From Corporate Headquarters to Residential Community

GRAND RAPIDS, Mich. — After a year of construction, the door is now open. It's tour time at 111 Lyon Street. What was once empty office space is now housing history in downtown Grand Rapids.

A 60-year-old brutalist building, originally designed as the headquarters of Old Kent Bank and later, Fifth Third Bank, is now being refashioned into 140 apartment units. The ribbon was originally cut on May 31, 1966, according to Sam Cummings, a managing partner with CWD Real Estate. The ribbon cutting ceremony is scheduled for June 1, 2026.

While the bottom three floors will remain the regional headquarters for Fifth Third Bank, the top seven floors were gutted of their corporate shell and turned into residential space. The complex consists of 105 one-bedroom apartments and 35 two-bedroom apartments.

The apartments are on schedule to be ready for tenants to move in this June. Leasing applications are available and tours can now be scheduled.

Pricing and Affordable Housing Options

The apartments range in price based on elevation and square footage. One-bedroom units run between roughly $1,800 to $2,200, while two-bedrooms are between $2,300 to $2,800.

Of the units, 20 percent are classified as affordable housing, with that price point ranging from $1,525 to $1,820.

"We are more affordable than many downtown," said Cummings. "It's expensive to do this sort of conversion. We want a thriving downtown of restaurants, retail, et cetera. So we need to build demographics of folks that actually have disposable income to pay for those things."

Cummings hopes to have all of the units fully occupied in 18 to 24 months.

Luxury Amenities in Historic Setting

Some remaining work is being completed on the units before they are furnished. The amenity space in the lower level is still under construction. It will take the name of the old University Club, which closed in 2023 after 100 years in operation.

The amenity space will feature wood-paneled walls and high-end finishes. It will include a lap pool, golf simulator and putting green, pickleball and basketball court, billiards room, gym and saunas.

Tenants will also have access to a bike storage area and the Vandenberg Center Parking Ramp, which is attached to the building.

Cummings spearheaded the project for CWD Real Estate, alongside builder Orion Construction.

A First-of-Its-Kind Transformation

A lot has changed since the investment firm purchased the building in 2015. Cummings tried several times to attract a major corporate headquarters, but the demand for office space changed dramatically in the wake of the pandemic.

That's what inspired a first-of-its-kind transformation in the area.

"We have a housing crisis regionally," he said. "So how can we take a struggling asset class and recapitalize it? This project alone will bring at least 210 new residents to this two-block area, and take the 150,000 square feet of office space off the market."

Preserving Historic Features

From prospective tenants, one feature has come up over and over again: the windows. The tall rows of windows, which were designed to reduce heat gain, have been kept the way they were.

"Fifth Third took such good care of this building," said Cummings. "It was their home, it was their corporate headquarters. They turned a good product over to us because they had taken care of it like an owner would, and that was really nice."

Looking out across downtown, Cummings sees this conversion as just the first of many. He said the firm plans to move the crews working on 111 Lyon over to the historic Ledyard Building on Ottawa Ave. and begin another office-to-residential conversion.

"It's a pretty cool feeling," he said.