GRAND RAPIDS, Mich — Studio Park is asking for approval from the Downtown Development Authority to build a new 16-story tower with apartments on top of its existing parking structure in downtown Grand Rapids.
The $52 million dollar tower proposal will include 165 apartments, 24 condos, a pool, an outdoor patio and a fitness and community room.
This project would be part of Studio Park's second phase of development.
Studio Park has submitted a request for an amount not to exceed $600,000 for reimbursement of the elevator needed for the new tower.
If approved, reimbursement would occur annually using 75 percent of available tax increment revenue generated from the Phase Two tower for a period of no longer than 10 years.
To meet code requirements, the existing parking ramp will have a fire suppression system added which is estimated at $600,000.
The Downtown Development Authority will meet to approve the project on Wednesday.
If approved, the construction of the project is expected to begin by summer 2022.
Phase II Studio Park
►Make it easy to keep up to date with more stories like this. Download the 13 ON YOUR SIDE app now.
Have a news tip? Email news@13onyourside.com, visit our Facebook page or Twitter. Subscribe to our YouTube channel.
