GRAND RAPIDS, Mich.–Incentives for three investment projects worth more than a combined $90 million were approved in Grand Rapids today.
The Downtown Development Authority discussed major projects that would have an impact on current and future residents of downtown Grand Rapids. Three developments would create more housing, office and retail space that are in high demand right now.
One of the topics discussed was the Morton House. According to the DDA, 55 Ionia Partners, LLC recently bought the building. Developers plan to convert the existing 13-story, 170,000 square-foot structure into a mixed-used development with first-floor retail and at least 100 market-rate residential apartments. The total project cost is estimated to be $21 million.
Then, there’s the Arena Place proposal, a $30 million project that would be located southwest of Van Andel Arena. It would also add housing, retail and office space.
And, finally, the proposed high-rise in the heart of Downtown Grand Rapids at 20 East Fulton Street. The plans include building a new 14-story, 147,000 square foot mixed-use building. It would add 108 mixed use residential units and a five-story parking structure. The total investment is estimated to be $37 – $40 million. It would also create 4 full-time jobs, and up to 50 part-time jobs.
Kristopher Larson, executive director with the DDA says to expect even more development in the coming years, especially in the Arena South area.
“Three years from now, I expect we have a very good sense of how the Arena South area is going to develop and we’re going to be looking elsewhere for more opportunities to develop communities,” said Larson.