The Medical Mile Continues to Grow With the $42million Diamond Place project underway in Grand Rapids
Ground was officially broken Tuesday for another new development in Grand Rapids. City of Grand Rapids Mayor Rosalynn Bliss joined Third Coast Development and PK Development Group leaders as well as other project partners in officially getting the $42 million Diamond Place project on Michigan Street in Grand Rapids started.
Diamond Place is a 2.8-acre development that sits on land formerly used by Proos Manufacturing at the northeast corner of Michigan and Diamond Street’s along the eastern edges of the Medical Mile corridor.
The development will offer 165 apartments, ranging from one-and two-bedroom units. Approximately 100 of the apartments will be designated as income-restricted.
Ground floor retail spaces will also be available including nearly 15,000 square feet of space targeted for a grocery store.
A 240-car parking ramp will be attached to the 4-level building.
The project is expected to be completed in summer 2018.
Pioneer Construction is the construction manager and Progressive AE is the architect.
Joining Third Coast Development and PK Development in developing Diamond Place are:
• Michigan Good Food Fund
• JPMorgan Chase Bank
• Mercantile Bank
• Capital Impact Partners
• Michigan Economic Development Corporation
• Michigan State Housing Development Authority
• Opportunity Resource Fund
• City of Grand Rapids
Adding 100 rent-restricted apartments will provide new living options for individuals wanting to live near downtown but otherwise couldn’t due to high rents.