New living opportunities coming to Medical Mile

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GRAND RAPIDS, Mich,–  New living opportunities are coming to the Medical Mile and Michigan Street corridor.

Construction already start on 616 Lofts on Michigan, located at 740 Michigan Street NE in Grand Rapids.

The new $14.5 million project is a four-story mixed-use building. There will be 54 market rate apartments and 11,000 square feet of ground floor retail space.

 

According to Monica Steimle, Director of Development for 616, there is a high demand for downtown housing. Steimle reports their properties are in the upper 90% for occupancy, including Icon on Bond, which started as luxury condos but later turned into apartments for rent.

Steimle believes people moving into downtown Grand Rapids to try it out and the effects of the 2008 housing crash is helping drive the demand for renting.

First Companies is the general contractor of the project. The project is set to be completed by the end of 2015.

 

 

 

 

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5 comments

  • LisaMarie B.

    The key phrase here is this: “…which started as luxury condos but later turned into apartments for rent…”
    The demand for housing downtown is not for $1500+ per month units. The demand is for $700-800 per month units, because that is all most people with jobs on the Medical Mile can afford. If the demand was for luxury condos, you wouldn’t have had to downgrade your units in order to get them 90% full. And even now, they are 10% empty!

    Wake up and smell the coffee, developers. The market for high dollar living is where the high dollar jobs are. And that is not Grand Rapids, MI!

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