“While it won’t be as amenity rich as, say, 111 Lyon, we still will have a very cool lounge area and entry, complete with wet bar, sink, billiards table.”
Fresh off Grand Rapids’ first-ever office-to-residential redevelopment project with Residences at One Eleven Lyon, managing partner with CWD Real Estate Sam Cummings says the firm’s second such project is scaled down, focusing on preserving the historic character of the city’s second-oldest commercial building still in operation downtown.
“There’s significant regional demand for housing, so we’re trying to focus some of that regional demand into the core city that we love and make it stronger.”
The $12.3 million Ledyard project on the corner of Pearl and Ottawa converts the 152-year-old building’s upper floors into 40 one- and two-bedroom apartments. A portion of those units will be available to rent as affordable housing.
“It’s an honor to be able to help preserve this kind of piece of history and it helps keeping to define place downtown.”
The redevelopment is supported by the city and the Michigan State Housing Development Authority through tax increment financing. The project should be completed in one year.
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