Anyone who’s spent significant time in
Downtown
Lansing has at least mentioned the
Knapp’s
building, the iconic 1930s former department store located at 300 S.
Washington.
After roughly eight years of vacancy, the
Eyde Company, which owns
the building, is attempting to restore the 190,000 squire foot
structure—to the tune of $22 to $24 million
—

and turn it into office space, retail space, apartments
and a business incubator. A new restaurant is also a possibility.
“The
Knapp’s Centre has been largely underutilized for the past 20 years,”
says building developer Nick Eyde, who is the project manager for the
development. “It’s steeped with history and is truly one of Lansing’s
most beautiful and unique buildings. We’re thankful for the chance to
finally put it back to prominent use.”
The project is contingent
on the approval of more than $19 million in outside financing and tax
breaks, but Mark Clouse, CFO and general council for the Eyde Company,
says he’s confident the project will move forward with construction
potentially beginning in the summer of 2011.
Clouse says the
company has been working on the conception of the redevelopment for
several years, but that the necessary pieces needed to renovate the
building have fallen into place.
The recent
Ignite
3.0 event at the Knapp’s emphasized resident interest in the
renovation, he says.
“It showed us the amount of enthusiasm there
is for the building and for being Downtown,” he says. “It did have an
impact. It kind of solidified our willingness to make an investment.”
The
first floor of the building is scheduled to be parking space. The
incubator will take up an estimated 10,000 square feet of space. The
upper floor is slated to be residential space. and the Eyde Company will
move its 50 employees into new office space.
To read Capital
Gains' previous article about the building's potential, click
here.
Source: Josh Hovey,
Rossman GroupWriter:
Ivy Hughes