Heartside District, Grand Rapids
GRAND RAPIDS (WZZM) - The Grand Rapids Downtown Development Authority was busy Wednesday approving developments for the city.
The biggest development is the use of a PILOT, or Payment in Lieu of Taxes, program to help finance three apartment buildings in the Heartside neighborhood. The buildings at 240 Ionia SW, 26 Cherry SW, and 205 S. Division will add 131 mixed-income housing units in downtown. The estimated cost of construction is approximately $36 million. The PILOT program exempts the developer from property taxes that the DDA would have collected over a limited period of time.
Also, DDA approved two incentives to renovate the Trade Center Building at 50 Louis Street, which will house the Start Garden, and also approved the use of the Obsolete Property Rehabilitation Act (OPRA) to support the 616 Development in the Kendall Building.
Finally, the DDA also formally signed an agreement with design consultants to look at rehabilitating Monument Park at the intersection of Division, Fulton, and Monroe Center, and Veteran's Memorial Park on East Fulton at Sheldon.