LANSING — Two mixed-use projects in Grand Rapids received state incentives, following approval from the board of the Michigan Strategic Fund (MSF) this morning.
East Lansing-based development and property management firm MapleGrove Property Management LLC was awarded a total of $10,916,593 by the MSF board for its proposed development at 234 Market St. SW.
The firm plans a $56.5 million mixed-use development with 230 market-rate apartments, 28,000 square feet of ground-floor commercial space and a four-level parking deck.
The site, formerly an adult entertainment venue, sits immediately west of Founders Brewing Co.
Maplegrove COO David Emdin told MiBiz in an email that demolition of the existing structure is underway with construction expected to begin late next month. Completion of the project is expected in June 2018.
Additionally, Grand Rapids-based Green Cane Property LLC, a boutique development firm, received $729,525 from the MSF board for its mixed-use development at 1059 Wealthy St. SE. The developers plan six new buildings at the site with uses including a variety of housing, office space and retail, as MiBiz previously reported.
The 9,900-square-foot building that previously stood on the 1.26-acre site — once a McDonald’s restaurant — was torn down earlier this summer to make way for the proposed $8.9 million project.
The local and school tax capture approved by the MSF board will go toward alleviating brownfield conditions at the site, as well as infrastructure improvements, according to a statement.