Real Estate Equity Office
4500 Cascade Road
Grand Rapids, Michigan Syndication Active
Value-Add Real Estate Repositioning
Real Estate Equity Mixed use
833 Michigan Street Grand Rapids, Michigan
- Asset type
- Mixed use
- Strategy
- Value-Add Real Estate
- Transaction
- Redevelopment
- Category
- Real Estate Equity
- Structure
- Syndication
- Status
- Active
- Size
- 11,000 sq ft
Project overview
Project overview: 833 Michigan Street
Former retail building on Grand Rapids' Michigan Street corridor, redeveloped in 2013 into 11,000 square feet of medical office and retail.
833 Michigan Street NE is a commercial building on the Michigan Street corridor in northeast Grand Rapids, Michigan. Carbon River Capital's investment is structured as a syndication.
The asset
The building holds about 11,000 square feet of medical office and retail space. It stands next to Lumberyard Lofts, a residential building with eight loft-style apartments. The two buildings were planned and built as one mixed-use project.
The Opportunity
A former retail building on the Michigan Street corridor in northeast Grand Rapids, next to a second building on the same block. The block had been overlooked for years, and the corridor was in transition at the time.
Carbon River's Approach
Third Coast Development, the development firm led by Carbon River's principals, redeveloped the building in 2013 into about 11,000 square feet of medical office and retail space, together with the adjacent Lumberyard Lofts as one mixed-use project. The project used Tax Increment Financing from the City of Grand Rapids and a Community Revitalization Program award from the State of Michigan.
Current Status / Outcome
The redevelopment was completed in 2013. The combined project brought approximately 60 jobs to the corridor and earned a Best Re-Use of a Building award. Michigan Street is now an active medical, residential, and retail district.
Related strategy
How this investment fits our strategy
Opportunity takes many forms.
We welcome inquiries from property owners, business owners, brokers, lenders, investment professionals and others interested in learning more about Carbon River Capital.
Whether you are considering the sale of a property, exploring a sale-leaseback or recapitalization, or presenting an investment opportunity, contact our team.