Michigan Strategic Fund approves $561M to support G.R. riverfront project

GRAND RAPIDS, Mich. -- The effort to develop a major riverfront project in downtown Grand Rapids has gotten a major boost.

The Michigan Strategic Fund announced it has approved Transformational Brownfield incentives totaling about $561 million.

"So, I'm very happy that such a large portion of the available dollars from the state are coming into our city," Mayor David LaGrand told WOOD Radio News. "The project is going to strengthen our downtown, allow more residents to live in the downtown core."

A seven-acre parking lot will be converted into a mixed-use development featuring three high-rise towers containing apartments and condos, plus office and retail space. Fulmar Property Holdings is spearheading the development north of the Acrisure Amphitheater at Market Avenue and Fulton Street. That group includes the DeVos and Van Andel families.

As for the MSF incentives, "Since these are essentially state tax credits, it's great," LaGrand said. "Because it simply means we're going to get more revenue and our city and our state are going to get stronger."

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Statement from J.R. Berger, President, Magellan Development

Regarding Fulton & Market Project Michigan Transformational Brownfield Plan Application Approval

December 22, 2025

On behalf of the entire project team, I would like to express our sincere thanks to the Michigan Strategic Fund Board for their support and for their vote of confidence in the Fulton & Market project today.

The Transformational Brownfield Plan is a cornerstone of the Fulton & Market development. Without it, this project would be impossible. With it, we can begin the work of transforming a riverfront parking lot into a vibrant ecosystem of residential, restaurants, office, retail, hospitality, and public space that connects neighborhoods and further energizes the downtown Grand Rapids riverfront.

Magellan Development is honored to partner with the DeVos and Van Andel families, whose remarkable sustained investments in community building align with our commitment to build something that truly belongs in Grand Rapids and serves the city for generations. We thank them and the entire Fulton & Market project team for their nearly four-year journey to get where we are today. 

We also thank the City of Grand Rapids for their vital partnership and support. 

This incentive now unlocks our ability to advance discussions with potential users, develop a master plan and, ultimately, break ground on this truly transformative project.  We are excited to get started.

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