November 15, 2005
November 15, 2005
YMCA Building, Former Foundry Being Replaced by Apartments, Condos
Governor Jennifer M. Granholm today announced two new residential developments are coming to downtown Grand Rapids. The site of a former foundry located in the Grand Rapids SmartZone will be turned into two apartment and condo towers while the 89-year-old YMCA building on Library Street will be converted to 50 condominium units. The projects are made possible by brownfield tax incentives approved by the Michigan Economic Development Corporation.
“Bringing business and residents back downtown is vital to creating vibrant cities and good-paying jobs,” Granholm said. “These developments will make Grand Rapids an even more inviting place to live, work, play and invest for a brighter future.”
The projects are:
Icon on Bond LLC, Grand Rapids, will use local and state tax capture of $1.5 million with its own investment of $55.6 million to transform a former contaminated foundry site into two nine-story residential towers with a total of 236 apartments or condos each incorporating two levels of parking.
33 Library LLC, Grand Rapids, will use a state tax credit valued at $1.3 million and local and state tax capture valued at $757,000 in addition to its own investment of $13 million to renovate and convert the eight-story former YMCA building to 50 condominium units with on-site parking, outdoor garden, fitness center and pool.
“This new supply of housing in downtown Grand Rapids will meet a need created by the city’s on-going economic boom,” MEDC President and CEO James Epolito said. “Manufacturing and life science company locations and expansions are creating new jobs and opportunity for hundreds of residents on the state’s west coast.”
The redevelopments are two of nine economic development projects the Governor announced today. In all, they are expected to create a total of 1,573 Michigan jobs.
In her 2005 State of the State address, Granholm emphasized the importance of making Michigan a global economic powerhouse in the 21st century. Since January 2005 the Governor and the MEDC have announced the creation or retention of more than 63,000 jobs as a result of targeted assistance provided by the MEDC.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information on the MEDC’s initiatives and programs, visit the Web site at www.michigan.org.
