The $800 million project would sit on more than 6 acres along the Grand River at Fulton Street and Market Avenue and include a 43-story tall apartment building, making it the tallest structure in downtown Grand Rapids.
The Brownfield Redevelopment Authority approved the plan which includes around $32 million in local property tax capture, which is a performance-based incentive.
Grand Rapids’ economic development director Sarah Rainero explains how this is a low-risk opportunity for the city.
“Because of how the program is structured and being a reimbursement-based program, if this is not realized, there’s nothing lost.”
Last week, the Downtown Development Authority approved an incentive plan where 75% of the DDA’s tax capture would pass through the city’s Brownfield Redevelopment Authority, while the remaining 25% would be retained by the DDA.
The project would consist of an office tower, housing tower, and hotel tower, built over two parking structures. The residential tower would house 600 apartments, with rates set between just over $2,600 and almost $4,000.
The Grand Rapids City Commission will hold a public hearing on November 12th before considering approval of the project.
