By: Deborah Johnson Wood
Loose Leaf Lofts at 333 Commerce, Grand Rapids, will use nearly $283,000 in Brownfield Single Business Tax credits to redevelop the former Loose Leaf Bindery building into market rate rental loft residences. The financial boost, announced by Governor Jennifer Granholm on April 17, is expected to generate more than 20 jobs.
The development will offer 39 lofts: efficiencies, one-bedroom lofts, work/live lofts, and penthouse lofts. Exposed brick walls, exposed timber columns and ceilings, balconies, patios, and stainless steel appliances will be part of each loft package. A community Sky-Deck will be available to loft residents for parties and outdoor dining.
Over 2,700 square feet of commercial space will be converted into a neighborhood café that will offer breakfast and lunch, and provide catering services to residents and the surrounding neighborhood.
“We expect the jobs will be for café wait staff, cooks, and restaurant management,” said Kris Elliot, CEO of Infinity Companies, the Lansing-based developer. “For the Lofts we’ll need a resident manager, maintenance crew, and marketing and leasing personnel.”
Elliott says the Brownfield credits, along with state and local tax capture of some $197,000, made the whole project possible.
“Without the Brownfield we wouldn’t have considered doing the project,” he said.
Ground was broken on the lofts on April 19. Elliott expects residents will begin moving in at the end of November. Lease rates will run from about $770 a month to about $1,200 a month.
Source: Kris Elliott, Infinity Companies; Michigan Economic Development Corporation
Deborah Johnson Wood is Development News Editor for Rapid Growth Media. She can be contacted at [email protected].
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