August 26, 2025
FOR IMMEDIATE RELEASE
August 26, 2025
Contact: press@michigan.gov
Gov. Whitmer Announces Funding to Build 171 Apartments in Grand Rapids
LANSING, Mich. – Today, Governor Gretchen Whitmer announced the Michigan Strategic Fund (MSF) Board’s support for 171 apartment units in Grand Rapids as well as entrepreneurship activities through the Michigan State University (MSU) Research Foundation.
“Today’s approved projects in West Michigan and at the MSU Research Foundation will build housing and support entrepreneurs across the state,” said Governor Whitmer. “By building 171 new apartments in Grand Rapids, we’re lowering costs and creating more options for hardworking Michiganders to live and work in vibrant communities. By supporting statewide startup competitions, we’re fueling the next generation of innovators to chase their next big idea in Michigan, create good-paying jobs, and grow our economy. Together, both projects will help more people make It in Michigan.”
“The Michigan Strategic Fund is proud to approve projects increasing housing and sustaining our support for entrepreneurship as a testament to Team Michigan’s consistent commitment to the ‘Make it in Michigan’ economic development strategy focused on investing in People, cultivating Places, and executing Projects of all sizes,” said Quentin L. Messer, Jr., CEO of the Michigan Economic Development Corporation and MSF Board Chair. “While work remains, we are committed to advancing these strategic objectives to help current and future Michiganders reach the fullest reaches of his/her/their economic aspirations and prosperity.”
Additional Housing Coming to Grand Rapids OVERVIEW: The MSF Board approved up to $4 million from the Michigan Community Revitalization Program (Other Economic Loan Participation) to support a five-story, mixed-use building creating 171 workforce housing residential units, retail space, and an underground parking garage to 301 Leonard LLC in Grand Rapids (Kent County). The project, known as “The Horizon,” anticipates the creation of 86 studio units, 91 one-bedroom units, and 4 two-bedroom units.
“The Horizon development team of Pinnacle and Sun Title extends its sincere appreciation to the MSF board and MEDC for their critical support,” said James Lewis, director of development for Pinnacle Construction Group. “This partnership makes it possible to transform a long-blighted site into a catalytic anchor development, strengthening the connection between the Medical Mile and the Creston Business District. This project represents a significant investment in Grand Rapids, delivering much-needed housing opportunities while fostering growth and vitality for local businesses.
The City of Grand Rapids is also supporting the project through a Neighborhood Enterprise Zone tax abatement valued at approximately $2.9 million, and the Michigan State Housing Development Authority (MSHDA) is supporting the project with TIF funds and a $2 million grant through their Employer-Assisted Housing Fund.
WHY IT MATTERS: Housing stock has been a significant need for employers across Michigan – a trend representative of a broader matter nationally. This project is located at an important intersection within the City of Grand Rapids, making the housing appealing to those working on The Medical Mile, the Downtown City Center, and the Leonard and Creston Business Districts. The location also has highway access less than a mile away.
“We are proud to partner with on the Leonard Street project, which reflects our community’s commitment to sustainable growth, housing affordability, and neighborhood revitalization,” said Sarah Rainero, economic development director for the City of Grand Rapids. “We’re encouraged by the developer’s focus on energy-efficient design features, including solar panels and all-electric utilities. It’s also inspiring to see an investment of this scale of units, especially one that addresses housing needs so directly for employees that are in walking distance to a vibrant addition to the Leonard Street corridor.”
MSF Approves Statewide Startup Investment Competition Funds
The Board also approved $3 million to the MSU Research Foundation from the Michigan Innovation Fund to be used in a Statewide Startup Investment Competitions initiative to continue supporting similar innovation and entrepreneurship investments as was had in the highly successful “PitchMI” competition led by the Michigan Growth Office last year.
Six applications were submitted for this portion of funding, and MSU Research Foundation was chosen for their proven track record, operational capacity, statewide reach and partnerships, significant match commitment, and strategic alignment.
"Michigan's entrepreneurial ecosystem is strongest when we work together," said David Washburn, CEO of the MSU Research Foundation. "We're grateful to the MEDC and MSF Board for this investment, which strengthens our joint commitment to advancing Michigan's innovation economy. By expanding access to capital and mentorship through statewide competitions, we’re helping to launch the next generation of high-impact startups.”
The Michigan Innovation Fund aims to grow Michigan’s innovation economy by supporting evergreen and emerging venture funds, and entrepreneurial nonprofit support organizations. The MSF Board authorized the creation of the Michigan Innovation Fund Program and approved guidelines in April 2025.
###
Author:
