Franklin Partners announced plans to invest up to $5.5 million to redevelop the 25 Ottawa building. Courtesy Franklin Partners
A building located in downtown Grand Rapids’ Arena District is about to undergo a major transformation that will make it a class-A space.
Today, Franklin Partners’ announced plans to invest up to $5.5 million to redevelop the 25 Ottawa building.
Julie Maue, director of marketing for Franklin Partners, said $3.5 million is budgeted for the base building renovations, which will include exterior improvements, a new entrance, and common areas, and another $2 million will go toward tenant-related improvements.
The 105,700-square-footbuilding, built in 1890, will be transformed into high-end office and retail space with the help of construction partner Owen-Ames-Kimball Co., architectural partner Wright Heerema Architects and leasing agent Colliers International.
The six-story building will undergo a complete transformation to the exterior façade along the first floor, interior lobby and shared tenant areas.
Changes will include relocating the existing building entrance along Ottawa Avenue, opening up the lobby ceiling to create a new two-story atrium, framing the improved entrance with a new exterior glass façade that spans four stories high, reconfiguration and replacement of all first-floor windows along Ottawa Avenue and Weston Street to create a more visible storefront, new elevator finishes and miscellaneous tenant improvements.
Franklin Partners said the “updated spaces will provide workplace hospitality wrapped in Class-A amenities including a state-of-the-art fitness center, design enhancements with high-end finishes, common spaces and conference rooms.”
Construction will be completed by June 2015.
25 Ottawa is currently connected to the skywalk and located a short distance from the Van Andel Arena and nearby ample parking, restaurants and nightlife.
Franklin Partners acquires, redevelops, owns and manages industrial and office properties located throughout the Midwest.It has offices in Grand Rapids and Chicago.
This project marks the second major downtown Grand Rapids building transformation completed by Franklin Partners and Colliers International.
The two companies previously worked together to redevelop 99 Monroe.
“We are excited to introduce our second project to downtown Grand Rapids,” said Don Shoemaker, managing partner for Franklin Partners. “With the success of our first project at 99 Monroe, we saw a lot of opportunity at 25 Ottawa. We are adding the same level of design and amenities that will reposition this location for both office and retail. Our goal is to offer a business environment that will attract new companies to downtown.”
“We are incredibly excited to work with Franklin Partners on another outstanding renovation project,” said Duke Suwyn, president and CEO at Colliers International | West Michigan. “As a company, we believe in the work they are doing to shape Grand Rapids’ business community for many years to come — focusing on where we are now and where we’re headed in the future.”