“We’ve absolutely seen an escalation in construction costs,” Loeks said.
On Wednesday, August 24, he said the tower is expected to cost $62 million, a 19% increase. Earlier this year, documents submitted to the City of Grand Rapids put the price of the building at $52 million. Loeks said the project has felt the strain of inflation and rising construction costs. The tower, which has been planned since the opening of the first phase of Studio Park south of Van Andel Arena in fall 2019, is slated for completion in fall 2024. “Bringing residents downtown spins the flywheel that makes amenities more viable.” “It not only achieves our own goals, but also many of the city’s goals of bringing more residents downtown,” he said, speaking ahead of a “skybreak” planned for the new tower Thursday afternoon. JD Loeks, president of Studio C, the company that founded Studio Park and owns the Celebration Cinema chain, said the new tower will include a variety of amenities and contribute to the growth of downtown Grand Rapids. The tower, built atop a six-story parking garage, will soar 260 feet into the air, making it a defining feature of the city skyline and the fifth tallest building in Grand Rapids. GRAND RAPIDS, MI – Construction of a 16-story residential tower at Studio Park – an apartment, retail and entertainment development in downtown Grand Rapids – containing 165 commercial apartments and 27 condos is expected to start at approximately $500,000.
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