Posted Aug 23, 2023, 10:24 PM
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Detroiter4life
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Join Date: Jul 2001
Location: Back home in Georgia!
Posts: 4,061
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Great photos! It's amazing how fast this tower is going up. A few updates of GR projects...
Mixed-use project at vacant Grand Rapids corner lands $3.5M in state loan, incentives
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A state economic development board has approved more than $3.5 million in loan and tax incentive support for a 58-unit mixed-use project planned along the edge of downtown Grand Rapids.
The Michigan Strategic Fund board on Tuesday approved a Michigan Community Revitalization Program performance-based loan for up to $3 million and $544,048 in brownfield incentives for the project spearheaded by W&S Development Partners LLC.
As well, the city of Grand Rapids approved a Neighborhood Enterprise Zone abatement for the project valued at nearly $1.1 million, an environmental site assessment grant for $52,000, and local brownfield incentives valued at $272,225.The $16.4 million development will be on vacant property at the corner of Wealthy Street SW and Sheldon Avenue SE. The two-building project is set to include studio, one-bedroom and two-bedroom apartments, along with 2,400 square feet of retail space. Onsite parking and bicycle storage will also be available for tenants.
Preliminary site work has started on the project, which Grand Rapids-based Maxam Architecture PLLC is designing.
W&S Development Partners purchased the property at the corner of Wealthy and Sheldon from ICCF Community Homes on March 24 for $1.8 million, according to property records. The half-acre property has been vacant for more than a decade, and is located on the same block as the Tapestry Square project that ICCF Community Homes recently completed.
“Grand Rapids has had a shortage of housing since before the pandemic, so the location provides good access to downtown and it’s walkable for people at Mary Free Bed or (Trinity Health Grand Rapids Hospital), and it’s a wonderful location for market-rate housing for the city,” said Heather Coyne, director of marketing at Grand Rapids-based Cella Building Co., one of the development partners for the project.
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https://www.crainsgrandrapids.com/ne...an-incentives/
Grand Rapids advances $103M incentives plan for Factory Yards project
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A Grand Rapids board has approved a developer’s request for $103 million in “transformational” tax capture incentives, advancing plans for what would be the first project in Grand Rapids to use the state funding tool.
The city’s Brownfield Redevelopment Authority board approved a Transformational Brownfield Plan for the proposed $147 million Factory Yards mixed-use project on Grand Rapids’ southwest side. Metro Detroit-based developers Ben Smith, Scott Magaluk and Dennis Griffin are behind the massive redevelopment of the former industrial properties.
The project calls for the redevelopment of four vacant buildings at and around 655 Godfrey Ave. SW, as well as the construction of three new buildings. The project will span 15.5 acres currently hosting obsolete, vacant manufacturing buildings in Grand Rapids’ Roosevelt Park neighborhood.
“We’re just really excited about what we’ve been hearing and what (the developers) have been doing,” Reggie Smith, president of the Roosevelt Park Neighborhood Association, said during today’s Grand Rapids Brownfield Redevelopment Authority meeting. “We’re excited that they’re willing to invest in our neighborhood.”
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https://www.crainsgrandrapids.com/ne...yards-project/
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