Gathered in a large vacant room with a view, assembled officials, media representatives and interested parties got their first look at what promises to be a big deal for downtown Kalamazoo. Quite literally.
The eight-foot story building, which so far has not been named, will have 200,000 square feet and be built at the corner of Rose Street and East Michigan Avenue, a space that has been a parking lot but which the owners always envisioned would someday be the site of a major development.
Greg Taylor, of the Kalamazoo-based
Phoenix Development, told the packed room that the company has been in negotiation with a commercial bank as an anchor for the mixed-use property. On the street level, there will be 4,000 to 5,000 square feet of retail space. An estimated 48,000 square feet of prime office space also is planned.
And 50 upscale apartments -- one- and two-bedroom units -- are envisioned for the four upper stories. The one-bedroom units will be 900 square feet and the two-bedroom units will offer 1,250 square feet. Common terraces and green areas are planned for tenants.
Parking that serves both the new building and the neighboring Comerica Building also is part of the plan for the $24 million project.
Taylor says the currently low construction costs, the low cost of financing and a number of financing options make this an attractive time to pull together such a project.
Executive Vice President for Jim Gilmore Enterprises Chris Shook says the project is one he thinks is in keeping with what Gilmore would have wanted to see on the property the company has owned for many years.
Construction is expected to get under way this year and the building should be ready for tenants in late 2012 or early 2013.
Alan Sylvester of Phoenix Properties says the company would be the property manager and leasing agent. They will work with TowerPinkster and Skanska USA, which both have local offices, to see the building constructed. Phoenix Properties, which has many rental properties in the Kalamazoo area, has a development similar to the one being proposed in midtown Detroit.
"We think this property will be very attractive to tenants considering the services that will be provided," Sylvester says.
Writer: Kathy Jennings
Source: Phoenix Properties, Downtown Kalamazoo Inc. joint press conference
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