It’s a massive $150 million project on 15 acres along Godfrey Avenue south of Market, redeveloping the former Luce Furniture and McInerney Spring and Wire sites into what’s being called Factory Yards. With both renovations and new buildings, it will include 467 apartments and 150,000 square feet of commercial space with parks, event space, food hall, fitness center and self-storage area.
Scott Magaluk, a principal of Heritage Development Partners, says they’re currently in the elective demolition and abatement phase.
“It doesn’t look like there’s a lot going on from the outside, but we started removing the asbestos and some of the lead paint. You know it’s a historic structure that has cleanup issues and we have to go through the process of doing that.”
The team is collaborating with the city to provide housing at various price points with approximately 95 units at below market rents.
Grand Rapids Economic Development Director Sarah Raniero says Factory Yards is part of the Transformational Brownfield Program, a financial incentive initiative.
“That was our first Transformational Brownfield plan in the city and so I think the energy and momentum that project started coupled with some of the other investments we’re seeing closer to the river – this is a fun time to be in Grand Rapids.”
The developers are finalizing designs and financing, with plans to be under full construction early next year.
