News Release Provided By The Right Place

$42m Diamond Place opens in Grand Rapids
Multiuse development offers 107 income-restricted units

(GRAND RAPIDS, MI) – City of Grand Rapids Mayor Rosalynn Bliss joined project developers Third Coast Development and PK Development Group as well as state and federal officials at a special ribbon cutting ceremony Thursday, Dec. 20 to celebrate the completion of the $42 million Diamond Place project at 1003 Michigan Street N.E., Grand Rapids, MI.

Diamond Place is a 2.8-acre development that sits on land formerly used by Proos Manufacturing at the northeast corner of Michigan and Diamond Street’s along the eastern edges of the bustling Medical Mile corridor.

The development offers ground floor retail and 165 apartments, ranging from one-and two-bedroom units. 107 of the apartments are designated as income-restricted. The property also contains a 240-car, 4-level parking ramp.

The building also hosts more than 22,000 SF of ground floor retail space for tenants Gordon Food Service Marketplace grocery store (opened in September), Tropical Smoothie (under construction and set to open in early 2019) and Ginza Sushi & Ramen Bar (opened this month). A remaining 850 SF retail suite remains available. Tropical

Pioneer Construction served as the construction manager and Progressive AE was the architect.

Joining Third Coast Development and PK Development in developing Diamond Place are the following partners:

• Michigan Good Food Fund
• JPMorgan Chase Bank
• Cinnaire
• Mercantile Bank
• Capital Impact Partners
• Michigan Economic Development Corporation
• Michigan State Housing Development Authority
• Opportunity Resource Fund
• City of Grand Rapids

The completion of Diamond Place is eagerly anticipated by the City of Grand Rapids, as the affordable housing component satisfies a city objective.

“I’ve advocated for affordable housing along this corridor for some time, so I am thrilled to see Third Coast and PK Development provide sustainable living options for people of all income levels,” said Ruth Kelly, 2^nd Ward Commissioner, City of Grand Rapids. “I hope that Diamond Place will become an example for other development in the area.”

Grand Rapids Mayor Rosalynn Bliss also applauded the developers affordable living component.

“Diamond Place is a wonderful example of the City’s ‘Great Housing Strategies’ plan in action,” said City of Grand Rapids Mayor Rosalynn Bliss. “We applaud Third Coast Development and PK Development Group for adding rent-restricted living options along the Michigan Street corridor.”

Diamond Place is just one of several properties owned by Third Coast Development. They have extensive experience working with neighborhood stakeholders.

“We are excited to bring this development to the Michigan Street corridor and contribute to the City’s desire to create affordable housing near downtown,” said Third Coast Development partner Brad Rosely. “The Michigan Street Corridor Association, City of Grand Rapids and State of Michigan have been terrific to work with so we are very appreciative of their support.”

Adding 107 rent-restricted apartments will provide new living options for individuals wanting to live near downtown but otherwise couldn’t due to high rents. To assist in garnering tax credits for the project’s housing options, Third Coast collaborated with Okemos-based housing tax credit experts PK Development Group.

“The City made it clear they wanted a development along this corridor that was affordable and sustainable for people of all income levels,” said PK Development Group partner Chris Potterpin. “We believe that Diamond Place will serve as an example of how this approach can be successful.”

After acquiring the property from Proos Manufacturing in 2015, Third Coast spent much of 2016 lining up the financing and design packages for the development. The site underwent demolition and environment cleanup later in 2016.

“This has been one of our largest and most complex projects, but it has been terrific working with so many partners who share in our vision of creating a vibrant Michigan Street corridor,” said Third Coast Development partner Max Benedict.

DIAMOND PLACE AT A GLANCE

Property Size

Total SF: 143,500 SF

Acres: 2.8 acre site

Parking: 240-space, 4-level ramp

Residential Units: 165 (107 income-restricted. 58 market rate)

Ground Floor Retail Tenants: 3 tenants occupy more than 22,000 SF (GFS Market, Tropical Smoothie, Ginza Sushi & Ramen Bar)

Retail Space Available: A 850 SF space remains available.

Residential Unit Options

640 SF 1 bedroom, 1 bath

860 – 900 SF 2 bedroom, 1 & 2 bath

Affordable apartments range from $393 to $1,260 (based on income), and market-rate apartments range from $899 to $1,600.

Residential Unit Breakdown
•165 total units
•107 affordable apartment homes
•58 market-rate apartments

Economic Development
•nvestment of $42 million resulted in an estimated 200 construction jobs and over 100 permanent jobs created

Ownership
Development is owned in partnership between Third Coast and PK Development.

Managed by PK Housing & Management

Property Contact Info

(616) 710-4550

diamondplace@pkhousing.com

Management office: 1003 Michigan Street NE, Grand Rapids, MI

On Facebook at https://www.facebook.com/DiamondPlaceGR/