The Michigan Strategic Fund (MSF) has approved two major redevelopment initiatives in Grand Rapids and Kalamazoo under the state’s Transformational Brownfield Plan (TBP), unlocking more than $892.3 million in private investment tied to large-scale urban revitalization efforts.
According to MSF officials, the combined projects are expected to generate more than 2,000 jobs and deliver approximately 780 new housing units, while transforming underutilized properties into mixed-use developments that support long-term economic growth.
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“The TBP is a legislatively provided tool that continues to positively impact communities and enhance Michigan’s capacity to attract and retain both talent and business investment,” said Quentin L. Messer Jr., CEO of the Michigan Economic Development Corporation (MEDC) and MSF chair.
“In addition to the volunteer members of the MSF Board, I am grateful to the respective development teams, Governor Gretchen Whitmer, bipartisan members of the legislature, our local economic development partners and my MEDC teammates for their collective efforts to bring these transformational opportunities to fruition.”
The largest of the two initiatives is a $795 million redevelopment in downtown Grand Rapids, projected to support more than 1,900 jobs while adding 670 housing units, a luxury hotel, and significant public amenities.
Plans for the nearly 7-acre site at Fulton and Market streets include the construction of three towers — an office tower, a hotel tower, and a residential tower — along with more than 2,500 parking spaces, 68,000 square feet of greenspace, and nearly 38,000 square feet of retail space.
Fulmar Development Partners LLC — a joint venture involving members of the DeVos and Van Andel families, partnered with Chicago-based Magellan Development Group — received approval for a $560.89 million TBP incentive, reimbursed over a 30-year period.
“The Grand Rapids Fulton & Market Transformational Brownfield Plan represents one of the most notable redevelopment efforts in the country,” said Sarah L. Rainero, economic development director for Grand Rapids.
“By converting more than six acres of surface parking into a mixed-use skyline and activated public riverfront space, we are continuing the city’s momentum as an economic engine that drives jobs, business growth, and tourism while expanding affordable housing opportunities. With the state’s partnership, this $795 million investment will bring to life the community’s vision for a vibrant, accessible riverfront.”
In Kalamazoo, MSF approved a $54.6 million TBP incentive package over 30 years for PlazaCorp Realty Advisors Inc. and the City of Kalamazoo Brownfield Redevelopment Authority, supporting redevelopment across three downtown properties totaling 3.4 acres.
The combined Kalamazoo projects are expected to create up to 93 jobs, deliver 115 new housing units, and represent an estimated $96.5 million investment.
The redevelopment includes:
“This plan reflects years of collaboration and a shared commitment to reinvesting in Kalamazoo’s core,” said Jamie McCarthy, development manager for Kalamazoo. “We are enthusiastic about the opportunity to leverage brownfield tools to support redevelopment that delivers new housing, addresses environmental challenges, and strengthens our downtown and surrounding neighborhoods.”
Originally reported by Chris Sweeney, Managing Editor in CD Recycler
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