$22-$24 Million Restoration Proposed For 190,000 Sq Ft Knapp’s Building

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 Group

Writer: Ivy Hughes