Last month, our team attended Developer Day in Grand Rapids. Hosted by The Right Place, this annual event draws real estate developers, construction professionals, city officials, and other industry leaders to present opportunities around the city. Participants gathered for lunch and informative sessions to discuss topics like MSHDA 2.0 and Housing TIF, financial incentive layering, development in the City of Grand Rapids, and the GRPS Reimagine Strategy.
One of the highlights of the sessions was the presentation by Kristen Turkelson, the City Planning Director, who recently led five policy changes designed to increase housing supply and affordability. These zoning amendments were spearheaded after the latest Kent County Housing Needs Assessment found that nearly 35,000 housing units will be needed by 2027.
In addition to these changes, the city planning team regularly engages with developers to understand their barriers and make adjustments that align with the project's goals and with the city's vision.
After the discussions, The Right Place led a tour of current development sites and opportunity zones. This included the former Lexington Elementary, slated to reopen as Lexington Senior Apartments. As Grand Rapids Public Schools offers ten newly shuttered school buildings for redevelopment, Lexington is an example of how these vacant buildings can be adapted to create additional housing at affordable levels.
Other development sites included:
Acrisure Amphitheater Construction Site
The Acrisure Amphitheater will activate up to 11.5 acres along Market Avenue. The venue will feature major musical acts and performances seating 12,000 people, drawing 54 ticketed events per season, and hosting 300,000 visitors annually. The venue will employ more than 700 employees during its construction and generate $876 million net economic impact.
Riverfront Activation and Connection
The amphitheater site is in connection with the redevelopment of the riverfront - the largest active riverfront redevelopment project in the nation. The 31-acre site along the Grand River will provide pedestrian-focused parks and plazas and attract additional restaurants and retail along the Grand River and downtown Grand Rapids. A proposed pedestrian bridge, if approved, would connect the city’s West Side at Front Street to the arena across the river.
Soccer Stadium Site
The Grand Rapids Soccer Stadium will be located on the corner of Pearl and Mt. Vernon, next door to the downtown YMCA. The stadium will become an accessible venue for sporting and community events hosting 17 soccer matches and 56 events each season. The attraction will seat more than 8,500 people and serve 164,350 guests annually, generating $408 million net new economic impact during its construction and the first 30 years of its operation.
West Michigan’s focus on successful economic growth positions it as an ideal market for investors and developers. As multifamily experts, we know that as the region invests in amenities that improve quality of life, it will attract both tourists and residents. In the last five years, Grand Rapids experienced a 2.8% population growth rate (CoStar Group) and was recently ranked as the fourth most competitive rental market nationwide (RentCafe). Developer Day highlighted the major developments propelling the city forward and emphasized the opportunities for much-needed housing.
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