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Monroe Center Eyesore Turned Around

Who:

Kendall Building, 16 Monroe Center, Grand Rapids, MI

Industry:

Retail and Residential

Area of Law:

Economic Incentives

Results:

$695,000 in incentives (CRP grant and a tax abatement)

The five-story Kendall Building in the very heart of downtown Grand Rapids had been mostly vacant for decades when 616 Development purchased it in 2012. Starting in 2013, the building houses a dozen apartments on the uppermost floors and 3,000 square feet of retail space on the ground floor. 616, which estimates its investment at $3.2 million, likes the space so much that it plans to relocate to the second floor.

How We Helped

We secured a rare 10-year Obsolete Property Rehabilitation Act property tax abatement, worth an estimated $220,000, through the City of Grand Rapids and a $475,000 Community Revitalization Program grant through the Michigan Strategic Fund, administered by the Michigan Economic Development Corp.  At least two other developers had considered rehabilitating the 130-year-old building, but couldn’t justify the expense. The economic incentives were a key factor.

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