Warner represented a joint venture in a redevelopment project, expected to generate $369 million in economic benefits within the first 10 years after completion. Phase I of the mixed-use project included a multi-screen movie theater, market rate residential housing, ground-floor retail space, a hotel, commercial office space, a multi-level parking ramp and a publicly-owned, privately-managed public piazza. The Phase II Tower includes construction of a new approximately 212,000 square foot, 16-story tower to be located atop the existing parking structure. The tower will contain residential apartments and condominiums, and amenities including a pool, a terrace, and fitness and community rooms. Warner was involved in negotiations for the project with the Downtown Development Authority (DDA) and the City of Grand Rapids and was instrumental in structuring an agreement to support tax increment financing. Incentives included the DDA TIF, a Brownfield TIF, a Michigan Community Revitalization Program (MCRP) loan, and a Neighborhood Enterprise Zone (NEZ) incentive, with a total value of over $35 million.
Experience
