1400 Wealthy St SE
Grand Rapids, MI 49506
- Value: $5,600,000
- Size: 36,000 sqft
July 7, 2014 to July 3, 2015
- General Contractor
- Real Estate Solutions
Michael Corby, AIA
After years of this parking lot and car wash laying vacant in the up-and-coming Eastown community of Grand Rapids, Orion Real Estate Solutions (in partnership with other equity investors) purchased the two lots with plans to develop 35 units of modern, market-rate apartments. Developed in cooperation with Eastown Community Association members and neighborhood meetings, Orion Construction approved plans for 2 separate buildings that included ample on-site resident parking, as well as several ground-floor retail spaces.
This new development offers high-end finishes that Grand Rapids area professionals desire, as well as street-front shopping for increased walk-ability for surrounding Eastown neighborhoods.
- 35 total apartments with one and two-bedroom units
- Building A (1400 Wealthy) is 18,309 sq. ft. with 19 apartments and 899 sq. ft. of ground floor retail
- Building B (1415 Wealthy) is 17,696 sq. ft. with 16 apartments and 931 sq. ft. of ground floor retail
- ORES secured grants and incentives from Michigan Economic Development Corp. CRP, TIF, and NEZ
As an investor in the Eastown Flats development, we’ve been very pleased with Orion’s ability to assemble a strong financial package, capacity to coordinate with the city, and their right-minded consideration of the neighbors and neighborhood. We have together taken a community liability and transformed it into an economic engine and an asset to the Eastown Community. Orion spearheaded this charge and we are proud of the end result.