U.S.-based real estate management company PlazaCorp Realty Advisors Inc. aims to back Rose Street Market building and an adjacent parking lot into two buildings with $42.8 million investment for redevelopment.
The buildings will include a 118-room boutique hotel and 107-room extended stay Home2 Suites by Hilton, with an indoor pool, office space and an elevated walkway across Eleanor Street.
During development, PlazaCorp is required to provide Kalamazoo County 50 parking spaces in a surface lot or parking ramp within a four-block radius of the administration building. The company purchased the building for $1.4 million in 2015. Last year, it bought the adjacent parking lot from Kalamazoo County for $500,000.
PlazaCorp Realty said construction is planned to start in the first quarter of 2019. It is expected to create 35 full-time jobs and 35 part-time jobs. It is also seeking another redevelopment of an iconic building in downtown Kalamazoo.