The building that made big news in downtown Kalamazoo this summer -- a 200,000-square-foot, eight-story, mixed-use development on prime property, the southeast corner of Michigan Avenue and Rose Street -- now has a name.
Phoenix Properties says the development will be known as The Exchange and expectations are that groundbreaking will be by the end of 2011 and it will to be completed in late 2012 or early 2013.
Company officials says they've been pleasantly surprised by the positive reaction the development has generated and that activity by prospective tenants has been strong.
The Exchange will feature underground parking, ground-floor retail, a second level of parking, two full floors of office space and four floors of luxury apartments.
Brad Lueth has been named assistant director of leasing and acquisitions, specializing in commercial leasing and property management for the project. Lueth, who has been with Phoenix since December 2010, managed five condo associations for Duvall Investment Group in Charlotte before accepting his position with Phoenix. He was born and raised in Kalamazoo, graduated from Western Michigan University with a business degree.
Lueth says his first task will be developing a package of amenities to attract tenants and leasing the apartments. "I think the open floor plans for these one- and two-bedroom units will appeal to both young professionals and 'empty-nesters' who are considering living downtown -- people who recognize the appeal of walking to restaurants, entertainment and shopping," he says.
Phoenix Properties portfolio has approximately 32 properties. Alan Sylvester and Greg Taylor purchased the company in November 2010 and Taylor says Lueth's joining the firm is part of the growth plan envisioned when they purchased Phoenix Properties.
Writer: Kathy Jennings, Second Wave Media
Source: Greg Taylor, Phoenix Properties
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