A rendering of the 14-story apartment building in Grand Rapids proposed by Brookstone Capital. Image via Progressive AE
Brookstone Capital has revealed that it plans to build a $40 million, 14 story residential and retail building at a key intersection in downtown Grand Rapids.
The proposed building would be at 20 Fulton St. E — just a block east of Division Avenue and Monroe Center.
The building would feature 108 apartments in a mixture of one and two bedrooms, equally divided between market-rate units and affordable housing.
The project also calls for 114 parking spaces and 9,000 square feet of ground-floor retail space.
“We’re hoping to attract a national retailer there,” said Karl Chew, principal of the Midland-based Brookstone Capital.
The Downtown Development Authority granted Brookstone Capital a payment in lieu of taxes, or PILOT, for the project’s apartments.
Instead of paying property taxes on the residences, Brookstone Capital will pay the city 4 percent of the total revenue it collects from rent each year for the next 40 years. The PILOT does not apply to the commercial space.
City commissioners also have to approve the PILOT.
City Economic Development Director Kara Wood told the Business Journal that the property on the southwest corner of Fulton Street and Sheldon Avenue was designated as a brownfield site in 2009 — when another development was proposed for it, but was never built.
Wood also said a work plan for the vacant corner property was also approved, and a Michigan Business Tax credit for the site could be preserved if the Brookstone Capitol project is given the green light.