The $738 million project that would sit on six acres on the southwest corner of Fulton Street West and Market Avenue Southwest calls for three high-rise towers: an office tower, hotel tower, and residential tower.
During Wednesday morning’s presentation, Brad Thomas with Progressive Companies and Joe Agostinelli with Michigan Growth Advisors expanded on their vision for the project while taking questions from the board concerning topics like affordable housing.
“It became apparent very quickly the cost of developing this project at the scale we’re talking about developing it did not allow for much room to build affordable units.”
Agostinelli says through a partnership with the city, they could do more by investing $8.5 million into the city’s affordable housing fund, which would result in 5.6 times more units being constructed instead of building them on-site.
Other board members expressed concern over public access to and redevelopment of the Grand River’s edge.
“I hope that we have better solutions considering we’re using a lot of public funds to make this happen, that these spaces are truly public and publicly accessible.”
The Brownfield Redevelopment Authority oversees the state-backed plan that provides incentive-based reimbursement to large redevelopment projects.
The project’s developers will hold community engagement meetings over the next three months as well as with the City Commission.
If approved, the project could begin construction by fall of 2025.
Read the Fulton Market Design Plan Here:
