Development firms play waiting game on Diamond Place project

GRAND RAPIDS, MICH. - Third Coast Development and PK Development have waited patiently to begin their $42 million Diamond Place project on a 2.8-acre site at 1003 Michigan St. SE.

The wait to break ground might soon be over, Third Coast Development Principal Max Benedict said.

Demolition begins Oct. 3, and Benedict still is hopeful construction will begin this fall, even if it pushes right up to Dec. 21.

As the developers are using seven streams of funding for the project, they now have to wait as the contracts fall into place. All major hurdles have been cleared, Benedict said.

“I’m optimistic with a timeline of breaking ground yet this fall,” he said. “It’s feasible, but we’re in that critical step of getting all those streams together in an agreement. It’s out of our hands right now.”

Last week, the Michigan Strategic Fund approved a request from City of Grand Rapids Brownfield Redevelopment Authority for local and school tax capture for activities worth up to $9.9 million over 25 years. The MSF approval was the final city or state approval needed for the project, Benedict said.

You can read the entire story on the website of our partner, the Grand Rapids Business Journal, or pick up this week's edition of the Business Journal on your newsstand.

Grand Rapids Business Journal


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