Development Company Proposes Three New Buildings for Downtown GR
Midland, Michigan-based real estate development firm Brookstone Capital, LLC is proposing to build three new six-story mixed-income apartment buildings in the Heartside Neighborhood. One complex would be constructed on the empty lot at 240 Ionia Ave SW (next to Purple East), while the other two would be built on adjacent lots at 205 South Division and 26 Cherry St SW.
The project would add 131 new housing units, 80% of which would rent restricted while the other 20% would be market rate. The modern design will feature a colored metallic facing along with plenty of glass.
To help make the project happen, Brookstone Capital, LLC is taking advantage of a new PILOT (Payment in Lieu of Taxes) resolution adopted earlier this year by the City of Grand Rapids that would allow the developer to participate in the MSHDA Low Income Housing Tax Credits program. The Downtown Development Authority approved the PILOT program today and groundbreaking could begin as quickly as September 17.
The estimated total cost of the project is $36 million.
Photos of the currently empty lot locations: