Developer receives up to $210K for downtown streetscape work
A developer has been awarded up to $210,000 in funds for streetscape improvements as part of its roughly $5-million renovation of a building in downtown Grand Rapids.
Franklin Partners is renovating Twenty 5 Ottawa, at 25 Ottawa Ave. SW, to reposition it for future tenants.
Franklin Partners received support last week from the Downtown Development Authority, or DDA, in the form of its Development Support Program.
The DDA approved the reimbursement funds for the project’s streetscape improvements in the “public realm,” authorizing the DDA chair to execute a Development and Reimbursement Agreement in the form of 75-percent tax-increment finance, or TIF, reimbursement over 10 years.
The streetscape work will include snowmelt, bicycle parking, ornamental pavers, benches, trashcans and street trees.
The total project cost for the streetscape work is estimated at $279,167.
The 90,000-square-foot building is undergoing substantial interior renovations, particularly to the building’s ground floor, which is being renovated for “active use.”
The renovation project is expected to be completed this year.
When Franklin Partners first announced the Twenty 5 Ottawa project, it noted the building is not a “user-friendly building” in its current state.
The developer said it intends to change that through renovations that include a major facelift to the building’s entryway, including re-positioning the entry and framing it with a four-story glass façade.
The project also calls for reconfiguration and replacement of all first-floor windows along Ottawa Avenue SW and Weston Street SW to create a more visible storefront, along with several other additional improvements.
Currently, the building is 16 percent occupied.