Third Coast Development and PK Development Group celebrated alongside Grand Rapids Mayor Rosalynn Bliss and other project collaborators for the official groundbreaking of the $42 million Diamond Place project along the eastern edges of Grand Rapids’ Medical Mile.
Located on 2.8 acres in the northeast corner of Michigan and Diamond street, the land was acquired by Third Coast Development from its former owners, Proos Manufacturing, in 2015, The company spent the better part of last year figuring out the financing and design packages for the development before demolition and environmental cleanup could begin.
“We are excited to bring this development to the Michigan Street corridor and contribute to the city’s Great Housing Strategies
plan,” says Brad Rosely, partner at Third Coast Development. “The Michigan Street Corridor Association, City of Grand Rapids and State of Michigan have been terrific to work with so we are very appreciative of their support.”
When Pioneer Construction completes the build-out on the Diamond Place project, the new development will feature 165 total one- and two-bedroom units, with 100 of those apartments designated as rent-restricted by Third Coast Development, which worked alongside Okemos-based PK Development Group to earn tax credits for affordable housing options.
“The city made it clear they wanted a development along this corridor that was affordable and sustainable for people of all income levels. We hope that Diamond Place will serve as an example of how this approach can be successful,” says PK Development Group partner Pete Potterpin.
Design plans by architects at Progressive AE for the new four-story mixed-use also show a 240-car parking ramp and enough ground floor retail space to earmark 15,000 square feet of it for a downtown grocery store. Though no specific ground floor tenants have been confirmed quite yet, partners at Third Coast say they are hopeful to land some retailers and grocers in this coming year and plan to make those public announcements as new developments are confirmed.
“This has been one of our largest and most complex projects,” says Third Coast partner Max Benedict. “But it has been terrific working with so many partners who share in our vision of creating a vibrant Michigan Street corridor.”
By Anya Zentmeyer, Development News Editor
Images courtesy of Third Coast Development