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Apartment complex off Medical Mile receives $8M in incentives
A $53-million apartment project off Medical Mile has been awarded $8.8 million in public incentives.
The Michigan Economic Development Corp., or MEDC, Michigan Strategic Fund approved the request for local and school tax capture for the redevelopment of four acres in Grand Rapids on the 400 blocks of Benson and Grand avenues NE by Grand Rapids Properties 1, LLC.
Grand Rapids Properties 1, LLC is the project entity for RISE Real Estate from Valdosta, Georgia.
The project was approved by the city last summer.
It consists of two four-story buildings with 286 market-rate apartments and a four-story parking garage with 334 spaces.
The development will replace 20 houses in the neighborhood.
It will encompass 246,000 square feet of residential space and 141,000 square feet of “improved public infrastructure.”
“Without support for the site preparation and infrastructure improvements, this project would not be financially viable,” an MEDC memo says.
The city of Grand Rapids Brownfield Redevelopment Authority applied for the state funds on behalf of the project.
The tax capture will be used for lead and asbestos abatement, demolition activities, site prep and infrastructure improvements, such as streetscaping, sidewalks, curbs, street paving, storm water management and the new parking deck.
The project is near 616 Lofts on Michigan and Third Coast Development’s Mid Towne Village.