Developer to break ground on $10M renovation of Imperial Metals, city to own parking

Jack Buchanan says one reason the Monroe North business district has vacant buildings not under development is the lack of parking for employees who would work in those buildings.

He's hoping to allay that problem through a public/private partnership with the City of Grand Rapids to develop a 28,000-square-foot surface lot next to the Imperial Metals building.

Buchanan, his brother Rob Buchanan and Greg Lankfer propose a $10 million rehab of the 42,000-square-foot industrial building as commercial condominiums in Phase 1 of the project. The proposed Phase 2 completes the renovation with a 12,500- to 15,000-square-foot glass addition.  

"We'll be able to park everyone and hope to create additional parking to allow nearby buildings to undergo renovation," Buchanan says. "[Those owners] don't control any potential for parking so it's killed their opportunity to sell or redevelop their properties."

The "U" shaped building fronts along Ionia, Newberry and Ottawa NW and will have a 10,400-square-foot central courtyard. Glass garage doors on select offices will allow those businesses to access the courtyard through contemporary re-creations of industrial loading dock doors.

The complex lies within the city's SmartZone, but Buchanan expects to attract a limited number of high-tech startups despite offering 10 percent historic tax credits and a 12-year freeze on property taxes through the Obsolete Property Rehabilitation Act.

"We haven't seen much trickle-down from the (Michigan Street) hill," he says. "That was the original idea (when the SmartZone was established in 2001) but it hasn't happened. We can certainly have space for high-tech business, but I'm not sure there's a market."

The project breaks ground late this month. Lott3Metz is the architect. Pioneer Construction is the construction manager. Buchanan expects the project to receive LEED certification.

Source: Jack Buchanan, Blue Bridge Ventures

Deborah Johnson Wood is development news editor for Rapid Growth Media. She can be contacted at [email protected].