Sydney Smith

Sydney Smith

Staff Writer, covers real estate and economic development
Twitter: @BizSyd
Email: [email protected]

GRAND RAPIDS — New ownership plans to turn Local 741 into a neighborhood bar after acquiring the site from a partnership involving an affiliate of Third Coast Development LLC. James Matthews, owner of Iron Well LLC, purchased 741 Leonard St. NW and Local 741 from Third Coast on March 20. Terms of the deal, which included Class C liquor and specialty designated merchant licenses, and the property transaction were not disclosed.

The Kent County Road Commission has voted to deny a more than $5 million bid for its Central Complex property along the Grand River

GRANDVILLE — Mall owner Brookfield Property Partners LP has purchased the former Younkers store at RiverTown Crossings in Grandville. The purchase came as part of A&G Realty Partners’ auction of 10 department store properties formerly owned by Milwaukee-based The Bon-Ton Stores Inc., which filed for Chapter 11 bankruptcy protection in 2018. The Younkers location at The Lakes Mall in Fruitport Charter Township near Muskegon was also included in the auction.

GRAND RAPIDS — To help curb fears of gentrification, a local nonprofit and an Ohio-based developer have partnered on an affordable housing development on the city’s southeast side. Ohio-based MVAH Development LLC, a development, construction and property management firm, is working with LINC UP on the proposed Eastern Lofts at 623 Eastern Ave. SE. The two hope to secure Low Income Housing Tax Credits (LIHTC) from the Michigan State Housing Development Authority (MSHDA) in the April funding round.

A vacant church in Grand Rapids’ Heritage Hill neighborhood could be transformed into affordable housing by next year.

Ninety applicants must now await a lottery drawing to see when the city of Grand Rapids will consider their plans for medical marijuana-based businesses.

VICKSBURG — A proposed large-scale redevelopment in Southwest Michigan is angling to be the second project in the state to use a new funding tool. Paper City Development LLC is hopeful its proposal will meet the Michigan Strategic Fund’s criteria to use the state’s transformational brownfield program, an incentive first enacted in 2017.

David Denton says even though e-commerce is affecting the retail market, he’s expecting another good year for the sector from a real estate development perspective. Denton, vice president of real estate brokerage at DAR Development in Grand Rapids, was recently named to the Midwest Real Estate News Hall of Fame and previously served as president of the Commercial Alliance of Realtors.

A Grand Rapids-based development group has proposed plans to activate Grand Rapids Public Schools’ long-vacant West Leonard Elementary facility.

The real estate and development arm of Livonia-based Schostak Brothers & Co. has purchased a 950,000-square-foot distribution facility in Grand Rapids.

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