City and state leaders and stakeholders gathered to slam sledgehammers through an inner wall of the 59-year-old Fifth Third Building in downtown Grand Rapids.
The $50 million project converts just over 95,000 square feet of empty office space into 140 units throughout 7 floors, including one- and two-bedroom apartments, downsizing city office space and increasing much needed regional housing. Fifth Third Bank will maintain offices on the lower levels.
“It’s taking something that has less demand and filling it with something that has greater demand.”
Managing Partner of CWD Real Estate Sam Cummings says the percentage of buildings that can be converted this way is very small, due to remaining tenants, floor plans, and costs.
“And what’s especially challenging in this building, I hate cliches, but we literally have to build the plane while it’s flying, because Tom Welch and Fifth Third is downstairs, so we are converting the upstairs and we actually have to get into the lid of his office.”
Cummings says while it’s always easier to construct new buildings, conversion projects like this one are worth the effort because it revitalizes the area.
Construction should be complete within 14 months, and all apartments will be at or below 120% of area median income.
