Heritage Place in Grand Rapids, at 50 College Ave. SE, contains a mix of floor plans. The 22 studio apartments are 431 square feet and rental rates start at $800. The 48 one-bedroom units, which are 591 square feet, start at $1,100. There are also 16 two-bedroom units with 1,066 square feet of space starting at $1,600.
The four-story, 70,000-square-foot brick building features a fitness center, storage lockers and a bike room. The historic carriage house on site is being converted into a clubroom for indoor and outdoor games and a bar and grill.
Each unit comes with a designated on-site parking space.
Pre-leasing is through Grand Rapids-based PURE Real Estate Management, the management firm newly formed by the leadership at Orion Real Estate Solutions, or ORES, a division of Grand Rapids-based Orion Construction, and Grand Rapids-based ###a href="http://www.cuspgroupllc.com/" target="_blank">Cusp Group.
The project is scheduled to be completed by this fall.
“Our team is so excited to come out of the gates with Heritage Place,” said Anne Ficeli, president, PURE Real Estate Management. “We love this building and the neighborhood. It offers immediate access to the urban core and peace and quiet in a safe location.”
Concept Design is the project's architect, and the contractor is Orion Construction. Financing was provided by First National Bank of Michigan.
The project also received a Neighborhood Enterprise Zone TIF incentive from the Michigan Economic Development Corporation to supplement the private equity component.
ORES purchased the 2.3-acre site in 2016 and received unanimous city and Historic Preservation Commission approvals to demolish the former Social Security Administration building, restore the historic carriage houses and construct the new apartment building, according to an earlier Business Journal report.