Developer plans $19M West Side apartment complex
A developer is planning a $19-million apartment complex on the West Side that would feature commercial space.
The Michigan Strategic Fund board approved a $2.9 million performance-based loan for Cherry Street Capital’s development on six lots on Lexington and Seward avenues NW and Lake Michigan Drive NW.
The project on a .75-acre site would include a five-story building and a three-story building.
The project would include 63 residential units, about 10,000 square feet of commercial space and an underground parking garage.
An estimated 15 jobs would be created by the project.
The project, through the Grand Rapids Brownfield Redevelopment Authority, is also seeking approval of $3.6 million in local and school tax capture to help prepare the site for construction.
The site would need to be cleared of lead and asbestos, along with the demolition of a vacant building on one of the lots, according to the state.
The state also said the project has leveraged $13.6 million in traditional debt and secured 13 percent owner's equity.