A real estate firm is planning to redevelop a major commercial property in the area for a prospective tenant to consolidate about 450 employees at the site.
Portage-based Hinman says it wants to purchase and redevelop the former site of Klingman’s Furniture Store in Wyoming, at 1001 28th St. SW, according to a letter to the City of Wyoming. The building also previously housed Rogers Department Store.
In the letter penned by Hinman’s general counsel, James Pollock, Hinman asks the city to establish a commercial redevelopment district and approve a 12-year exemption on some personal property taxes at the location.
The city council will hold a public hearing on the requests at its June 5 regular meeting.
Hinman says it’s working with a “national client” that is looking to relocate to the property and consolidate its several Grand Rapids offices into one location.
Hinman would acquire the property, sign a long-term lease with the unnamed prospective tenant and “immediately” make improvements to the current structure.
The tenant would begin moving its 450 employees into the building in January 2018 and likely add jobs at the location.
“The redevelopment of this property along one of the city’s main corridors would be a catalyst for future development in the city and should have a strong impact on the area economy and employment,” Pollock says in the letter.
Hinman is requesting a CRA district and property tax exemption to alleviate the costs of renovating the 160,000-square-foot building.
The former department and furniture store will require significant renovations to be repurposed as a professional office space, including new safety systems, elevator repairs, roof replacement, new restrooms, walls, finishes, wiring and cabling. The total costs of those renovations have not been determined.
The building is currently “functionally obsolete” due to its age and extended vacancy, and the support of the city is necessary to fulfill the project.