Redevelopment project secures $4.6M in public funds
A local redevelopment project anchored by a new brewery is in line for a cash infusion.
Bridge and Turner LLC, managed by Grand Rapids-based Rockford Construction, has received approval for a nearly $2.5 million Michigan Community Revitalization Program performance-based loan from the Michigan Strategic Fund to redevelop property sites in Grand Rapids, at and near 405 Bridge St. NW, into two mixed-use buildings, including space for New Holland Brewing Co., retail, apartments and offices.
The Grand Rapids Brownfield Development Authority also received approval from the Michigan Strategic Fund to use a $2.1 million local and school tax capture toward brownfield alleviation costs for Bridge and Turner LLC, the Michigan Economic Development Corp., or MEDC, said.
Although the brownfield tax increment financing, or TIF, will help with existing brownfield conditions at the site, it is anticipated there will be “significant earthwork challenges” on the multi-site project. The development team requested the $2.5 million through the state loan to address an anticipated funding gap in redeveloping property located at 405, 415, 425 and 427 Bridge St. NW and 416 and 424 Broadway Ave. NW.
The state loan will also allow for separation between the brewery facility and residential portions of the project.
Bridge and Turner LLC plans to redevelop the property sites into two mixed-use buildings, including about 45,000 square feet for New Holland Brewing Co., more than 36,000 square feet for apartments, nearly 21,000 square feet for offices and 5,000 square feet for retail at the ground level.
Bridge and Turner LLC anticipates the project will result in nearly $25 million in capital investment and create about 220 permanent full-time jobs.
The New Holland Brewing location will occupy two floors of the building on the corner of Bridge and Broadway, while the remaining two floors will be designated for office space.
New Holland announced the roughly $10-million expansion project last October and plans to open brewing and distilling operations, a taproom, store and a beer garden.
The second mixed-use building on the corner of Bridge and Turner will be used for residential and retail space.
To prepare the site for redevelopment, asbestos abasement will be conducted prior to the demolition of a former gas station, adult bookstore and adult theater.
The site also has concentrations of soil and groundwater contamination, as well as buried brick, coal, metal, glass and automotive parts.
Erosion and traffic control, temporary earth retention, sewer and storm water improvements, sidewalks and engineering will also be completed through the development.