State approves funds for apartment project
The state has approved nearly $1 million in brownfield funding for an apartment project in Grand Rapids.
The $14-million Lofts on Wealthy project by Grand Rapids-based 616 Development received approval this week for up to $970,250 in tax capture for brownfield expenses from the Michigan Strategic Fund, according to the Michigan Economic Development Corporation, or MEDC.
The project will re-develop a 1.03-acre site, which includes the 70,000-square-foot former Kregel Publications building, at 733 and 751 Wealthy St. SE.
616 Development’s plans for the site include five first-floor retail spaces totaling 15,000 square feet and 1,400 square feet for community space.
The remaining five floors of the building will include apartments, ranging from studios and micro-units to one-, two- and three-bedroom apartments. A total of 75 units are expected.
The state-approved tax capture will be used for lead and asbestos abatement and other brownfield “expenses required to prepare the century-old building for a new life as a mixed-use center of activity.”
616 Development has transformed multiple buildings across Grand Rapids into mixed-use apartment projects, such as the Lofts on Michigan, Lofts on Alabama and Lofts on Monroe.