New Housing/Retail Project on Leonard in Grand Rapids
A new development is bringing housing and retail to the west side of Grand Rapids.
Third Coast Development announced the $7.4 million, 36 unit housing development which will be constructed at (750-754) Leonard Street NW. The project will use Low-Income Housing Tax Credits from the Michigan State Housing Development Authority. The credits will total $562,466.00 per year for 10 years to Third Coast Development and its partner, Lansing-based PK Development Group.
Leo and Alpine will offer 36 units geared toward downtown employees and their families. There will also be about 2,700 square feet of retail space on the building’s ground floor.
Development of the apartments involves demolition of two existing structures and construction of one new building with adjacent parking.
In March, the Grand Rapids Planning Commission approved Third Coast Development’s request to tear down a house and garage on the corner of Leonard and Alpine Avenue to create a 20-space surface parking lot for tenants and retail patrons.
Third Coast Development has been waiting on the tax credits to fully proceed.
“We are hopeful that the Leo & Alpine development will play a big part in the continued revitalization of the West Leonard area,” said Third Coast Development partner Max Benedict.
Developers say 28 of the 36 units will be affordable housing with six studio apartments, 24 one-bedroom units and six two-bedroom apartments.
The building will have three residential floors, each with approximately 9,122 square feet of space for 12 units per floor. Each floor will have 10 one-bedroom units and a pair of two-bedroom units for a total of 30 one-bedroom apartment and 6 two-bedroom apartments.
The retail space, which can be divided into two spaces, totals 2,700 square feet.
The building will have 5,185 square feet of covered parking on the ground floor for 22 tenant spaces.
An open-air rooftop deck for tenants is also being planned.
All tax incentive and financing paperwork is expected to be completed by the end of the year. Construction is expected to begin in early 2017.