The Stadium District Tower
Within the agenda packet for the 2024-03-27 meeting of the Grand Rapids Brownfield Authority (GR Grow), on pages 48 - 49, is a reference to a potential "Stadium District Tower":
| The DDA will lead development of, and may partner with one or more private developers, on development of Stadium District Tower, a proposed 18-story mixed-use building with retail, office and residential uses, along with a 350-space parking structure. An estimated 260 apartment units will be located on the top nine floors, above the office and retail. The estimated cost of the Stadium District Tower is $115 million and is expected to create up to 84 new jobs. The combination of projects described above (the “Stadium District Project”) will occur on property that is currently owned by the DDA and the YMCA, and is currently used for surface parking. The Stadium District Project will deliver on a long-term collaborative effort to put the riverfront property to its highest and best use, and provide many new opportunities for residents, visitors and businesses on the south end of downtown Grand Rapids. |
Affordable housing component is expected as this will allow the greatest tax-capture for cost recovery. Two options are to be presented
- A: 147 units, 20% of each unit type at or below 100% AMI; 95 units in "Amphitheater Housing" and 52 in "Stadium District Tower"
- B: Rather than using the Brownfield TIF the utilization of an investment agreement with the City's affordable housing fund which would allow for affordable ownership options.
Also mentioned is an "additional development" matched to the Acrisure Amphitheater:
| Grand Action will lead the development of, and may partner with one or more private developers, on an additional development south of the Acrisure Amphitheater, which is expected to include a mixed-use project with up to 475 residential apartments in a 21- story building, a 917 space, six-floor parking ramp to be shared by the amphitheater and apartments, and ground floor retail/commercial space. The estimated investment in this portion of the project is $271 million, and will result in two new jobs associated with the management of the apartments |
Note the "917 space, six-floor parking ramp", so they intend to build a pile of parking for the amphitheater after all. Sneaky! 😉
A timeline is also presented for the sequence of projects. Of course, this timeline may evaporate with any shift in the political or economic climate; an entire constellation of tax breaks still has to come into alignment. Remember The McConnell when considering the possibility that these towers will come to fruition. 🤞
| Component | Start | Completion |
|---|---|---|
| Amphitheater | Spring 2024 | Spring 2026 |
| Riverwalk | Summer 2025 | Fall 2027 |
| Amphitheater Apartments | Summer 2025 | Fall 2027 |
| Parking Structure | Summer 2024 | Spring 2026 |
| Soccer Stadium | Summer 2024 | Spring 2026 |
| Stadium District Tower | Spring 2026 | Spring 2028 |
We'll see. A total of ~622 residential units, between the two, would be a welcome addition to downtown. Although still not quite "transformational".
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