The 14-story building, located at 60 Monroe Center, is tentatively scheduled for a mix of commercial and residential uses.
“We plan to convert the upper half of the 14-story building into tax-free, penthouse-style condominiums, a move that could influence more aggressive business attraction and further development activities on a street with huge economic and urban lifestyle potential,” said Rooks, the owner of Parkland Properties of West Michigan. He said the condos would sell for between $160,000 and $600,000.
The building, which is situated across the street from the new Louis Benton Steakhouse and two blocks from the new $62 million art museum, also is located in the city’s Renaissance Zone, which waives state and city income taxes for a period of up to 15 years.
“We are 75 percent confident we will pursue residential, but only if the economics of renovation and our goals for convenient parking are achieved,” said Rooks, who has been working out project details for several months. “Office space redevelopment is financially more appealing because of the costly upgrades necessary for residential, but I prefer the housing alternative because the demand for downtown living is strong.”
Several of the lower floors will be occupied by Select Bank, which will be moving from Bridgewater Place into the street-level spaces on Monroe Center, which were originally designed and completed for a bank in 1916. The space will feature Greek-revival style 35-foot-high inlaid ceilings and exterior marble columns.
Long-time tenant Citadel Broadcasting will occupy renovated space on the third and fourth floors of the Peoples Buildings.