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Tuesday, 15 December 2015 14:50

Eastown redevelopment receives state support

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Eastown redevelopment receives state support COURTESY RENDERING

LANSING — The Michigan Strategic Fund board today approved Brownfield tax credits and a Community Revitalization loan to support the redevelopment of The Kingsley Building in Grand Rapids’ Eastown neighborhood.

The approximately $12.9 million project by Grand Rapids-based Bazzani Associates Inc. on behalf of Offsite Lake Drive LLC aims to turn the building at 1415 Lake Dr. SE — a former offsite record storage facility — into a mixed-use building with 41 residential units as well as storage and office space that could be used for live-work purposes, according to a memo filed with the MSF board.

Bazzani previously rehabbed the building’s first floor into multi-tenant commercial space that includes Terra GR Restaurant.

The MSF board approved just over $1.6 million in local and school tax capture and a $1,773,700 CRP loan.

Bazzani executive Baird Hawkins told MiBiz that the company expects a 12- to 14-month construction period.

Read 1585 times Last modified on Friday, 18 December 2015 11:37

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