Grand Rapids Riverfront Project at Fulton and Market Streets has been awarded nearly $561 million from the Michigan Strategic Fund’s Transformational Brownfield Plan grant.
The money will be used for developing nearly seven acres with construction of three mixed use towers including a 21-story office tower, a 130-room hotel and a 43-story residential tower featuring 595 residential units. All of them will include parking and accommodate ground floor restaurant and retail.
Sixty-eight thousand square feet of public space will surround the buildings complete with a riverwalk and promenade with riverfront steps.
In all, the project will add 670 housing units and 2,500 parking spaces.
It’s estimated nearly $796 million will be invested in the local economy supporting more than1,900 jobs.
The TBP incentive will be reimbursed over 30 years.
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