NEW OWNER OF HISTORIC BUILDING IN DOWNTOWN GRAND RAPIDS PLANS RETAIL, OFFICE AND APARTMENT DEVELOPMENT

NEW OWNER OF HISTORIC BUILDING IN DOWNTOWN GRAND RAPIDSPLANS RETAIL, OFFICE AND APARTMENT DEVELOPMENT

Development is in heart of city’s entertainment district

WHAT:                  616 Development has purchased 1 Ionia and 7 Ionia with plans to bring 26 loft apartments to the upper floors with offices on the second floors and a new restaurant and bar on the first floors. The $7.5 million 616 Lofts on Ionia project will breathe new energy into these historic buildings

WHEN:                 11 a.m., Thursday, March 1, 2012

                   WHERE:                1 Ionia Ave. SW (Fulton Street Entrance)

WHO:                    Derek Coppess, managing director of 616 Development, will be on hand to answer questions and offer brief tours of the buildings

WHY:                    616 Development is in the process of creating an urban residential community by focusing on “upcycling” unused or underutilized historic buildings with high-quality, mixed-use projects that bring new vitality to downtown.

Two historic buildings in the heart of the city's entertainment district will be transformed as part of a $7.5 million project that will become new loft apartments, office and retail space.

Grand Rapids-based 616 Development, which is creating an urban residential community in historic downtown buildings, this week finalized the purchase of 1 Ionia Ave. SW (The Hawkins Building) and 7 Ionia Ave. SW (The Gunn Company Building) from their long-time owners.

The 616 Lofts on Ionia project will include 26 market-rate apartments on the upper three floors, offices on the second floors and a space for an anchor restaurant-bar tenant on the ground floor.

"These buildings adjacent to Van Andel Arena have an amazing amount of untapped potential," said Derek Coppess, managing director of 616 Development. "The loft apartments, offices and restaurant space we are planning combine historic character with modern convenience in the best location downtown.”

The renovation calls for the two buildings to be functionally combined into one, allowing common access to amenities like updated elevator and stair systems.

“As Mayor, and a Downtown Development Authority board member, I’m passionate about downtown revitalization,” Grand Rapids Mayor George Heartwell said. “It is exciting to hear of 616 Development’s plans for the Arena District.  New investment in old buildings and making use of vacant space is important for our continued success downtown.”

Exterior facades of the buildings also will get a much-needed facelift that will preserve and restore their historic character.

"We will begin renovations very soon and the first lofts will become available by fall," Coppess said. "We are looking forward to announcing a partnership with a restaurant and bar operator who is working on a concept that we know Grand Rapids will love."

With offices on the second floor providing a buffer for residents, these buildings will be active at all times of the day.

The owner of Perception Gallery, a long-time tenant of 7 Ionia, has decided to relocate to a new space in Grand Rapids in the near future.

“The investment planned for 1 and 7 Ionia is an excellent example of urban revitalization,” said Kara Wood, city of Grand Rapids economic development director. “We are thrilled to have 616 Development investing in Grand Rapids’ downtown infrastructure and look forward to seeing underutilized space in the Heartside business district come alive.”

About 616 Development:

Founded by real estate entrepreneur Derek Coppess, 616 Development is a boutique-style urban property development firm on a mission to revitalize downtown Grand Rapids. The company specializes in “upcycling” Grand Rapids' underutilized downtown properties into one-of-a-kind mixed-use spaces for residential, commercial and retail occupancy. Its mixed-use properties span some of Grand Rapids' most historic buildings. For more information, visit www.616lofts.com.