News Summary
Grand Rapids is witnessing a surge in retail development, particularly along the North East Beltline. A new retail pad is nearing completion, and the Shops at CenterPoint mall has changed ownership, boosting investment interest in the area. The mall features major retailers and has seen recent improvements. A new Barnes & Noble bookstore is set to open soon, alongside plans for additional commercial projects. These enhancements solidify Grand Rapids as a vibrant retail destination.
Grand Rapids is experiencing significant retail development, marked by the expansion of the North East Beltline commercial corridor. Seven additional acres of retail property are being developed, with a new retail pad nearing completion at 2284 and 2300 East Beltline Ave. NE. This site is located just north of the Village at Knapp’s Crossing, and the project is valued at $1.95 million.
The ongoing developments in the area are complemented by the recent change in ownership of the Shops at CenterPoint mall. The mall was sold for $70 million to Bridge33 Capital, a Seattle-based real estate firm, on December 30, 2022. Previously, the mall was owned by Pine Tree Commercial Realty LLC, which had purchased it for $63.5 million in August 2022.
The Shops at CenterPoint serves as a significant commercial hub, featuring prominent tenants such as TJ Maxx, HomeGoods, and Old Navy. It is located at 3665 28th St. SE, near East Beltline Avenue. Notably, the TJ Maxx/HomeGoods store within the mall is the largest storefront, covering an area of 52,000 square feet. Overall, the mall hosts a total of 37 businesses and organizations, including Sierra Trading Post, DSW, Joann Fabrics, Nordstrom Rack, and Ace Pickleball.
In additional developments, Bridge33 Capital currently lists two retail suites, each measuring 4,000 square feet, for lease. Furthermore, there is a 3.5-acre outlot available for redevelopment along Lake Eastbrook Boulevard, which was formerly occupied by the Orbit Room venue.
Following the acquisition of the Shops at CenterPoint, the area has seen increased interest from investors. Notably, the sale follows the recent transaction involving RiverTown Crossings in Grandville, which was sold to Poag Development Group for $97.4 million in August 2024.
The new owners of the Shops at CenterPoint have already committed $1.3 million to improvements since taking ownership. Retail lease rates in the West Michigan region are reported to be experiencing a slight increase; however, retail sales have stagnated in the third quarter of 2023. This stagnation is partly due to a lack of inventory, making it difficult to finalize sales.
Looking ahead, a new Barnes & Noble bookstore is set to open at The Village at Knapp’s Crossing on March 26, with plans for a wide array of products including books, toys, games, and gifts, along with a café. This upcoming store is located at 2236 East Beltline Ave. NE and will be the second Barnes & Noble location in Grand Rapids, joining existing stores at Woodland Mall and RiverTown Crossings. The store’s grand opening will feature a ribbon-cutting ceremony, which will also celebrate local author Erin Craig.
The Village at Knapp’s Crossing itself includes at least 34 businesses, including D&W Fresh Market and P.F. Chang’s. Additionally, there are plans for further development, including the construction of a new hotel, Starbucks, and urgent care center, following the approval from the Grand Rapids Planning Commission. The urgent care facility will replace the former Chili’s Grill and Bar but will not operate 24 hours. Meanwhile, a new four-story Home 2 Suites by Hilton hotel is planned for an empty lot located north of Celebration Cinema North, designed to feature 107 guest rooms along with outdoor patio areas.
These developments signify a continued commitment to enhance the commercial landscape of Grand Rapids, ensuring robust options for retail shoppers and diverse business opportunities in the area.
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Additional Resources
- MLive: New $195M retail development on the East Beltline
- Wikipedia: Grand Rapids, Michigan
- Crain’s Grand Rapids: Shops at CenterPoint Mall sells for $70M
- Google Search: Retail Development Grand Rapids
- MLive: Barnes & Noble sets opening date for new Grand Rapids area store
- Google Scholar: Barnes & Noble Grand Rapids
- Detroit Free Press: New Barnes & Noble locations coming to Michigan
- Encyclopedia Britannica: Retail
- WOOD TV: Hotel businesses planned for GR’s Celebration Village
- Google News: Grand Rapids Retail Developments
