By: Deborah Johnson Wood
As South Division struggles to recover from a reputation of crime and homelessness, developers Craig Gray and Chad Reul of Gotham Ventures LLC decided to move into one of their own developments—renovated condos in the heart of the neighborhood.
Their two condos, located atop the buildings at 447, 449, and 451 South Division, take up about half of the available living space above City Life Church and West Michigan Eco Center. Two additional 1,300-square-foot condos will fill the remaining space.
Each condo has a main floor and a second level, a bonus loft space suitable for an office, exposed brick interior walls, two baths, and an option for one, two, or three bedrooms. With 16.5-foot ceilings on the top floor and 9-foot ceilings on the main floor, the condos feel expansive, said Craig Gray.
"The building was built in 1912," Gray said. "We did the condo design and Lott3Metz drew it out for us. We gutted the building ourselves, and we are the general contractors."
Prices range from about $180,000 for condos finished to "white box" stage, to approximately $225,000 for a moderate build out. Renaissance Zone tax incentives are in effect until 2012.
So far, Gotham Ventures has invested nearly $1 million. They will be part of the downtown Parade of Homes this spring, and expect to have the condos at white box stage by September.
Source: Craig Gray, Gotham Ventures, LLC
www.gotham-ventures.com
Deborah Johnson Wood is the Development News Editor for Rapid Growth. She can be reached at [email protected].
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