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State approves $4.4 million in tax incentives for downtown GR development COURTESY RENDERING

State approves $4.4 million in tax incentives for downtown GR development

BY Tuesday, August 25, 2020 02:21pm

GRAND RAPIDS — The Michigan Strategic Fund board has approved brownfield tax incentives totaling $4.4 million for the renovation of the Vandenberg Center in downtown Grand Rapids to transform the underutilized properties.

The development will add commercial office, retail and restaurant space to the downtown properties at 111 Lyon St. NW and 200 Monroe Ave. NW. The developers on the project are RDV Corp. affiliate G2 GR LLC and CWD 111 Lyon LLC, which is owned by CWD Real Estate Investment Inc. Managing Partner Sam Cummings. 

The project is expected to result in a total capital investment of $134.7 million. The MSF board approved a Brownfield Act 381 Work Plan on Tuesday that includes $4.4 million in state tax capture to reimburse for MSF eligible activities, such as demolition and asbestos abatement. The project also is receiving $950,000 from the Downtown Development Authority for eligible infrastructure and ADA improvements.

RDV Corp.’s renovation at 200 Monroe — which includes a six-story building that formerly was a Fifth Third Bank — will include about 9,700 square feet of first floor commercial space that will likely include restaurants. 

The remaining five floors of the building are not part of the brownfield request and were sold to RDV Corp. for redevelopment into commercial office space for the consolidation of its headquarters. Ottawa Avenue Private Capital and the DeVos family foundations will also be based in the facility. Currently, RDV Corp. and the family foundations are spread throughout downtown Grand Rapids at 126 Ottawa, 116 Ottawa and 98 Ottawa.

CWD Real Estate is redeveloping the 11-story building at 111 Lyon St. NW in two phases. First, the developer plans to renovate 44,000 square feet of ground floor retail space, followed by a second phase rehabilitation of about 206,200 square feet of commercial space on the upper floors. The project also will include installing about 5,400 square feet of new sidewalk embedded with a snowmelt system.

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