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Tuesday, 27 September 2016 11:59

Diamond Place mixed-use development gets state funding

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Diamond Place mixed-use development gets state funding COURTESY RENDERING

GRAND RAPIDS — Third Coast Development LLC’s plans to construct additional apartments and retail along the burgeoning Michigan Street corridor took a step forward today.

The board of the Michigan Strategic Fund (MSF) approved the request by Third Coast subsidiary Diamond Place LLC and its capital partners, Okemos-based PK Housing & Management Co., for about $12 million in incentive funds, combining Brownfield redevelopment financing and Community Revitalization Program (CRP) grants.

The developers plan to demolish the 2.8-acre Proos Manufacturing Inc. site along the north side of Michigan Street just east of Diamond Avenue and construct 165 apartments, a combination of market rate and income-restricted units.

The $20 million project will also include 240-space parking deck and retail space including an unnamed 16,000-square-foot grocery tenant, as MiBiz has previously reported.

Third Coast Development principal Max Benedict has previously said that the demolition and remediation could begin this fall.

Read 1409 times Last modified on Tuesday, 27 September 2016 16:56

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