Economic Development, Real Estate, and Retail

New York developer plans $36M apartment building downtown

October 1, 2015
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New York developer plans $36M apartment building downtown
A developer is proposing a 12-to-13 story apartment building for 601 Bond Ave. NW in Grand Rapids. Photo by Rachel Weick

There’s a new mixed-use project in the works that could bring more apartments to downtown Grand Rapids.

The proposed 12-to-13 story development — which would be located at 601 Bond Ave. NW, next to SpeakEZ Lounge — would feature about 150 apartments, about 5,000 square feet of ground-floor retail and three to four floors of “ramped parking” for up to 160 spaces, according to Brownfield Redevelopment Authority records.

The developer, New York-based 601 Bond Nassau Dutch John, will invest an estimated $36.3 million on the project, with hard construction costs of about $31.5 million, the authority records say.

The developer estimates that 10 jobs will be created by the retail space.

In addition to the employment-based income tax, city staff estimate that apartment residents could contribute $48,098 in new city income taxes.

The property, which has an assessed value of $260,600, was sold on Sept. 11 for $1.2 million from 601 Bond at Turing Park LLC to 601 Bond Nassau Dutch John, according to city records.

The developer is seeking tax increment financing for brownfield-eligible activities, which include environmental site assessment and the privately owned ramped parking, authority records say.

The total eligible activities for reimbursement are estimated at about $4,690,968, which includes a 15-percent contingency.

The reimbursement would occur over the course of the remaining term of the Brownfield Plan Amendment, which will last until 2036. 

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