HOLLAND — A luxury five-story residential and commercial building planned in Holland received approval Tuesday from the Michigan Strategic Fund board for $2.2 million in brownfield incentives.
The Towers on River development will be located at 159 S. River Ave., and is expected to be a nearly $27 million project. A vacant single-story building on the site is planned to be demolished for the construction of a new 132,118-square-foot building.
The first floor will have parking and retail space while the second floor will comprise commercial and medical office space. The remaining floors will include 27 condominium units that will be priced between $400,000 to $1 million per unit. Condo units will range from 1,000 to 2,500 square feet and will include one- to three- bedroom units at market rates.
Towers on River will have a fitness center and community terrace bordered by a green roof system. The building will have a modern design of nine individual towers that will be connected to each other.
Dennis Jacobs is the developer of the project, along with Third Coast Capital Group LLC, JCM Development LLC and 159 South River LLC. Without the brownfield tax capture, developers have said the project would not be profitable. The project qualifies for the brownfield tax incentive because the site is considered a facility.
“We’re looking forward to bringing some stylish architecture into town. We see that there’s a need for high-end residential property in downtown Holland,” Jacobs previously told MiBiz. “The development that’s been done ... to extend Eighth Street and at the Civic Center creates a need for this project.”
Midwest Construction Group Inc. is the construction manager for Towers on River while Integrated Architecture LLC and Holland Engineering Inc. are the architects for the project, which is expected to be completed in 2022.
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