On Wednesday, the Grand Rapids Brownfield Redevelopment Authority approved a nearly $15 million plan, including tax increment financing incentives, for the Breton Meadows project in the 4000 block of Breton Avenue Southeast.
Scott Wierda, along with his son Spencer, are developing the $36.4 million project through their newly launched SW Real Estate investment company.
“I have owned this property for over 26 years, seen lots of cycles with this property from a couple of different grocery store concepts. It’s been vacant for years.”
Initially, Wierda planned to turn it into a self-storage facility but the state’s Tax Increment Financing program, or TIF, offered a catalyst for increasing much needed housing.
“The gap is significant, but with this program, we’re committed to investing the capital to make this work. We’re committed to this program. This will be our first, but significant experience in the whole development field and now we’re excited to move forward.”
Seven apartment buildings will offer a mix of 84 one-bedroom units and 84 two-bedroom units, nearly half of the units reserved for tenants earning 95%-100% of the area median income.
Construction is expected to begin this fall with a completion date of late 2027.
