A Grand Rapids, Michigan redevelopment project anchored by a new brewery is in line for a cash infusion.
Bridge and Turner LLC, managed by Grand Rapids-based Rockford Construction, has received approval for a nearly $2.5 million Michigan Community Revitalization Program performance-based loan from the Michigan Strategic Fund to redevelop property sites in Grand Rapids, at and near 405 Bridge St. NW, into two mixed-use buildings, including space for New Holland Brewing Co., retail, apartments and offices.
The Grand Rapids Brownfield Development Authority also received approval from the Michigan Strategic Fund to use a $2.1 million local and school tax capture toward brownfield alleviation costs for Bridge and Turner LLC, the Michigan Economic Development Corp., or MEDC, said.
Although the brownfield tax increment financing, or TIF, will help with existing brownfield conditions at the site, it is anticipated there will be “significant earthwork challenges” on the multi-site project.
The project has already raised nearly $3.6 million in private equity funding and is also leveraging an $18.8-million loan from Mercantile Bank in Grand Rapids, according to an MEDC memo.