LANSING, Mich. — Sen. Mark Huizenga on Tuesday announced his support for a planned $14.8 million redevelopment project in the Creston neighborhood of Grand Rapids.
“This is about helping solve the housing problem in West Michigan. This nearly $15 million investment in Grand Rapids will help breathe new life into an unused property with new housing options while also improving the neighborhood and the local area economy,” Huizenga, R-Walker. “I applaud Talbot Quimby for their commitment to our region and thank state and city officials for their work on this important revitalization project.”
Talbot Quimby, LLC plans to construct a four-story, mixed-use development on currently vacant land in Grand Rapids’ Creston neighborhood. The building will include 49 studio, 20 one-bedroom and three two-bedroom residential units, a café on the first floor and a common area. The project will also include the renovation of public sidewalks, curbs, and gutters.
The project is expected to generate a total capital investment of $14.8 million and received approval of a $2.65 million Michigan Community Revitalization Program performance-based loan participation. In addition, the city of Grand Rapids Brownfield Redevelopment Authority received Michigan Strategic Fund approval of $367,680 in state tax capture for the reimbursement of brownfield activities at the site.
The city of Grand Rapids is supporting the project through the local portion of the brownfield plan valued at $213,390 and is also participating in a Neighborhood Enterprise Zone tax abatement valued at approximately $1.4 million. The city is certified with MEDC’s Redevelopment Ready Communities Program.