GRAND RAPIDS, Mich. — A "transformational" mixed-use redevelopment project expected to cost nearly $150 million along the city's southwest side has cleared the latest hurdle to move forward.
The Grand Rapids City Commission approved a $103 million tax incentives plan for Factory Yards, a project that would renovate five existing warehouses, build three more, and turn them into apartments, commercial space, a food hall, event space and more.
If completed, the space would boast about 480,000 square feet. The proposed development is located along a portion of Godfrey Avenue SW south of Market Avenue SW from approximately the railroad tracks to north of Oxford Street SW.
A big draw to the project is affordable housing for the planned 467 apartments. The City of Grand Rapids is working with the developer to offer about 95 units below market rents within the development.
The City said the current plan includes 10% of each unit type to be offered at rates affordable to households earning no more than 60% of the area median income and 10% to households earning no more than 80% of the area median income.
Some of the funding will come from state money under the Transformational Brownfield Program. In order for a project to qualify, it must have a total investment of at least $100 million, be mixed-use, and be expected to have a "transformational impact on local economic development and community revitalization based on the extent of brownfield redevelopment, growth in population, commercial activity and employment that will result from the plan."
If approved, Factory Yards will be just a short walk from the city's 12,000-seat amphitheater that's also in the works.
The project still needs to secure state approvals for funding to move forward.
You can learn more about the project here.
RELATED: Grand Rapids receives $6.1 million to help build affordable housing amidst housing shortage
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