Aug 22, 2023
A state economic development board has approved more than $3.5 million in loan and tax incentive support for a 58-unit mixed-use project planned along the edge of downtown Grand Rapids.
The Michigan Strategic Fund board on Tuesday approved a Michigan Community Revitalization Program performance-based loan for up to $3 million and $544,048 in brownfield incentives for the project spearheaded by W&S Development Partners LLC.
As well, the city of Grand Rapids approved a Neighborhood Enterprise Zone abatement for the project valued at nearly $1.1 million, an environmental site assessment grant for $52,000, and local brownfield incentives valued at $272,225.
The $16.4 million development will be on vacant property at the corner of Wealthy Street SW and Sheldon Avenue SE. The two-building project is set to include studio, one-bedroom and two-bedroom apartments, along with 2,400 square feet of retail space. Onsite parking and bicycle storage will also be available for tenants.
Preliminary site work has started on the project, which Grand Rapids-based Maxam Architecture PLLC is designing.