A Neighborhood Enterprise Zone, or NEZ, is a designated area within a community that offers tax incentives to encourage the development and rehabilitation of residential housing, with the goal of revitalizing distressed neighborhoods and promoting owner-occupied housing and new investment in the area.
One of the projects approved by the Grand Rapids City Commission as an NEZ is 648 Bridge Street Northwest, former site of Duthler’s Family Foods. Talbot Development’s $30 million project consists of a five-story mixed-use building with 1,500 square feet of retail space, 148 apartments, and a 69-space parking deck. Once complete, the development is expected to generate almost $48,000 annually in new city income taxes.
A second project approved for NEZ status is 385 Leonard Street Northeast. Sun Title Company and Pinnacle Construction Group’s $39 million project includes a five-story, 130,000 square foot mixed-use building with 181 apartments, 622 square-feet of retail space and an 80-space parking structure. Of the units, 10 will be affordable for households earning up to 70% of the area median income.
