Historic Fifth Third Bank Building Transforms Into 140-Apartment Complex in Downtown Grand Rapids
Historic Fifth Third Bank building at 111 Lyon Street transforms into 140-apartment complex with luxury amenities and affordable housing units
A Brutalist Icon Gets New Life as Downtown Grand Rapids Housing Project
After a year of construction, the former Fifth Third Bank building at 111 Lyon Street in downtown Grand Rapids has opened its doors to prospective tenants. The 60-year-old brutalist structure, originally built in 1966 as the headquarters for Old Kent Bank and later Fifth Third Bank, is now being transformed into 140 residential apartments.
The ribbon cutting ceremony is scheduled for June 1, 2026, exactly 60 years after the building originally opened on May 31, 1966.
A First-of-Its-Kind Conversion
Sam Cummings, managing partner with CWD Real Estate, spearheaded the project. The bottom three floors will remain as the regional headquarters for Fifth Third Bank, while the top seven floors were completely gutted and converted into housing.
"We've been able to transform it into 20 apartments per floor," Cummings said. "The complex consists of 105 one-bedroom apartments and 35 two-bedroom apartments."
The one-bedroom units range from roughly $1,800 to $2,200 per month, while two-bedroom units run from $2,300 to $2,800. Twenty percent of the units are classified as affordable housing, with prices ranging from $1,525 to $1,820 per month.
Luxury Amenities in the Lower Level
The amenity space in the lower level is still under construction and will take the name of the old University Club, which closed in 2023 after 100 years of operation. Previously located on the 10th floor of the Fifth Third Bank building, the space will feature:
- Lap pool
- Golf simulator and putting green
- Pickleball and basketball courts
- Billiards room
- Gym
- Saunas
Tenants will also have access to a bike storage area and the Vandenberg Center Parking Ramp, which is attached to the building.
Cummings and builder Orion Construction completed the conversion, with Cummings also planning to move the crews to the historic Ledyard Building on Ottawa Avenue for another office-to-residential conversion.
Addressing the Regional Housing Crisis
The project represents a first-of-its-kind transformation in the area, as Cummings attempted to attract a major corporate headquarters but found that demand for office space changed dramatically after the pandemic.
"We have a housing crisis regionally," Cummings 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."
All units are on schedule to be ready for tenants to move in this June. Cummings hopes to have all units fully occupied within 18 to 24 months.
Preserving Historic Features
One feature that has come up repeatedly from prospective tenants: the windows. The tall rows of windows, originally designed to reduce heat gain, have been kept exactly as they were.
"Fifth Third took such good care of this building," Cummings said. "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."
A Model for Future Conversions
The project is being hailed as a model for cities looking to reimagine their downtowns. The Grand Rapids Chamber of Commerce has advocated for policy changes that make these conversions possible, including expanding eligibility for tax increment financing (TIF) to include residential projects.
"With this conversion, we will increase affordable housing, decrease office vacancy, and support services and retail, and ultimately increase community vibrancy," Cummings said.
The building, located at 111 Lyon Street NW, stands as a testament to what can be achieved through public-private partnerships when addressing complex housing issues.
"It's a pretty cool feeling," Cummings said. "My goal is for our city to lead the nation in solving these complex issues and making our region one of the best places to live and work."
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