GRAND RAPIDS, Mich. (WOOD) — Grand Rapids City Commissioners approved $29 million in tax credits for a proposed $100 million downtown development Tuesday.
The Brownfield Tax Credits will be spread out over the next 30 years.
The Studio C project will include a nine-screen movie theater, residential and hotel complex south of Van Andel Arena. It is expected to create as many as 500 full- and part-time jobs.
The project, first announced in April 2016 by 616 Development and Loeks Theaters, will be built on what are currently two city parking lots. Some of the parking loss will be offset by a 900-space parking ramp. The city will lease 300 of those spots for the general public.
Construction is set to begin early next year.