(For more retail coverage, click GlobeSt.com/RETAIL and to read more on the multifamily market, click here.)
GRAND RAPIDS TWP., MI-A partnership between Birmingham-based Robert B. Aikens & Associates and locally based BDR Development has obtained the township's approval for Village of Orchard Hills. The mixed-use development will break ground late this fall on 72 acres at the corner of Three Mile Road and E. Beltline Avenue.
It will consist of 338,000 sf of retail and 156 residential condominiums. James Fielder, VP of Aikens, tells GlobeSt.com the estimated construction cost is "in a range of between $100 million and $106 million." The partnership will focus on the retail segment and is working with locally based Rockford Development to construct the first phase of the condo portion of the project, which will include about 78 units, he says.
Fielder says several contracts are out for retail tenants, "but we're not yet at the point where we're ready to announce them." His firm is handling the leasing. He declined to disclose the range of retail rental rates and says the mix will include a department store, grocery store and bookstore. Completion of the entire project is scheduled for spring 2008.
"It's our goal to establish the Village as a central fixture for the community, encouraging visitors to take advantage of the destination for more than just shopping," Fielder says. This center will be similar to Aikens' Village of Rochester Hills, a mixed-use development in suburban Detroit with 375,000 sf of upscale retail that opened in 2002.
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