GRAND RAPIDS — Acrisure LLC expects to complete its new global headquarters in downtown Grand Rapids’ Studio Park in the first quarter of 2021.
The Caledonia-based insurance broker’s new $33 million offices are nearly complete in Studio Park, a mixed-use development at 123 Ionia Ave. SW that contains apartments, retail space, a restaurant, movie theater, hotel and live music venue. About 500 people are expected to work from the office when employees can safely return to in-person work, said Acrisure Chief Communications and Marketing Officer Elliott Bundy.
The Michigan Strategic Fund (MSF) board in September 2019 approved $7 million in economic development incentives for the company. That included a Good Jobs for Michigan tax capture of $6 million and a $1 million performance-based grant under the Michigan Business Development Program.
Acrisure has to create 400 new jobs to receive the state funding. On Tuesday, the MSF board amended the grant conditions to accommodate remote working conditions caused by the coronavirus pandemic. The project was announced in August 2019.
“The amendment allows qualified new employees that reside in Kent County to remote work essentially, but it can still count under the amendment,” Michigan Economic Development Corp. CEO Mark Burton said during the Tuesday MSF board meeting.
The project continues to be a “successful project in Grand Rapids and Kent County,” and the amendment will not change the 400 jobs the company committed to, said MEDC Chief Business Development Officer Josh Hundt.
The incentive amendments were mostly administrative and construction remains “on track,” Bundy said. The expected first quarter 2021 move-in may still be affected by the ongoing public health crisis.
“The biggest opportunity this gives us is the chance to consolidate our workforce, which was spread across Kent County pre-pandemic in various locations,” Bundy said. “We’re very excited to get everyone together when it’s safe. We’ve managed the situation to the best of our abilities (remotely), but there is an energy you really only get from having that number of people together.”
Bundy added that the new downtown Grand Rapids could help attract workers to the company.
“As soon as we are comfortable with the overall state of the pandemic, we will move in when it’s completed,” Bundy said.
Officials with Studio Park developer Olsen Loeks Development LLC said Acrisure will be one of the last remaining tenants to move into the development overall. Olsen Loeks Partner Jeff Olsen said the commercial office space is filled while one retail site is still vacant.
“What’s becoming more and more evident is the importance of the mixed-use dynamic, the synergy of Studio Park,” Olsen said. “Clearly it’s a tremendous attribute to have 500 employees in one office building — that provides a great lifeblood for building use.”
News coverage in the real estate and development section of MiBiz is made possible by advertising support from The Michigan Economic Development Corporation. MEDC markets Michigan as the place to do business, assists businesses in their growth strategies and fosters the growth of vibrant communities across the state. This advertisement has no effect on editorial consideration in MiBiz.