New York developer plans $36M apartment building downtown
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.