Two downtown Grand Rapids real estate projects and a corporate project in the region have received economic backing from the state.
The Michigan Strategic Fund, or MSF, approved funding to alleviate brownfield conditions at Third Coast Development’s apartment project site in Grand Rapids at 637 Michigan St. NE and Orion Construction’s Warner Tower development in the city at 150 Ottawa Ave. NW.
The awarded funds are designated to the City of Grand Rapids Brownfield Redevelopment Authority and will be used for demolition activities, lead and asbestos abatement, site prep and infrastructure improvements.
“Today’s projects . . . will fuel new economic activity across Michigan, strengthen communities and create well-paying jobs for our residents,” said Steve Arwood, CEO, Michigan Economic Development Corp., or MEDC.
The MSF designated $8.6 million for the Warner Tower project, making it economically feasible, according to Orion Construction spokesperson Jason Wheeler. The $63.5-million Warner Tower will consist of two towers on a current parking lot site and include office, hotel, retail and restaurant spaces. One tower will be an 11-story Hyatt Place hotel with parking, while the other tower will be 14 stories and include office space, including the anchor tenant, law firm Warner Norcross & Judd.
The MSF designated $675,069 to the Third Coast Development project, a planned apartment complex with 42 units, which will be targeted for “moderate-income renters.”
The Kalamazoo County Brownfield Redevelopment Authority also received an approval from the MSF for $7.2 million in tax capture for an expansion at Stryker Corporation.
The funds will also be used to alleviate brownfield conditions in the $215-million expansion project, which is expected to create 105 jobs.