The transformation of a former brick and concrete warehouse into American Seating Park
's Clark Place (801 Broadway NW) happened half a dozen or so years ago, bringing a mix of office spaces and luxury apartments to Grand Rapids' West Side.
Real estate broker Brad Veneklase says high demand for home ownership in the urban core and a lack of supply means the time is ripe to convert Clark Place's 22 apartments to condominiums.
The 22 units, all on the top (4th) floor of the building, are occupied. Purchase options have been offered to the current residents, Veneklase says. Two condos are sold, another two under consideration, and anything not spoken for by May 1 will go on the market.
Each unit has 13-ft. ceilings, all-concrete construction, exposed brick walls, stainless steel appliances, and hook-ups for full-sized washers and dryers. Units range from one bedroom, one bath for $129,900 to four bedrooms, four baths for $380,000. Veneklase says most of the units have two bedrooms, two baths with an average price of $187,000.
"At $113 per square foot, the price is well below the construction costs," Veneklase says. "The average price per square foot for a downtown condo is $154.
"Demand for (residential) ownership downtown is exploding," he adds. "There is very, very limited residential real estate for purchase in downtown Grand Rapids right now, and what's there is 99 percent occupied and functionally full."
Eleven of the Clark Place units overlook downtown to the south, the other 11 overlook the outdoor amphitheater area to the north.
Veneklase says one unit has a library wall with a rolling ladder, two have wet bars, one has two-story ceilings with a small loft, and a couple are corner units with views in two directions. All have parking garages.
A condo model is open for viewing. For more information or to arrange a viewing, click here
Source: Brad Veneklase, Clark Place Condominium Sales
Writer: Deborah Johnson Wood, Development News Editor
Old Buildings, New Economy