Displaying items tagged: Michigan Strategic Fund
Downtown Market extends its development incentive loan repayment
For the fourth time since 2014, the Grand Rapids Downtown Market has asked permission to keep paying only the interest on its loans tied to a state economic development incentive as it seeks to restructure its debt load.
MiBiz Growth Report: Jan. 22, 2018
Here is the MiBiz Growth Report for Jan. 22, 2018:
• M&A: Bridgman-based Kruger Plastic Products has been acquired by Chicago-based private equity firm HC Private Investments, according to a statement. Kruger President Pat Brandstatter and VP of Engineering Dirk Kruger retained “significant stakes” in the custom injection molding company. Terms of the deal were not disclosed. Grand Rapids-based Varnum LLP served as legal counsel to Kruger, which was advised on the transaction by BlueWater Partners LLC, a Grand Rapids-based investment banking and consulting firm.
DeVos-held firm gets loan deferment on GR facility amid struggle to fill retail space
GRAND RAPIDS — After running into challenges with leasing retail space at a prominent downtown redevelopment, a DeVos-held entity got permission from the state to delay its incentive loan repayments.
Developer raises $8.7 million for Market Avenue Place
GRAND RAPIDS — The developers of a mixed-use project being built on the southwest side of downtown just completed an $8.7 million capital raise to finalize a construction loan.
Rockford Construction gets state approvals, funds for west side GR project
An affiliate entity of Rockford Construction Company Inc. today received approvals and state Brownfield funds from the board of the Michigan Strategic Fund to move forward with its proposed “superblock” on Grand Rapids’ west side.
Bill would ease process for companies in Michigan border towns to receive incentives
Legislation that passed the state Senate last Thursday seeks to level the playing field for economic development organizations trying to attract companies to Michigan’s border communities.
Hinman Company plans 20 market rate apartments in Muskegon
The downtown Muskegon area could soon see its first new market rate apartments in years.
Orion Construction gets $1 million in state support for River’s Edge project
Developers of an apartment project along the Grand River north of downtown Grand Rapids secured state backing.
Projects to watch: Developments take shape across West Michigan
WEST MICHIGAN — 2016 has featured a flurry of commercial real estate news, in a year that’s been defined by dwindling vacancies for developers and rising costs for end users.
Payroll tax abatement could bring Michigan incentives on par with other states
LANSING — The Michigan Economic Development Corp. could expand its toolbox of incentives under a proposed payroll tax abatement program.
Chemical Financial explores moving regional HQ in downtown GR
GRAND RAPIDS — The largest bank headquartered in Michigan wants to increase its profile in downtown Grand Rapids in the years ahead.
VanGessel works strategic partnerships for large developments
Mike VanGessel likes to talk about the “why” behind his company’s decision to invest in the long-neglected west side neighborhood of Grand Rapids.
Developers see mixed messages in downtown Grand Rapids office market
GRAND RAPIDS — Facing a dearth of high-amenity space in the downtown Grand Rapids market, commercial real estate stakeholders hope developers can soon begin to add Class A office inventory.
Major developments could get funding boost under proposed incentives
To help make Michigan more attractive for large-scale real estate developments, lawmakers want to give developers new options to help fund their projects.
Diamond Place mixed-use development gets state funding
Third Coast Development LLC’s plans to construct additional apartments and retail along the burgeoning Michigan Street corridor took a step forward today.
McCann Erickson and affiliate win $35 million in state marketing contracts
Global advertising firm McCann Erickson and sister company Weber Shandwick won nearly $35 million in new contracts today from the Michigan Strategic Fund.
MiBiz Growth Report: Aug. 8, 2016
Here is the MiBiz Growth Report for Aug. 8, 2016.
• M&A: Grand Rapids-based architecture firm Progressive AE Inc. has acquired Charlotte, N.C.-based AI Design Group Inc., according to a statement. The new company will be headquartered in Grand Rapids and leadership will remain the same, according to a statement. AI Design will now be referred to as a Progressive AE company. Terms of the deal were not disclosed.
Cherry Street Capital secures state funding for mixed-use development on Grand Rapids’ west side
Plans to build a reported 63-unit, mixed-use development in Grand Rapids’ West Side neighborhood moved forward today with backing from the state.
CSM Group to be anchor tenant in Kalamazoo office redevelopment
Construction management firm The CSM Group Inc. will be the anchor tenant in The Foundry, a new commercial office redevelopment that broke ground today on the north side of downtown Kalamazoo.
State approves funds for Kalamazoo office and commercial development
Backed by state incentives, developers could bring a new 52,000-square-foot mixed-use project to the north side of downtown Kalamazoo.
Switch seeks additional tax breaks for West Michigan data center
Kent County and other stakeholders plan “two firsts” in providing abatements for Switch Ltd.’s colocated data center in Gaines Charter Township.
State re-evaluates popular development financing tool
The Michigan Economic Development Corp. plans to “re-evaluate” a gap financing mechanism that commercial real estate professionals say has played a crucial role in the redevelopment of key corridors across West Michigan.