A major project near the Grand Rapids riverfront received approval from a state board Tuesday for tax revenue-based reimbursement.
The project involves the construction of a new soccer stadium, amphitheater, apartment building, and related infrastructure along the city’s riverfront.
Mackenzie Miller is with the Michigan Economic Development Corporation. At Tuesday's meeting of the Michigan Strategic Fund Board, which the MEDC oversees, Miller said the projects will have a “transformational” impact on the city.
“This project will create new spaces where visitors, residents and members of the community can enjoy natural resources, urban amenities and unique spaces to live, work and play all within walking distance to downtown Grand Rapids and the vibrant westside community,” Miller said.
That was ahead of the board’s vote to approve what’s known as a Transformational Brownfield Plan for the project.
Paying for the plan relies on capturing money from the increased state and local tax revenue that the project's expected to create. Under the proposal, that expected increase in revenue could lead to around $250 million in reimbursements.
Grand Rapids Mayor Rosalynn Bliss said she expects the new developments will benefit people from all walks of life.
“Projects like the amphitheater and the soccer stadium that are a part of this application will benefit local businesses. They are going to spur new development and revitalize a significant portion of our underutilized riverfront property,” Bliss said during Tuesday’s strategic fund board meeting.
According to briefing materials distributed to board members, rent at the project’s apartment spaces could range between 11% and 46% above market rate.
Michigan Economic Development Corporation CEO Quentin Messer Jr. said that’s to account for construction costs for the residential towers.
“What we seek when we are recommending MSF approval of particular projects is financial sustainability, viability, and we need to make sure that the financing for the rental weight support what’s in the pocket of these communities,” Messer told reporters.
Construction on the amphitheater has already begun. Other parts of the project could begin as soon as next year.
