Wealthy Street undergoes development boom

Wealthy Street undergoes development boom
Dime & Regal reopened at 650 Wealthy St. SE following a fire in the building. <strong> Courtesy Dime & Regal </strong>

A developer is doubling down on the Wealthy Street shopping district hoping to keep its quaint, local appeal strong.

Terra Firma Properties has purchased additional buildings to help ensure new entrants to the neighborhood stay true to the uptick in retailers in the past 20 years, according to Eric Wynsma, the firm’s president.

“Wealthy Street is good, and it’s getting better, and we’re trying hard to keep the shop local thing going and not getting the wrong type of tenants,” Wynsma said. “We just think it’s such a unique environment. We don’t want chain stores and cell phone shops; we want really cool local businesses.”

Recently, Terra Firma Properties worked through six deals on the stretch of Wealthy Street SE from Eastern to Union avenues. The properties Terra Firma has focused on are some of the last free spaces in the district.

“There is not a ton of opportunity left over there,” Wynsma said. “Our deals are small, but they’re good and long term, and we’re trying to create a cool little investment for ourselves and contribute to that hip vibe.

“It might look like there’s more empty spaces than there are; a lot are taken up.”

Recent Terra Firma Properties projects include:

  • 619 Wealthy St. SE: Fox Naturals doubled its footprint in the property.
  • 620 Wealthy St. SE: Cultivate GR, an art studio, broker and institute, opened this month.
  • 650 Wealthy St. SE: Dime & Regal reopened following a fire in the building. Also at the address is Palace Flophouse salon.

There are also two more properties with big plans.

Terra Firma Properties purchased the building that housed the restaurant Royals, 701 Wealthy St. SE. Wynsma said he believes he has a tenant set for the location and could be under contract soon. He said it is an established restaurant company with multiple locations.

At 680 Wealthy St. SE, the developer demolished the remains of the Tatum Bookbinding building following a fire. Wynsma said a new building will pop up this spring with three market-rate apartments upstairs and up to 3,000 square feet of retail on the ground level. He said one or two retailers could take up the space.

At 710 Wealthy St. SE, the renovation is nearly complete for a tasting room for Mammoth Distilling, a company based in Central Lake that has five other locations around the state.

Beyond Terra Firma Properties’ projects, there are a few other notable projects on that stretch of Wealthy Street.

Construction Simplified is nearly done with a renovation for Jenna in White in space next to Mammoth Distilling. The location was once the Wild Bunch Biker Club, which burned down in 2017. Jenna in White is a bridal retailer from eastern Michigan that is moving its Holland store to the Wealthy Street corridor.

The building next to the space where Mammoth Distilling will open is the former Elk Brewing, and Wynsma said he has heard the building is under contract.

All of these projects add to the already bustling shopping district, which includes retailers such as Art of the Table, Woosah Outfitters and Lee & Birch, as well as restaurants such as Wealthy Street Bakery, Donkey and The Winchester.