DetroitMan
02-14-2007, 09:11 PM
http://www.mlive.com/business/grpress/index.ssf?/base/business-4/1171468088201350.xml&coll=6
New plan offered for Heartside condo tower
Wednesday, February 14, 2007
By Chris Knape
The Grand Rapids Press
http://www.mlive.com/cgi-bin/prxy/weblog_photos/nph-cache.cgi/cache=3000;/mtlogs/mlive_knapescorner/images/240ionia.jpg
GRAND RAPIDS -- A 12-story condominium tower would rise from a blighted lot in downtown's Heartside Neighborhood under a new plan by a West Michigan development group.
The $14 million, 75-unit project at 240 Ionia Ave. SW is proposed for the same spot where a 10-story hotel-condo-office was announced but never started last year.
This time around, the design has been simplified to eliminate the hotel and offer more residential condos priced between $150,000 and $300,000, said architect Stephen Fry, president of Concept Design Group.
The prices would hit the lower end of the downtown condo market by trimming expensive amenities such as a swimming pool offered by other downtown projects.
The building's current plan calls for a third-floor balcony overlooking Heartside Park and a common room for residents.
"Basically, we're trying to create a contemporary condominium building that blends into the neighborhood," Fry said. "It isn't going to compete against the existing buildings in the neighborhood, but it has some historical references in the details of the building."
The 130-foot brick-and-glass building is to include 73 to 75 units, with several live-work spaces combining residences with space for a small business.
The building would rise on what is now a fenced-in vacant lot on the southeastern corner of Williams Street and Ionia.
Rhonda Saunders, the city's historic preservation specialist, said the design looks promising.
"I don't really see too many concerns," she said. "The only issue, and it may not even be one, is the height. The scale has to be compatible."
The project still is expected to qualify for Brownfield tax credits awarded by the state for the 10-story hotel-condo project last year. Those credits were expected to save developers $534,025.
The building would include 75 parking spaces in its lower, first and second floors. Retail space would occupy about 4,750 square feet on the ground floor.
Heartside Business Association has been supportive of the project, Fry said.
He believes a current chill in the downtown housing market is, in part, because much inventory is higher priced than what 240 Ionia would offer.
"Studies have shown there is a market from the $200,000 to $300,000 range, and that's really where our target is," Fry said.
Fry said the developers want to be part of the neighborhood's revitalization.
Over the past decade, that area of downtown has evolved from a low-income, high-crime area to an eclectic mix of hip bars, offices, shops and condos not far from low-income apartments and homeless shelters.
While developers hope to start construction in late fall, they need to sell half the units to get construction financing, Fry said.
Fry, who is not an investor in the project, was not able to disclose the name of those leading the project's development group, 240 Ionia Partners LLC.
The property still is owned by Fulton and Division LLC, the group that last year planned a project anchored by a hotel at Williams and Ionia.
That group had been led by former URS executive Todd Radashaw and attorney Michael Hidalgo. The LLC's name came from its inception as part of a failed effort to buy and redevelop the former City Centre parking ramp site at southwestern corner of Fulton and Division.
The 240 Ionia project is to be discussed at a Feb. 21 Historic Preservation Commission meeting. Developers are looking for conceptual approval from the group because the project is in the Heartside Historic District.
The developers will offer preconstruction reservations at this week's Grand Rapids Boat Show at DeVos Place.
New plan offered for Heartside condo tower
Wednesday, February 14, 2007
By Chris Knape
The Grand Rapids Press
http://www.mlive.com/cgi-bin/prxy/weblog_photos/nph-cache.cgi/cache=3000;/mtlogs/mlive_knapescorner/images/240ionia.jpg
GRAND RAPIDS -- A 12-story condominium tower would rise from a blighted lot in downtown's Heartside Neighborhood under a new plan by a West Michigan development group.
The $14 million, 75-unit project at 240 Ionia Ave. SW is proposed for the same spot where a 10-story hotel-condo-office was announced but never started last year.
This time around, the design has been simplified to eliminate the hotel and offer more residential condos priced between $150,000 and $300,000, said architect Stephen Fry, president of Concept Design Group.
The prices would hit the lower end of the downtown condo market by trimming expensive amenities such as a swimming pool offered by other downtown projects.
The building's current plan calls for a third-floor balcony overlooking Heartside Park and a common room for residents.
"Basically, we're trying to create a contemporary condominium building that blends into the neighborhood," Fry said. "It isn't going to compete against the existing buildings in the neighborhood, but it has some historical references in the details of the building."
The 130-foot brick-and-glass building is to include 73 to 75 units, with several live-work spaces combining residences with space for a small business.
The building would rise on what is now a fenced-in vacant lot on the southeastern corner of Williams Street and Ionia.
Rhonda Saunders, the city's historic preservation specialist, said the design looks promising.
"I don't really see too many concerns," she said. "The only issue, and it may not even be one, is the height. The scale has to be compatible."
The project still is expected to qualify for Brownfield tax credits awarded by the state for the 10-story hotel-condo project last year. Those credits were expected to save developers $534,025.
The building would include 75 parking spaces in its lower, first and second floors. Retail space would occupy about 4,750 square feet on the ground floor.
Heartside Business Association has been supportive of the project, Fry said.
He believes a current chill in the downtown housing market is, in part, because much inventory is higher priced than what 240 Ionia would offer.
"Studies have shown there is a market from the $200,000 to $300,000 range, and that's really where our target is," Fry said.
Fry said the developers want to be part of the neighborhood's revitalization.
Over the past decade, that area of downtown has evolved from a low-income, high-crime area to an eclectic mix of hip bars, offices, shops and condos not far from low-income apartments and homeless shelters.
While developers hope to start construction in late fall, they need to sell half the units to get construction financing, Fry said.
Fry, who is not an investor in the project, was not able to disclose the name of those leading the project's development group, 240 Ionia Partners LLC.
The property still is owned by Fulton and Division LLC, the group that last year planned a project anchored by a hotel at Williams and Ionia.
That group had been led by former URS executive Todd Radashaw and attorney Michael Hidalgo. The LLC's name came from its inception as part of a failed effort to buy and redevelop the former City Centre parking ramp site at southwestern corner of Fulton and Division.
The 240 Ionia project is to be discussed at a Feb. 21 Historic Preservation Commission meeting. Developers are looking for conceptual approval from the group because the project is in the Heartside Historic District.
The developers will offer preconstruction reservations at this week's Grand Rapids Boat Show at DeVos Place.
