WYOMING — A southwest Michigan real estate firm plans to redevelop a key site commercial site along 28th Street SW, according to public documents.
Portage-based The Hinman Co. says it wants to acquire the land and building that was previously home to Klingman’s Furniture and Rogers Department Store along 28th Street SW in Wyoming with hopes to redevelop the site into office space for a “national client.”
James Pollock, general counsel for Hinman Co., wrote in a letter to the city of Wyoming that the company has an unspecified prospective tenant in place for the site. The possible tenant would consolidate multiple Grand Rapids-area offices and locate approximately 450 employees on the site with room for future growth.
Hinman executives were not immediately available for comment.
Kent County records show the property at 1001 28th St. SW is owned by Holland-based Coastal Real Estate Holdings LLC, an entity registered to real estate broker Richard Vandenberg. MiBiz previously reported that the firm is a holding company for Macatawa Bank.
Earlier this week, the Hinman Co. asked the Wyoming City Council to set a public hearing on a Commercial Redevelopment Act (CRA) district and a 12-year exemption on certain personal property taxes on the site.
The city of Wyoming will hold a public hearing on the request on June 5. The Wyoming City Council could then consider establishing a CRA district on both sides of 28th Street SW from Division Avenue just east of U.S. 131 to Michael Avenue, about a mile to the west.
Pollock wrote in the letter to Wyoming City Manager Curtis Holt that the 160,000-square-foot former furniture and department store on the site is “functionally obsolete” and requires significant upgrades.
“Once we have entered into all contracts with the prospective tenant, we can provide further detail on project development costs and any other information the City believes relevant to making its decision,” Pollock wrote.
Holt said it’s still unclear who the prospective tenant may be, but he expects to have that information prior to the public hearing in June. Nonetheless, word of 450 employees at the site has the Wyoming city manager feeling confident, adding that filling the vacant building is a priority for the city given the limited amount of reuse possibilities.
“Our issue is economic activity on 28th Street,” Holt said. “That’s what we’re trying to drive. Bringing that number of employees, they’ll utilize our restaurants and our businesses. That’s what’s important for us.”
While Hinman owns a handful of commercial properties in the Grand Rapids area, the company has sought to play more of a development role in recent years.
As MiBiz first reported last summer, the real estate firm has received necessary approvals from the city of Grand Rapids to move forward with plans to build the city’s tallest skyscraper, a proposed 42-story apartment and hotel building near the intersection of Fulton Street and Ionia Avenue.
Story written by Nick Manes – MiBiz