By: Deborah Johnson Wood
OPRA. Brownfield. NEZ. These are all terms that hold a special place in the hearts of the developers of 345 State Street SE, the former Park Professional Building across from historic Foster Park. If everything goes as planned, the two-story structure will soon be a four-story mixed use development with 14 residential condos above commercial and office space.
The developers, Stratus Properties, LLC, received an Obsolete Properties Rehabilitation Tax Abatement (OPRA) capping property taxes on the existing building at the current level for the next 12 years.
Last Tuesday, the Grand Rapids City Commission approved an amendment including the property as a Brownfield Redevelopment Zone. The amendment will go to the Grand Rapids Brownfield Authority for approval on February 4, and then to Lansing for final approval. Likewise, the approval for the Neighborhood Enterprise Zone (NEZ) goes to the city commission for approval on February 5.
“The NEZ is something the Heritage Hill Neighborhood Association wants to put in place for the State Street corridor. They approached the city and then asked us if we wanted to be the keystone project for it,” says Kim Beyer of Constructors, Inc, the construction manager of the project. “The NEZ allows the owners of the residential condos to have a substantial break on their taxes for 12 years after the date of completion.”
Beyer expects the one- and two-bedroom condos, ranging from 600 to 1,000 square feet, to sell for $120,000 to $160,000. Some of the planned amenities for residents include a fitness center, private balconies, a roof garden on the third level, and a rooftop deck on the fourth level.
W.L. Perry & Associates created the architectural design.
Source: Kim Beyer, Constructors, Inc.
Deborah Johnson Wood is the development news editor for Rapid Growth Media. She can be contacted at [email protected].
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