October 24th, 2023
The Right Place assists Factory Yards project to revitalize Godfrey Corridor
Project will bring $146M investment in southwest Grand Rapids, revitalizing more than 15 acres and creating up to 467 residential units
Today, The Right Place, Inc. joined the Michigan Economic Development Corporation in announcing Michigan Strategic Fund approval of a Transformational Brownfield Plan for a series of redevelopment and new construction projects to bring an influx of new residents and commercial activity to the Godfrey Corridor in Grand Rapids.
The redevelopment of the property will occur on 10 parcels and consist of:
- The redevelopment of an existing three-story building and five-story building to create approximately 382 total residential and multifamily units. This component of the project will also include a public plaza, parking deck, food hall, event space, and additional space for restaurant or commercial use
- The redevelopment of an existing, single-story warehouse to include commercial climate-controlled self-storage units and fitness/recreational space
- The new construction of two, single-story commercial-use buildings
- The new construction of a four-story, multi-family building containing approximately 85 units
The series of projects will position the Godfrey Corridor as a gateway to the city’s downtown by proposing a mixed-use redevelopment on the site of a vacant and blighted former furniture warehouse and will bring more than $146 million in investment to the southwest side of Grand Rapids. The site has remained mostly vacant since the 1980s and will address a critical housing shortage in the city of Grand Rapids while including 94 units of affordable housing.
“When we first stood in the building back in 2017, this day seemed so far away. But today we celebrate the MSF funding support approval for a truly transformational housing and mixed-use development in the City of Grand Rapids,” said Tim Mroz, Senior Vice President, Community Development for The Right Place, Inc. “It’s development projects like Factory Yards that continue to put the City of Grand Rapids on the national map as a destination for large-scale investment. We’re grateful to the Heritage Development Partners team for allowing us to be part of this project and thankful for their investment in our community. Simply put, this single project will change the face and future economic trajectory of the entire Godfrey neighborhood.”
“Today’s approval is a significant step forward for the City of Grand Rapids and the Factory Yards project, and we’re grateful to the MSF for their ongoing partnership,” said Rosalynn Bliss, Mayor of Grand Rapids. “The City has been pleased to support this project alongside the MEDC, the development team, and many neighborhood and community stakeholders. Factory Yards has the potential for many positive impacts and the chance to revitalize this important space in the City. This project will bring a whole new level of activity and vibrancy and is only possible because of the transformational brownfield program. We’re grateful for Heritage Development Partners’ investment, their team’s intentional approach to the project, and their willingness to work collaboratively for the best possible outcomes. We are looking forward to seeing this area of our community come back to life.”
“Heritage Development Partners is grateful for the support from the Michigan Economic Development Corporation, the City of Grand Rapids, and the local community to help make this transformative project possible,” said Ben Smith of Heritage Development Partners. “The Transformational Brownfield Program award allows Factory Yards to bring much-needed housing to Grand Rapids while helping to revitalize the Roosevelt Park and Black Hills neighborhoods.”
MSF today approved a Transformational Brownfield Plan valued at $102.9 million that authorizes several sources of tax capture in support of the project. Factory Yards is the fourth project to be approved for a Transformational Brownfield, and the first in Grand Rapids.
“The Factory Yards is exactly the type of big-impact community development project that Transformational Brownfield was intended to support, revitalizing a key urban core with new housing, spaces for business growth and gathering places for residents,” said Michele Wildman, Executive Vice President for Economic Development Incentives at the Michigan Economic Development Corporation. “We are proud to work with our partners in Grand Rapids to support projects that will create opportunity and prosperity in the community.”