GRAND RAPIDS, Mich. (WOOD) — A plan to bring new housing and retail space to Grand Rapids’ Westside is getting a financial boost.
The Michigan State Housing Development Authority recently approved more than $562,000 in low-income housing tax credits for a development on the southwest corner of Leonard Street and Alpine Avenue NW.
Third Coast Development and PK Development Group were waiting on the incentives to begin transforming the lot into a three-story, 36-unit apartment complex complete with ground floor retail space. The developers have said 28 of the units will be affordable housing.
In March, city planning commissioners approved Third Coast Development’s plans to tear down a house and garage on the site. Third Coast Development is working with PK Development Group on the $7.4 million project, dubbed Leo & Alpine.
“We felt it important to create housing inventory in this corridor that would be affordable for people that want to live close to downtown,” Third Coast Development partner Max Benedict stated in a Friday news release. “We are hopeful that the Leo & Alpine development will play a big part in the continued revitalization of the West Leonard area.”
The plans are expected to include an open air rooftop deck for tenants. It’s unclear what business developers hope to attract to the space.
Construction on Leo & Alpine is expected to begin in early 2017.