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.