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Underutilized Corner Converted Into Brewpub, Loft Apartments

Who:

1 Ionia and 7 Ionia Avenue

Industry:

Restaurant and Residential

Area of Law:

Economic Incentives, Real Estate

616 Development invested $7.5 million to convert two historic structures on this high-traffic corner of Fulton Street and Division Avenue into one building with more than 40,000 square feet of retail, office space and apartments. The Grand Rapids Brewing Company opened on the ground floor in late 2012. All 21 apartments on the upper floors of the five-story building were leased before completion. In a mere 10 months, 616 completely turned around this underutilized corner of the Heartside Entertainment District.

How We Helped

We secured a total of $461,500 in incentives which included BRIP and CRP grants. We secured a $361,500 Community Revitalization Program grant—the first one approved for West Michigan—through the Michigan Strategic Fund, which is administered by the Michigan Economic Development Corp. Also, we worked with the city of Grand Rapids to obtain a pair of $50,000 Building Reuse Incentive Program grants, one for each building.

We also represented 616 Development and BarFly Ventures in the joint venture to open Grand Rapids Brewing Company in downtown Grand Rapids, along with the addition of office space and apartment housing. Barfly acquired the iconic Grand Rapids Brewing Company name in order to preserve its history and has created a brand new menu with 8-10 of its own house-made beers and added 60 plus jobs. We were involved by establishing lease agreements and operating agreements for the revitalization of the building and continue to serve as counsel.

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