If developer Karl Chew of Midland-based Brookstone Capital achieves his vision, three buildings in the heart of Grand Rapids'
Heartside historic district will become 45 apartments, some with live/work options.
Two attached buildings at 209 and 217 S. Division Ave. and another around the corner at 17 Williams St. SE were once warehouses for automotive supplies and have been vacant for several years, says Brookstone's Financial Manager Mai Dong. Water damage is extensive, she says, adding that Brookstone purchased the buildings and has no plans to sell them after the renovations.
"We have a long-term, vested interest in the properties," Dong says. "When we finished 101 S. Division in June 2009, we received a lot of inquiries to occupy it even though it was already full. I think this [new project] will help to fulfill the housing needs in the area."
The two S. Division buildings will offer 30 living spaces priced for entry-level incomes. Options include one- and two-bedroom loft apartments, three-bedroom townhouses and a few main level live/work units in what are now the buildings' retail spaces.
The building at 17 Williams will become 15 loft apartments. Off-street parking on vacant property at 18 Williams will serve all three buildings.
Dong says the project received state designation as a
brownfield site, financial support from the Grand Rapids Downtown Development Authority and will probably qualify for historic tax credits.
Brookstone hopes to achieve
LEED Gold status.
In the last five years, Brookstone renovated 101 S. Division and Metropolitan Park Apartments at 350 Ionia Ave. SW into apartments.
Source: Mai Dong, Brookstone Capital
Writer: Deborah Johnson Wood, Development News Editor
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