GRAND RAPIDS — City officials have approved a 12-year Neighborhood Enterprise Zone tax incentive for the $52 million second construction phase of the Studio Park development downtown.
Grand Rapids city commissioners on Tuesday night approved the incentive as well as a separate revision to the development’s brownfield plan.
A 16-story, 212,000-square-foot addition will be added on to the existing Studio Park parking ramp located at 120 Ottawa Ave. SW. Olsen Loeks Development LLC’s project will contain 165 residential apartment units and 24 to 30 condominium units. The Neighborhood Enterprise Zone incentive — in this case valued at more than $2.3 million — provides a reduction in future taxes on improvements made to residential components of developments. The project is expected to generate more than $6 million in property taxes over 12 years.
The brownfield plan revision only would pertain to the proposed 165 units, not the condominium units planned in the project, Grand Rapids Economic Development Director Jeremiah Gracia said during the commission’s Committee of the Whole meeting on Tuesday.
“We’re eager to see additional residential units, especially in the downtown area where we have the opportunity for more density,” Mayor Rosalynn Bliss said during the committee meeting. “It’s good to see this phase move forward.”
The first story of new construction on the parking ramp would include amenities such as a 700-square-foot art gallery, pool, fitness space and community center. Studios, one- and two-bedroom apartments would have rents ranging from 120 to 150 percent of the area median income.
The apartment tower has a $52 million construction budget with a projected total cost of $58 million.
Rockford Construction Co. Inc. is the general contractor on the project while Integrated Architecture LLC serves as the architect.
The $135 million first phase of Studio Park was completed in the fall of 2021 and includes a nine-screen movie theater, Acrisure LLC’s headquarters, 106 apartments at Studio Lofts, a Canopy by Hilton hotel, a six-story parking structure, as well as ground floor retail.
