The Holland-based, independent, full-service bank will locate its new office at the northwest corner of Ionia Avenue and Oakes Street on the southern portion of the Area 3 parking lot, just east of Van Andel Arena.
The 10,000-square-foot building will sit on a 70,000-square-foot site considered part of the Cherry Street Landing project.
“We are excited about this move and see it as an opportunity to expand our presence in West Michigan,” said Bank of Holland President Rich Lievense.
“Making the decision to move to Cherry Street Landing was not a difficult one for us. It’s a good fit for us in that it’s a metropolitan area with a neighborhood feel. It allows us both room to grow and a place to call home,” added Lievense.
The bank bought the property from CSL West Associates, a partnership between the DeVos family and Rockford Development. CSL West, which stands for Cherry Street Landing, purchased the site from the Downtown Development Authority. Under the DDA, the property operated as a surface parking lot.
“Cherry Street Landing is a thriving area that meets the needs of those who choose to live and work in the city,” said Mike Maier, president of Rockford Development. “The Bank of Holland will truly be a welcomed addition to the neighborhood.”
Construction on the building is expected to be completed by January. Customer service and business banking will be on the first floor. The second level will house the residential mortgage group and operations functions.
“Our focus is on building one-on-one relationships with our customers,” said Phil DeVries, market manager for the Grand Rapids office.
“In saying that, we want to create a warm, friendly atmosphere for our customers and make it as convenient for them as possible. You won’t see bank tellers and lines at our office; instead, you’ll walk into a comfortable lobby with a seating area, much like walking into a business,” added DeVries.
Design Plus is designing the building, while Rockford Construction will manage the construction work.
The Bank of Holland opened for business in 1998 and established a Grand Rapids office at 55 Campau Square nearly two years ago. Current assets for the bank total $290 million.
CSL West has a purchase option with the DDA on the rest of the Area 3 parking lot for the remainder of this year. The firm hopes to build another two-story structure on the lot’s northern end. CSL West is also putting up a four-story building across Ionia from the bank property. BETA Design Group designed that building and will lease the structure’s top two floors.
Cherry Street Landing is roughly a $50 million project that proposes to construct and renovate about a dozen buildings in a four-block area south of Fulton Street and east of the arena.