GRAND RAPIDS, Mich. – A downtown Grand Rapids nine-story building with a problematic past has been sold.
FOX 17 confirmed Thursday that the Icon on Bond Apartments, built in 1997, has been sold to an investment company out of New York for an undisclosed amount of money. The building will now be managed by Colliers International of Grand Rapids.
The group said the current plan is for the building to continue housing apartment tenants.
Four units in the tower are still owned, purchased when condominium development in downtown Grand Rapids was thriving. At one point, the condo units were being offered up to nearly $500,000.
Shortly after the Icon on Bond was completed, the assets went into receivership because the original developer was accused of defaulting on construction loans.
The recession left the luxury ‘Icon on Bond Condominiums’ mostly vacant for about a year until the units were finally leased as apartments.
Nearby there has been a surge in sales at the tallest building in West Michigan as property values at the River House Condos increased 10 to 20 percent in the last 90 days.
That means the value of the 206 original units is roughly back to where it was before the real estate market collapsed.
According to downtown Grand Rapids realtor Chuck Gallagher, that also means some of the people who have stuck out the recession are finding that it is a good time to sell.