GRAND RAPIDS, Mich.– As developers work to accommodate the growing number of people who want to live and work in downtown Grand Rapids, the Downtown Development Authority is hearing plans of another mixed use, mixed income project.
During their meeting today, the DDA consented to grant a PILOT, or payment in lieu of taxes, for the affordable portion of a proposed 14 story building that could go up at 20 East Fulton, near Division Avenue.
“We’re very impressed by the overall size and mass of it,” said Kris Larson, Executive Director of the DDA. “It’s 108 units with a 50/ 50 mix of affordable and market rate units, which is a great transition to market rate units downtown.”
The building will also include 9,000 square feet of retail space.
Larson believes the developer, Brookstone Capital, LLC, is bringing something significant to the area with this nearly 40 million dollar project.
“This is the first time we have seen a good vertical building coming out of the ground in our downtown in a couple of years,” said Larson. “It’s a signal we are really coming out of the recession. But then it’s the mix. This is the first time in the state of Michigan we are seeing a 50-50 split between affordable and market rate housing. That’s a very important transition for our community as a whole.”
If they can line up all the financial tools, the developer hopes to break ground next summer.