Tuesday, 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.
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.
- 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.
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.
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