Third Coast Development plans to convert a four-story office building on Jefferson Avenue SE in Grand Rapids into a 21-unit residential building. Courtesy city of Grand Rapids
An underutilized downtown building has been sold for residential conversion.
Third Coast Development in Grand Rapids purchased the four story, 20,000-square-foot building, at 25 Jefferson Ave. SE, for $900,000.
The firm plans to turn the office building, which features a mezzanine level above the first floor, into 21 residential units by mid 2016.
The new property LLC is called Firestone Lofts.
Most of the bedrooms will be one-bedroom apartments, but some one- and two-bedroom townhouses will be available on the first floor, said Max Benedict, principal, Third Coast Development.
The units will range from 680-1,200 square feet, with prices to be determined.
The building will include indoor attached parking, storage units, a workout facility and community area.
The building was built in 1926 and is in good condition, according to city documents.
NAI Wisinski of West Michigan brokers Doug Taatjes and Hillary Taatjes Woznick brokered the sale for an unnamed seller.
“With its near downtown location and on-site covered parking, we knew that 24 Jefferson would attract immediate interest,” Woznick said. “There were several parties interested in this property, and we received multiple offers, but Third Coast’s offer and plans for conversion stood as the best. We are excited to see what Third Coast does.”