fbpx

MSF approves incentives for 3 West Michigan mixed-use developments

BY Tuesday, March 23, 2021 05:17pm

State economic development officials on Tuesday approved brownfield incentives and performance based loans for three mixed-use apartment projects in Grand Rapids, Kalamazoo and Middleville. 

The Michigan Strategic Fund board approved a brownfield plan for a 167-unit apartment project at 470 Market Ave. SW, just south of Wealthy Street near the Grand River in Grand Rapids. The project will benefit from a state tax capture of $2.7 million to reimburse for eligible remediation activities. The $31.3 million project is planned by Chicago-based 3F Properties LLC, as MiBiz previously reported

Developers plan a $31.3 million mixed-use project at a former commercial site at 470 Market Ave. SW in Grand Rapids COURTESY PHOTO

The three-story, 210,000-square-foot project is planned at a former commercial building on 2.25 acres. The development will contain one- and two-bedroom market rate apartments.

Another brownfield plan request from The Hinman Co., doing business as 234 West Cedar LLC, was approved Tuesday for $4.85 million for the second phase of the 400 Rose apartments in downtown Kalamazoo. The first phase of the $26.2 million development at 400 S. Rose St. was completed in 2020, according to media reports. The second phase of construction is planned to include 91 market rate apartments and 10 units for workforce housing as well as commercial space.

A development in Barry County was also approved Tuesday for a $990,000 Michigan Community Revitalization Program performance-based direct loan for the construction of a new three-story, mixed-use building on vacant land owned by the village of Middleville. 

“This land has remained vacant since 1981, when the hotel that occupied the property burned down. It is exciting to see Middleville Main investing in the community with this development,” state Sen. John Bizon, R-Battle Creek, said in a statement. “Continued development is critical for revitalization, and I support the MSF enabling these projects.”

The $2.8 million project is being developed by Chris Veneklasen, doing business as Middleville Main LLC. Plans include commercial space on the ground floor and 11 residential apartments on the second and third stories. The village of Middleville is also contributing $20,000 from the Middleville Downtown Development Authority’s facade program and a $29,205 commercial redevelopment tax abatement.

Read 3875 times Last modified on Tuesday, 23 March 2021 17:35
SUBSCRIBE TO MIBIZ TODAY FOR WEST MICHIGAN’S FINEST BUSINESS NEWS REPORTING >