A Renaissance Zone extension was the deciding factor in whether or not a major building renovation in one of Grand Rapids’ oldest business districts was financially viable. After an uphill battle to receive city approval, developers now look to the state for the final go-ahead.
According to excerpts from the story:
After giving the proposed project one-half of a Renaissance Zone extension late last year, city commissioners added the other half on Tuesday. “I’m comfortable supporting it,” said Rosalynn Bliss, 2nd Ward City Commissioner. And that means Wealthy Street Historical Development LLC can include both levels of both buildings that are adjacent to each other in the nearly tax-free zone for 12 more years, if the state approves the application.
In late November, commissioners only extended the zone’s status for the two lower levels that are to be developed into commercial space at 632-636 Wealthy St. SE. But they wouldn’t approve an extension then for the two upper floors, which are to be developed into condominiums.
“Todd Ponstein still has the energy to do the project but he can’t do it with only half of an extension,” said Kara Wood, city economic development director, of the developer.
Read the complete story here.
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