A new mixed-use, high-end residential and retail development is planned for the corner of Fifth and Holly avenues, north of the Grandview city limits.
The View on Fifth will include a six-story building at Fifth and Holly that will have more than 24,000 square feet of retail on the first floor and 153 residential rental units, including two-story lofts on the upper floors, said Mike Balakrishnan, a principal with Jerry Solove in JSDI Celmark, the developer of the project.
JSDI Celmark is a joint venture of Solove Real Estate and Celmark Development Group.
The project also will include a three-story building with a total of 132 one- and two-bedroom garden units to be constructed facing Holly Avenue. Each two-bedroom garden unit will have a balcony.
Most of the units in the Fifth Avenue building will have balconies. The building will feature a community space with a two-story glass atrium overlooking Fifth Avenue, as well as a fitness center and parking garage.
"We'll be looking to attract a national restaurant for the east side of the first floor, with outdoor seating," Balakrishnan said. "On the west side, we'd like to get a coffee shop and then other retail operations in between."
The garden-style development along Holly will feature a free-standing clubhouse with leasing offices, fitness facilities, a media room, conference facilities, storage lockers, a lounge, outside deck and a dog-washing facility. Surface parking will be available for the Holly Avenue residents.
Construction on the Holly Avenue building is expected to begin in July and groundbreaking on the Fifth Avenue phase is planned for later this year, he said.
The project is expected to be completed by late summer 2014, Balakrishnan said.
"We'll be looking to attract members of Generation Y -- 30-somethings -- as well as Millennials, which are a fast-growing demographic, a larger population than the Baby Boomers," he said. "We'll also be seeking empty-nesters who are looking to move out of a larger house into a smaller residence."
The development can be considered an example of new urbanism, an urban design trend seeking to build livable, walkable and sustainable communities, Balakrishnan said.
"This location is a great site that will put people close by a variety of restaurants and retail options," he said.
Rental fees for the one-bedroom garden units are expected to begin at $850 and three-bedroom lofts will start at $2,000 per month, Balakrishnan said.
The View on Fifth is similar to the developer's View on High project at 2020 N. High St. Construction on that project begins in July.