ABSTRACT
The Wedge is a mixed-use project combining flexible new construction and adaptive reuse of an existing parking structure, with some street-level retail, in a public space in downtown Grand Rapids, Michigan. The project’s driver is the city’s Mobile GR and Parking Services department. Grand Rapids has solid growth and market fundamentals. Downtown Grand Rapids needs short-term parking, with an eye on long-run demand for housing and office space. The local deal makers considered WGI’s FlexPark design solution a way of planning for the long-term viability of parking structures by building it with eventual conversion to other land uses in mind. The purpose of the deal is to build a new wedge-shaped parking lot serving short-to-medium-term parking needs, with long-term adaptive reuse potential for office or residential development. The feature of the project is to utilize an adjacent existing parking structure for access to the new structure, negating the need to build ramps between floors in the new structure. This keeps the costs down, and with flat, high-ceilinged, moderately sized floorplates, it vastly increases the adaptive reusability potential, leaving it only up to market forces. The low discount rates of a public investment driver made this deal pencil out better.
