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Tuesday, 23 June 2015 12:41

Funds approved for Fulton Place development

Written by  MiBiz Staff
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Fulton Place Fulton Place COURTESY PHOTO

Fulton Place, the 102-apartment, mixed-use development from Rockford Development Group (D.B.A. Fulton and Seward LLC), this morning took another step forward.

The board of the Michigan Strategic Fund approved brownfield redevelopment funds, as well as Michigan Community Revitalization Program (MCRP) dollars to assist with the projected $33 million mixed-use project that's targeted at students attending Grand Valley State University’s nearby Pew Campus.

The developer will receive $3 million in MCRP funds as well as brownfield dollars from local and school tax capture in the amount of $5,598,600, according to a memo submitted to the Michigan Economic Development Corp. (MEDC), which administers the Michigan Strategic Fund.

Chemical Bank is financing 80 percent of the project with a loan, according to the MEDC memo, and the developers have a 15-percent equity stake. The remaining gap is filled in with MCRP dollars.

Fulton Place, planned for West Fulton Street between Seward and Lexington Avenues, will include a 13,000-square-foot building with seven, three-story townhomes; a three-story, 5,500-square-foot building with three apartments; and a five-story, 125,000-square-foot mixed-use building with 102 units. The project is expected to be open for the 2016-2017 school year.

Read 2148 times Last modified on Sunday, 28 June 2015 17:59

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