The Michigan Strategic Fund has approved a tax capture of up to $970,250 to help a Grand Rapids developer convert a 100-year-old building on Wealthy Street in a 75-unit apartment complex. The Grand Rapids Press reports, Lofts on Wealthy LLC will convert the former headquarters of Kregel Inc., a Christian publishing house, into an apartment complex with retail and commercial uses on the ground floor. The development is linked to 616 Development, one of the city's most active developers of market rate apartment complexes. The company plans to invest about $14 million into the five and six-story building at 733 Wealthy Street SE and 751 Wealthy Street SE. The Strategic Fund's approval means the developers can capture up to $970,250 in local and school taxes to help pay for cleanup costs on the site, which has been abandoned since Kregel moved in 2013. Several developers have attempted to revive the building and convert it to housing before Lofts on Wealthy LLC acquired the property for $2.2 million last summer. The project will include up to five retail units on the first floor and a community space. The remaining floors will include a mix of micro/studio, one-bedroom, two-bedroom and three-bedroom apartments. The project will include a surface parking lot with between 53 and 68 spaces. `The city of Grand Rapids also has approved a 12-year property tax freeze for the project under the Obsolete Property Rehabilitation exemption.