GRAND RAPIDS, Mich. (WOOD) — A new 14-story, two tower development in downtown Grand Rapids is one step closer to becoming a reality.
The $63.5 million mixed-use building would be located at 150 Ottawa Avenue NW between Lyon and Pearl streets. The space is currently a parking lot.
The company behind the project, 150 Ottawa Development LLC, wants to use the north tower for retail, parking and commercial office space. The south tower would include a restaurant, as well as 123 one and two-bedroom apartments. The two towers would be connected by the first floor.
John Wheeler, the manager of 150 Ottawa Development, estimates the project would create around 200 new full-time jobs and contribute around $5.75 million to the local economy each year.
On Wednesday, the Downtown Development Authority (DDA) unanimously approved Wheeler’s request of about $3.8 million from the DDA’s Development Support Program to reimburse tax-increment finance (TIF) eligible expenses.
Wheeler told 24 Hour News 8 that this approval was one hurdle, but added that he still needs to get approval from the State Brownfield Authority or else he’ll have to pull the plug on the project completely.
He said his company would have to shovel out $15.1 million more if the agency doesn’t accept the proposed parking structure as eligible expenses for reimbursement.
Wheeler plans to meet with state officials as early as January and hopes to begin construction in March. The project would take about two years.
Wheeler expects the first residents to be able to move in late 2019.