GRAND RAPIDS — A 16-story addition is planned for Studio Park downtown that would add 165 apartments and at least 24 condominium units to the downtown development.
The $135 million first phase of Studio Park was completed in the fall of 2021 and includes a nine-screen movie theater, Acrisure LLC’s headquarters, 106 apartments at Studio Lofts, a Canopy by Hilton hotel, a six-story parking structure, as well as ground floor retail.
Additional residential units were always planned at the development at 120 Ottawa Ave. SW, Studio Park developer Olsen Loeks Development LLC Partner Jeff Olsen told MiBiz.
“The units will certainly be a bit larger than what we built in the first phase to facilitate people who are working from home,” Olsen said. “We know they’ll need dedicated space for a desk and an office setting.”
An additional 11 stories planned on top of the six-story parking structure would include 165 apartment units. The first story of new construction on the parking structure would include amenities such as a 700-square-foot art gallery, pool, fitness space and community center, Olsen said.
Studios, one- and two-bedroom apartments would have rents ranging from 120 to 150 percent of the area median income. The top five floors are planned to contain at least two dozen condominium units, Olsen said.
“I’m incredibly excited for the condos. The views will be second to none in the city, and right in the heart of the entertainment district,” Olsen said. “I’m excited to work with the design team to create a product that appeals to people that haven’t been able to find the housing they’re looking for downtown.”
The apartment tower has a $52 million construction budget with a projected total cost of $58 million. The goal is to start construction in the second quarter of 2022 and complete the project in 2024. Rockford Construction Co. Inc. is the general contractor on the project while Integrated Architecture LLC serves as the architect.
The existing 106 apartment units in Studio Park are all leased up with a waiting list, Olsen said, adding that there is a clear demand for more housing downtown.
“I’m glad to see that condo units are included (in the plan),” Mayor Rosalyn Bliss said during a Grand Rapids Economic Development Project Team meeting Tuesday. “We just don’t have many options in that area.”
The Studio Park development team is applying to establish a Neighborhood Enterprise Zone as well as a brownfield plan amendment to construct the apartment tower, which city commissioners are set to consider on March 15. The Grand Rapids Downtown Development Authority will also consider additional support for the project related to American Disabilities Act investments as part of the project.
“It’s been incredible despite the pandemic to see what we believe and what I still believe to be a transformational project that has led a lot of the energy throughout the south arena side,” Bliss said during the Economic Development Project Team meeting.