Market Study. Or, refer to our full 2016-2017 Market Study.

Top 5 Projects in the South Bend - Elkhart Region

Top 5 Projects in the South Bend - Elkhart Region

The South Bend–Elkhart Region is undergoing tremendous transformation as various projects push beyond the planning stages and come to fruition. South Bend is gaining more and more recognition for its “up and coming city” status, and both local and distant investors are targeting the area to contribute to, and benefit from, this movement. Elkhart’s recent RV boom has been catalytic for the city and surrounding area’s economic condition, with momentum expected to continue for the foreseeable future. The region’s spike in development and redevelopment projects should greatly benefit the local economy in years to come and is deserving of a closer look. The following will highlight some of the biggest projects in the South Bend-Elkhart region.

1.) Smart Streets Initiative

The Smart Streets initiative is a catalyst for over $200 million worth of investments in downtown South Bend. The project is aimed at enhancing the quality of life in the downtown area by fostering a more vibrant atmosphere and attracting economic development. Conversions of one-way to two-way streets throughout downtown, combined with multiple streetscape improvements have contributed to the vision of a vibrant downtown.

Main Street Row

Before

Before

After (rendering)

After (rendering)

  •  Undergoing a $400,000 facade renovation
  •  Sits along a portion of Main St. that greatly benefits from Smart Streets work, including new curbs, sidewalks, parking lanes and bike lanes.        

Chase Building / Aloft Hotel

Rendering

Rendering

  • $40 million redevelopment expected to open in late 2017
  • 183-room hotel, 83 apartment units, and ground-floor retail space
  • First Aloft Hotel in the state of Indiana           

 


 JMS Building / Studebaker Lofts

JMS.jpg

 

  • $7.6 million redevelopment 
  • Converted the six upper floors into 46 apartment units
  • The first floor will be available for retail space

 

 


LaSalle Hotel

  • $12 million redevelopment 
  • 67 upscale apartments and 8,400 square feet of ground floor retail space
  • Originally constructed in 1921 as a luxury hotel, the LaSalle building is listed on the National Register of Historic Places. 

 

2.) Renaissance District/Studebaker Campus

At the heart of the Renaissance District, the former Studebaker plant is being redeveloped into the Midwest’s largest mixed-use technology campus, converting 1.3 million square feet of industrial space into office, co-working, residential, retail, conference and entertainment space. “While the interior renovation will drive economic impact, transforming the facade of this massive, historic building will play a significant role in changing the hearts and minds of our city,” said Jacob Titus, local entrepreneur and founder of West.SB

Plot of redeveloped Studebaker Campus

Photo / Jacob Titus  

Photo / Jacob Titus  

 

 3.) Elkhart River District

The new River District near downtown Elkhart includes a $60 million aquatics and fitness center, $29 million luxury apartment complex, streetscape improvements and other mixed-use developments. The plan is focused around a 155-acre piece of land that is encompassed by the St. Joseph River to the North and the Elkhart River to the South and West. Access to rivers, walkability, greenspace and diversity of users are a few of the key components of this plan that aims to transform the East Jackson Boulevard corridor. “This is an unprecedented amount of development,” said Mayor Tim Neese in an Indiana Economic Digest article.

Rendering 

 

4.) New Carlisle Industrial Park/St. Joseph Energy Center

The $4.35 million infrastructure project to create a new industrial park in rural New Carlisle is projected to be completed by the end of May 2017. Once completed, the project will open over 1,000 acres for development. Already underway in the park is the first phase of the St. Joseph Energy Center, Toyota Group’s and Ares Private Equity Group’s $500 million project, which is expected to be completed by March of 2018. The output from Phase I of the St. Joseph Energy Center will serve approximately 450,000 households, and is expected to generate approximately 500 jobs during the construction phase and 25 permanent jobs when it comes online in the first half of 2018.

St. Joseph Energy Center rendering

St. Joseph Energy Center rendering

5.) GrandView Flats and Townhomes - Granger

GrandView Flats and Townhomes establish a new standard of residential life, bringing together urban sophistication and suburban luxury all while sitting at a prime Granger location. This $100 million mixed-use development features two and three-story residential and commercial buildings. Sixty residential units became available last spring, however there will be over 200 total units upon completion of the project by 2020.

Editted Entry.jpg

 

 

 

               

 

               

Igniting Development in South Bend

Igniting Development in South Bend

The Studebaker Corporation was a longtime driver of the South Bend economy. On that site today, the developing Ignition Park is striving to meet the needs of innovators and entrepreneurs. Flexibility is the key to serving companies on that growth spiral. HeadQuarters is a co-working space that opened in late 2016, and the Notre Dame Turbomachinery Laboratory is a $36 million facility working with industry and government partners....

Retail & Development Surging the South Bend-Elkhart Region

University Park Trade Area

In 2016, the University Park Trade Area (UPTA) benefitted from the rejuvenation of Wilshire Plaza. Six tenants leased over 103,446 square feet in the shopping center, increasing the occupancy rate from 75 percent in 2015 to 96 percent in 2016. The plaza brought in multiple regional and national quality tenants such as Fresh Thyme, SkyZone, DSW, and HomeGoods. The revitalized shopping center, along with several other retail projects, has helped renew national interest in the Grape and Main corridor.


We are thrilled about the transformation that is occurring by adding these best-in-class retailers to the merchandising mix at Wilshire Plaza. We successfully executed a plan to retenant the shopping center and create significant value.
— BENNETT MORRISON - SENIOR VICE PRESIDENT OF LEASING, CHASE PROPERTIES

Elkhart County Retail

The retail market in Elkhart County has picked up over the last couple of years. This uptick in development is in part due to an increase in disposable income for the county, driven by high employment in the RV industry. Shoppes on Six, an 115,000-square-foot development completed in 2015, created a new shopping destination for the entire Elkhart trade area.

Selected Major Area Projects

Concord Towne Center - Elkhart

Concord Town Center Rendering,

Concord Town Center Rendering,

Concord Towne Center, previously known as the Concord Mall, began plans in 2016 on a $60 million overhaul, transforming the existing indoor mall into an open-air, mixed-use destination. The project is reportedly expected to generate $150 million to $200 million annually for the Elkhart and Michiana region once completed.

Smart Streets – South Bend

Main Street Row Rendering

Main Street Row Rendering

The Smart Streets project, while controversial and still ongoing, has reached a point where we can see some early returns based on the projects that were waiting in the wings for news on whether it would be approved. So far, there have been several positive outcomes:

  • Instrumental in attracting redevelopment of the JMS Building, LaSalle Hotel, new Courtyard Marriot, Berlin Flats, and other projects that will add several hundred new residents to the downtown area
  • Two-way traffic and street improvements on Main Street triggered the redevelopment of Main Street Row
  • Catalyst for nearly $200 million worth of investments in downtown

Continued observation will be needed to see the full extent of how the project will impact South Bend's future.

The River District - Elkhart

The River District Rendering,

The River District Rendering,

  • “New urbanistic extension,” of Downtown Elkhart.
  • $60 million aquatics and fitness center
  • $29 million luxury apartment complex
  • Streetscape improvements and other mixed-use developments
  • One of 39 projects chosen to receive funding from the Regional Cities Initiative
 

Changes in Brokerage, 1997 vs 2017

Changes in Brokerage, 1997 vs 2017

The past twenty years have seen some massive changes to CRE, while other things have stayed pretty much the same! This is a great infographic from apto.com detailing some these changes!

Crowdfunding Comes to Commercial Real Estate

Change is on the way

Changes in the last 5 years to SEC regulations have opened the door for more individuals to invest in the commercial real estate world than was previously possible. With the increasing number of companies like RealtyShares, and RealtyMogul, and Fundrise who allow minimum investments as low as $1,000 in some cases, more and more people are able to get involved in the strong annual yields that commercial real estate usually tends to offer. There is also the benefit of having an investment that is backed by a physical asset rather than simply an investment into the market at large.

It also is pretty cool to be able to drive by a building and know that you own a piece of it, even if it is maybe the equivalent of just a few square feet. 

Nav Athwal, the Founder, and CEO of RealtyShares, writes a great Forbes piece that outlines how he sees commercial real estate investing changing as crowdfunding becomes a larger player in that sector.

You can read his article HERE

 

Skyline Tower Ground Breaking ceremony/press conference

We had a great time at the Skyline Tower groundbreaking ceremony on the Skyline/Ash Building Rooftop Park! Thanks to everyone who braved the wind and slight chill to attend! Great things coming to downtown Fort Wayne.

It was an awesome day to break ground on Skyline Tower in Ft. Wayne! Fort Wayne, Indiana Downtown Fort Wayne #ReInvent #BuildUp#HereComesFtWayne !!

https://www.facebook.com/BradleyCompanyCRE/videos/725006740984820/

 

The Development Conundrum

The Development Conundrum

There has been much talk over the past 12 months about the return of speculative development, or more affectionately referred to as “Spec Building”. We commonly break down commercial development into three basic categories; office, retail, and industrial.