Grand Rapids builder sells carbon-neutral apartment building for $4.65 million

grand cliffs – Al Bazani Construction Company She sold the apartment building she recently built all of Bradford Power Station in Grand Rapids for $4.65 million to a Chicago-based property management company.

The Grand Rapids-based construction company completed in early 2021 the 16,500-square-foot Bradford Terminal, which the company says is the city’s first carbon-neutral apartment building.

The project is located at 255 Bradford St. NE, the mixed-use project includes 23 residential units and Tashi’s place Café on the ground floor of the building.

Bradford Apartments GR LLCwhich is registered in Management of CIG LLC President Jay Johnson purchased Bradford Station on May 5 from a Bazani subsidiary, according to property records. Johnson did not immediately respond to a request for comment.

The Chicago-based property management firm has a presence in Kalamazoo, where it owns the Mansard House Apartments.

Bazzani’s CEO, Mike Quinn, said that while the company had not originally intended to sell Bradford Station, the property generated strong interest from potential buyers. Quinn added that revenue from the sale of the property will support future projects.

The 23 apartments in the 16,500-square-foot building use approximately 50 percent less energy than a standard new apartment. The project is compliant with Grand Rapids 2030 District and is also Net Zero Carbon certified by Net Zero Analysis, meaning that it makes up for all the energy it consumes.

Quinn said building a net-zero project not only makes sense for environmental reasons, but also generates financial benefits.

“When you build an all-electric and carbon-neutral project, you are setting yourself up to maintain what will happen for at least the next 20 years in the power grid,” Quinn said. maybees. “I don’t know what will happen in the future, but I do know that Bradford Station will be able to sustain these changes.”

Once construction was completed, Quinn said he started getting calls from across the country from interested buyers. Although the property was never listed, Quinn said the property generated several letters of intent from interested buyers before the company agreed to sell to CIG.

Since the completion of Bradford Station more than a year ago, Quinn said, the apartment complex has remained in high demand and a central location to the Medical Mile.

“When you’re done with a project like this and people start moving into it, it’s really fun and exciting,” Quinn said. “That’s a lot more exciting than necessarily having it. We got that offer and it was a very good offer. The money we got from Bradford Station will allow us to do future projects.”

730 Advance Leonard

Bazzani is also working on finishing a West Side project at 730 Leonard Street NW, which is being converted into 10 studios and eight one-bedroom apartments with three retail spaces on the ground floor. Quinn said the first tenants recently moved into the building, which is currently 50 percent rented.

In addition, the project will be certified as a zero-carbon development and will be part of the Grand Rapids 2030 District. Quinn said Al-Bazani bought the property next door to build another 10 housing units based on the high demand for housing.

“We felt, while we were building the 730 Leonard, that it was probably one of the worst and most challenging times as the supply chain got tighter and labor tightened, but really because of our employees and subcontractors, we were able to successfully work through it,” Quinn said. Over 18 units, and they wanted to keep going, so we’ll probably do that in June or July.”

As with Bradford Station, Quinn is not actively planning to sell the 730 to Leonard.

“We are not fins or anything like that – we are builders,” he said. “It’s just the stuff that lines up really well for the Bradford Place project.”

%d bloggers like this: