Developer plans $5.1M project along Medical Mile
A developer is planning a $5.1-million project to add residential and retail space along a key corridor in Grand Rapids.
Third Coast Development is proposing to build two mixed-use buildings in Grand Rapids, east of the center of Medical Mile, at 555 Michigan St. NE and 601 Michigan St. NE, according to Max Benedict, partner at Third Coast, who presented the plan recently to the city’s Brownfield Redevelopment Authority.
Benedict said Grand Rapids-based Third Coast Development received up to $475,750 in local tax breaks from the city’s Brownfield Redevelopment Authority, and if everything continues to meet approval on the state level, demolition and construction can begin on Sept. 1.
“We’re really excited with the project getting to this point,” Benedict said. “There’s a long road ahead of us, and we’re optimistic. The city and state have been great partners in the past, and we’re hoping to team up with them again for another great project.”
555 Michigan St. NE
The plan would demolish the “burned out, vacant two-story building” at 555 Michigan St. NE, giving Third Coast a lot of about 7,200 square feet.
Third Coast would build a three-story building with about 2,300 square feet of retail space on the first floor and six market-rate apartments on the second and third floors, giving the building about 7,000 square feet of residential.
601 Michigan St. NE.
The plan would also combine the three parcels of land at 601 and 607 Michigan St. NE and 410 Union Ave. NE into one for a lot of about 12,000 square feet called 601 Michigan St. NE. The properties are currently all owned by Midtowne Village LLC, which is connected to Third Coast, according to city records.
Third Coast would build a four-story building with about 3,500 square feet of retail space on the first floor and 18 market-rate apartments on the remaining floors, giving the building about 15,500 square feet of residential.
Approximately 26 off-street parking spaces are expected to be available for both projects, according to city meeting notes.