Project Overview
Factory Yards Development, LLC is proposing a large-scale mixed-use redevelopment project to be located on a portion of Godfrey Avenue SW south of Market Avenue SW from approximately the railroad tracks to north of Oxford Street SW. The overall project involves both the renovation of existing buildings and construction of new buildings on the approximately 15.5 acre site included in the Factory Yards project. The property currently contains four buildings including a 5-story warehouse, a 3-story warehouse, a single-story warehouse, and a 2-story commercial building, totaling approximately 650,000 existing square feet. The Factory Yards project would include the rehabilitation of the five, three and one-story buildings, partial demolition and rehabilitation of the two-story commercial building, and construction of a new residential apartment building on the south end of the property, resulting in approximately 480,000 square feet when complete. Current estimates for the proposed uses include a total of 467 apartments, ground floor commercial space, a food hall and event space, commercial offices, a fitness/recreation use and self-storage over approximately 500,000 square feet. The project is anticipated to also include an outdoor greenspace plaza courtyard along Godfrey Avenue, connectivity to the existing Oxford Trail, site improvements and both surface and ramped parking (800+ parking spaces).
The City is collaborating with the development team to provide housing at a variety of price points, including units priced below market rate. The current plan includes 10% of each unit type to be rented at rates affordable to households earning no more than 60% of the area median income and 10% to households earning no more than 80% of the area median income. Combined, this will result in approximately 95 units at below market rents within the development.
The total development costs are estimated to be approximately $147 million.
More details will be provided here as the project moves forward.
What is the Transformational Brownfield Program?
The Transformational Brownfield Program (TBP) is an enhanced incentive available under the Brownfield Redevelopment Finance Act, Michigan Public Act 381 of 1996. For a project to qualify for TBP in Grand Rapids, it must have a total investment of at least $100 million and be expected to have a "transformational impact on local economic development and community revitalization based on the extent of brownfield redevelopment, growth in population, commercial activity and employment that will result from the plan". The project must also contain a mix of uses such as retail, office, residential, and/or hotel.
Different from a traditional brownfield redevelopment program that has been used many times in Grand Rapids, projects approved under the TBP program may use future property and state income tax revenues to receive reimbursements for construction, restoration, alteration, renovation, or improvement of buildings. TBP projects must be approved locally by the Brownfield Redevelopment Authority and the City Commission, and also by the Michigan Strategic Fund and State Treasury.
Project Engagement Opportunities
Public hearings were held before the City Commission to consider a Transformational Brownfield Plan, the establishment of an Obsolete Property Rehabilitation Act (OPRA) district, and an Obsolete Property Rehabilitation Exemption Certificate for the Factory Yards Project. The hearings were held on Tuesday, September 19 at The Goei Center, 818 Butterworth Street SW, in the City of Grand Rapids. The notices of the public hearings, project memo, and video of the public hearing can be viewed by clicking on the links below.
Transformational Brownfield Plan Public Hearing Notice(PDF, 102KB)
OPRA District and Certificate Public Hearing Notice(PDF, 66KB)
City Commission Meeting (9/19/2023) TBP Memo, OPRA District Memo, and OPRA Certificate Memo
City Commission Meeting (9/19/2023) Video of Public Hearing (2:49:53-3:16:26)
The project received approval from the City Commission at its meeting on October 10. Below are the links to the memos and resolutions for the approvals.
Committee of the Whole Meeting Video (2:14:40-2:19:46)
Committee of the Whole Meeting (Approvals) TBP Memo, OPRA District Memo, and OPRA Certificate Memo
Additional Project Information
More project documents and information will be provided here as the project moves forward.