The Michigan Department of Environment, Great Lakes and Energy (EGLE) is working to bring a four-story, 110-unit apartment complex to Grand Rapids.
The project is part of EGLE’s brownfield redevelopment initiative, aimed at revamping vacant or abandoned properties to create economic growth.
The Lofts on Grove will replace a vacant, contaminated site on Plainfield Avenue NE and Grove Place NE. When completed, more than 3,200 square feet of commercial space will be developed.
The project itself is estimated to generate $24.3 million in investment.
EGLE approved reimbursement for the developer for the cost of transporting and disposing of the contamination up to $221,625 through Tax Increment Financing. That allows the increase in property tax revenue on the finished project to be used to reimburse the developer until it has recouped its costs. The land currently has a taxable value of $677,434. That’s estimated to go up to $5.8 million by the year 2040.
EGLE says redevelopment of brownfields also increases property values on nearby land.
