- people on the move
Hotel Gets Tax Credit
GRAND RAPIDS — The state approved a $3.2 million tax credit last week for a new extended-stay hotel that Moch International plans to build on the northwest corner of Bond Avenue and Trowbridge Street in the Monroe North Business District.
Moch International, doing business for the project as SSGRCC LLC, plans to invest $21 million into a 137-room Staybridge Suites hotel, an InterContinental Hotel Group brand. City Economic Development Director Kara Wood said the developer plans to sell the tax credit and invest the revenue into the project.
The hotel will also receive a brownfield tax reimbursement of $1.8 million over the next 23 years, and the site is in the city’s nearly tax-free Renaissance Zone through 2011.
Joseph A. Moch, a partner in the project with his father Joseph W. Moch, said earlier this month that they hoped to break ground on the hotel within three months after the tax credit was approved.