GRAND RAPIDS, MI – The Michigan Strategic Fund Board has approved $837,000 in local tax breaks for One Carlton LLC, an apartment and retail project being built at the corner of Carlton Avenue and E. Fulton Street.
The $8.6 million project will be allowed to capture the local and school taxes to help it recover some of the costs of preparing and cleaning up the construction site, which once was home to a printing plant that burned down in 2002.
"One Fulton Square" will include two buildings with 47 market rate apartments and space for retail and restaurants. The development also will include 76 parking spaces for residents and the neighboring Betty Van Andel Opera Center.
The project is under the management of Orion Construction, which bought the 1.2-acre site for $600,000 last year. The state funding was needed for the project to qualify for bank financing, according to a press release by the Michigan Economic Development Corp.
When completed, the project is expected to create about 17 permanent full-time jobs with an average hourly wage of $10, according to the Michigan Economic Development Corp.