GRAND RAPIDS, Mich. -- The developer of a mixed-used building with 467 market-rate apartments, ground-floor commercial and entertainment space - plus a food hall and outdoor plaza - is planning to make use of a former industrial site on Grand Rapids' southwest side.
On West Michigan's Morning News, Scott Magaluk with Heritage Development Partners LLC. spoke about a tax incentive that was approved for the 15-acre project at 655 Godfrey Ave. SW called "Factory Yards." The city and the Michigan Strategic Fund approved the incentive.
The former furniture factory building is 650,000 square feet
"The building's 120 years old. It took the 120 years to get the patina and the magic that's in old buildings," Magaluk said. "And you can't build that today for any price. So, we respect that and honor that heritage. We're going to try to elevate that to the residents and commercial tenants who love the building just as much as we do."
Groundbreaking is tentatively scheduled for next spring, with the first units possibly opening in early 2026. Heritage is starting to take commercial-tenant inquiries now. Pre-leasing for residential tenants will begin in about six months. KMG Prestige Inc. is the property manager.
The Transformational Brownfield funding will reimburse the developer with 103-million dollars in tax revenue for the project over 27 years.
"It's going to be a great amenity for southwest Grand Rapids, and a great connector the rest of downtown," Magaluk said.
The project site is near Roberto Clemente Park and not far from where the new downtown amphitheater is proposed to be built along the Grand River.
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Architectural renderings provided by Sabo PR.