GRAND RAPIDS – The Michigan Strategic Fund approved a $3 million Michigan Community Revitalization Program incentive to Mid Towne Hospitality for a new hotel development in Grand Rapids.
?The construction of this hotel and mixed-use development will further revitalize the City of Grand Rapids and act as a catalyst for additional positive activity in the area,? said MEDC President and CEO Michael A. Finney. ?We are excited to support a project that meets community needs and spurs economic growth in the West Michigan region.?
Mid Towne Hospitality, LLC has been awarded a $3 million performance-based loan participation to demolish a surface parking lot to make room for a five-story, 149-room hotel in the City of Grand Rapids. The hotel is part of the multi-phase Mid Towne Village project, which currently includes the West Michigan Women?s Health Center, Park Row Condos and the 545 Michigan Street mixed-use building.
The development of this hotel will provide patients of the health center and their families with lodging and proximity to local businesses. The project is expected to generate a total capital investment of $27 million and create approximately 40 full-time jobs. The City of Grand Rapids Brownfield Redevelopment Authority will contribute $10.4 million in school and local tax capture.
The Michigan Community Revitalization Program provides grants, loans, or other economic assistance of up to $10 million to projects that will revitalize regional urban areas, act as a catalyst for additional investment in a community, reuse vacant or historic buildings and promote mixed use and sustainable development.
