WORKING DRAFT 2026 Development Report

Averden of Ada 6501 East Fulton St Ada, MI

2026 Development Report

TABLE OF CONTENTS

Table of Contents

Executive Summary

Greater Grand Rapids State of Development

An Overview

Industrial

Industrial Site Selection

Office

Retail

Housing

Multi-Family Housing

Single-Family Housing

Development Incentives

Industrial Incentives

Retail + Small Business Incentives

Housing + Mixed-Use Incentives

Additional Development Incentive Programs

Market Opportunity

New Local Development Projects

New Local Development Map

New Local Development Details

EXECUTIVE SUMMARY

Greater Grand Rapids keeps building. Industrial activity remains robust, with demand rebounding and vacancy holding well below national benchmarks. The office market is showing early signs of stabilization, with vacancy ticking downward for the first time in several years. The multi-family market continues to attract investment, with new units coming online to meet growing demand. The single-family home market remains active, proving Greater Grand Rapids is a place where people choose to put down roots. With Kent County's population growing and a broad range of projects reshaping neighborhoods across the region, the story of Greater Grand Rapids in 2026 is one of a region that keeps moving forward. Executive Summary

Industrial Cheesecake candy canes bonbon powder chupa chups dragée cotton candy wafer oat cake. Muffin tiramisu oat cake tootsie roll marzipan topping tiramisu jelly. Brownie tiramisu gummi bears donut jelly-o.

Office

Cheesecake candy canes bonbon powder chupa chups dragée cotton candy wafer oat cake. Muffin tiramisu oat cake tootsie roll marzipan topping tiramisu jelly. Brownie tiramisu gummi bears donut jelly-o.

Multi-Family Housing Cheesecake candy canes bonbon powder chupa chups dragée cotton candy wafer oat cake. Muffin tiramisu oat cake tootsie roll marzipan topping tiramisu jelly. Brownie tiramisu gummi bears donut jelly-o.

Retail

Acrisure Amphitheater 201 Market Ave SW Grand Rapids, MI Photo Credit: Progressive Companies

Single-Family Housing Cheesecake candy canes bonbon powder chupa chups dragée cotton candy wafer oat cake. Muffin tiramisu oat cake tootsie roll marzipan topping tiramisu jelly. Brownie tiramisu gummi bears donut jelly-o.

STATE OF DEVELOPMENT

Greater Grand Rapids State of Development

Industrial ¹

Office ²

KEY METRICS Q1 2025 Q1 2026

Inventory

13,518,745 sq ft 13,532,745 sq ft

124,960,065 sq ft 125,583,294 sq ft

Vacancy

2.9%

3.3%

13.8%

13.0%

Asking Rent

$5.81 / sq ft

$6.36 / sq ft

$22.03 / sq ft

$20.85 / sq ft

Net Absorption

-368,122 sq ft

278,708 sq ft

-36,743 sq ft

-20,941 sq ft

Under Construction

784,751 sq ft

296,560 sq ft

0 sq ft

Multi-Family Housing ³

Retail ⁴

KEY METRICS Q1 2025 Q1 2026

Average Lease Rate Number of Transactions

Rent

$1,466

$1,511

Vacancy

5.6%

6.0%

$13.69

$14.18

Under Construction

xxx

Single-Family Housing ⁵

1 Source: NAI Wisinski of West Michigan 2 Source: JLL 3 Source: Colliers 4 Source: Advantage CRE 5 Source: Greater Regional Alliance of Realtors (GRAR); Realtor.com

KEY METRICS Q1 2025 Q1 2026

Home Sales

2,411

2,279

Months of Inventory

1.8

1.7

Average Days on Market Median Listing Price

$381,408

$402,117

INDUSTRIAL

Proper Beverage Co. NOTABLE PROJECT

Developer: Third Coast Development Status: Expected completion fall 2026 Investment: $80-$90 Million Footprint: 300,000 sq ft Address: 4175 60th St SE, Kentwood, MI

Description: Proper Beverage Co. is investing $80–$90 million to expand into 300,000 square feet of a new 600,000-square-foot industrial building at 4175 60th St. SE in Kentwood — five times larger than its current 60,000-square-foot Hudsonville facility. The first phase, a $30 million investment opening this year, will boost annual production from 40 million to 225 million cans, an increase of more than 460%. By 2031, four additional production lines will bring capacity to 750 million cans annually.

Industrial Inventory

125.9 MILLION SQ FT

Industrial inventory reached 125.9 million square feet across Greater Grand Rapids in the first quarter of 2026. Industrial inventory has climbed steadily since Q1 2024, growing by nearly 2.8 million square feet – or 2.2% – to the present quarter. Likewise, inventory rose by nearly 624,000 square feet – or 0.5% – from Q1 2025 to Q1 2026.

Trendline

Source: NAI Wisinski of West Michigan

INDUSTRIAL

Industrial Space Under Construction

Industrial space under construction declined 62% from nearly 785,000 sqft in Q1 2025 to 296,500 sqft in Q1 2026. This decline is reflective of a national slowdown in new industrial construction, primarily a result of continued high interest rates, increasing cost of construction, and ongoing economic policy uncertainty.

296,500 SQ FT

Trendline

Source: NAI Wisinski of West Michigan

Industrial Vacancy

3.3%

Trendline

Industrial vacancy has trended upward from Q1 2024, with Q1 2026 marking the first decline in industrial vacancy since Q4 2024. However, compared to national industrial vacancy rates currently at 7.1%, Greater Grand Rapids’ industrial market continues to be extremely tight.

Source: NAI Wisinski of West Michigan

Average Industrial Rent

$6.36 / SQ FT

Greater Grand Rapids industrial rents continue a steady long-term growth trend, reaching $6.36 per square foot in Q1 2026. With national asking rents at $10.34/sq ft, the region remains a cost-competitive market for industrial tenants and business growth.

Source: NAI Wisinski of West Michigan

INDUSTRIAL SITE SELECTION

Industrial Site Selection Each year, site selectors and real estate professionals inquire with the Michigan Economic Development Corporation (MEDC) to release RFIs for companies seeking industrial space. The Right Place reviewed RFIs from 2023, 2024, and 2025 referencing Kent County, Grand Rapids, or Economic Development Region Four to determine the types of sites and facilities companies require.

MAXIMUM

TYPE

MINIMUM

MEAN

Building

12,000 sq ft

400,000 sq ft

xx,xxx sq ft

Land

20 acres

400 acres

xxx acres

Source: MEDC

SEEKING BUILDINGS

SEEKING LAND UNDISCLOSED

RFIs

YEAR

2025

2024

2023

65 36

TOTAL

Source: MEDC

OFFICE

Developer: OVD Purchased Building Status: Complete TBD NOTABLE PROJECT

Investment: $3.8 Million Footprint: 30,000 sq ft Address: 37 Ottawa Ave NW Suite 400, Grand Rapids, MI 49503 Description: OVD Insurance is investing $3.8 million to build out 30,000 square feet of office space on the third and fourth floors of the approximately 100,000-square-foot building at 37 Ottawa Ave NW in downtown Grand Rapids. The firm co-purchased the seven-story building, originally constructed in the 1880s, with CWD Real Estate, which had owned it since 2012. About 120 employees will relocate from Wyoming, Michigan, where OVD bought its current 26,144-square-foot building in 2010 for $530,000. The company plans to grow to 225–250 employees over five years, supported by a $1 million state grant.

Office Inventory

13,532,745 SQ FT

After seven quarters of flat inventory, office space crept up 14,000 square feet to 13,532,745 in Q4 2025 where it remains as of Q1 2026. In general, office inventories have remained stable since the beginning of 2024.

Source: JLL

OFFICE

Office Space Under Construction

With no new supply coming online, increased construction expenses require rents in the mid-to-upper $20s per square foot, and office rents remaining relatively flat, there hasn’t been the financial incentive to invest in new construction. Capital is rotating away from ground-up development toward renovation and repositioning.

0 SQ FT

Source: JLL

Office Vacancy

Direct Vacancy (%)

Sublease Vacancy (%)

Total Vacancy (%)

13.0%

Office vacancy rates remained stable through 2025, decreasing slightly from 13.8% in Q1 2025 to 13% in Q1 2026. However, with national vacancy rates averaging 19%, Greater Grand Rapids continues to be a comparatively strong market.

Source: JLL

Average Office Rent

$20.85 / SQ FT

Average office rent slipped to $20.85/sq ft in Q1 2026, down 5.4% year-over-year from $22.03. Despite the pullback, rents remain above the long-term trendline, reflecting a slight shift in the market where owners are focusing on occupant retention and stability given moderate demand.

Trendline

Source: JLL

RETAIL

Developer: Gardner White Furniture Co. Status: Opening spring 2026 Investment: $5+ Million Footprint: 80,000 sq ft location in Kentwood Address: 4375 28th St SE, Kentwood, MI 550 Ring Rd, Portage, MI 8748 W Saginaw Highway, Lansing, MI Gardner White NOTABLE PROJECT

Description: Warren-based Gardner White Furniture Co. is stepping into West Michigan for the first time in its 113-year history and filling a gap in the market left by Value City Furniture’s bankruptcy. Its CEO attributed the company’s expansion to the west side of the state to strong real estate opportunities in the market.

Number of Retail Transactions

Retail transactions in Greater Grand Rapids totaled 43 in Q1 2026, down 19% from 53 a year earlier. However, activity is improving despite headwinds. Inquiries, listings, and deal flow are all up. Regional and national operators are driving demand, while local user activity remains flat.

Trendline

Source: Advantage CRE

Average Lease Rates

$14.18 / SQ FT

Retail lease rates remain relatively stable, rising 3.6% year-over-year to $14.18/sq ft in Q1 2026 from $13.69. Rates have ranged from $11.39 to $16.07 since 2022. Leasing inquiries are increasing, and previously vacant spaces, particularly in B/C centers, are beginning to fill.

Source: Advantage CRE

HOUSING

Developer: Holland Home Status: Preconstruction Investment: $215 Million Footprint: 18 acres Address: 6501 East Fulton St, Ada, MI Averden of Ada NOTABLE PROJECT

Description: Holland Home announced their plans to open a third senior living campus in Ada, the Averden, with start of construction in early 2027. The $215 million planned community will cater to active adults 60+ and will feature 136 independent living residences and a 15-room assisted living center.

Permitted Units by Type

Trendline

Builders pulled 250 more permits for new residential construction in 2025 compared to the previous year in Greater Grand Rapids, * amounting to a 6% increase from 2024. Permits for single family, three- to four-unit, and five- or more-unit dwellings drove the growth. Overall, 2025 saw the most building permits pulled since 2022 (2,714 total).

* Building permit geography is for the Grand Rapids-Wyoming-Muskegon combined statistical area, which includes Kent, Ottawa, Allegan, Barry, Ionia, Muskegon and Montcalm counties.

MULTI-FAMILY HOUSING

Developer: Amplify GR Investment: $30 Million Status: Broke ground March 2026 Footprint: 10 acres; 220+ housing units, 60,000 sq ft commercial, parks, and green space Address: 1460 Kalamazoo Avenue SE, Grand Rapids, MI Description: A neighbor-informed, comprehensive redevelopment of 10 acres in the Boston Square neighborhood. The project will bring mixed-income housing, a neighborhood food hall, retail incubator space, and a community center. Boston Square Together NOTABLE PROJECT

Average Monthly Rent

Rents for multi-family housing increased 3%

Trendline

from $1,466 per month in Q1 2025

to $1,511 per month in Q1 2026. Overall,

multi-family rents have experienced solid, sustainable growth over the past three years, reflecting a 7% increase in rents over that time. Rental demand remains strong.

Source: Colliers

MULTI-FAMILY HOUSING

Multi-Family Housing Under Construction

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powder. Dessert

macaroon icing pudding carrot cake pie.

Multi-Family Housing Vacancy

Trendline

6.0%

Multi-family vacancies rose

slightly from 5.4% in Q4 2025 to 6% in Q1 2026. A year prior, in Q1 2025, vacancy rates were 5.6%. This slight increase in vacancy rates is largely due to new active construction projects filling the rental pipeline.

Source: Colliers

SINGLE-FAMILY HOUSING

Single-Family Home Sales

Single-family home sales reached 2,279 in Q1 2026, a decline of 5% compared to the 2,411 units sold in the first quarter the previous year. Despite continued higher interest rates and inflation, home sales rose 6% from 12,579 in 2024 to 13,356 in 2026.

Source: Greater Regional Alliance of Realtors (GRAR)

Average Days on Market

48 DAYS

The average time a home spends on the market has drifted upward in recent years. In 2024, homes remained on the market 29 days on average. By 2025, that number grew to 33 days. For the first quarter of 2026, homes spent an average of 48 days on the market compared to 44 days in Q1 2025.

Trendline

Source: Greater Regional Alliance of Realtors (GRAR)

Median Listing Price

$402,117

Home listing prices in Greater Grand Rapids continue their long-term trend upward, rising 5.4% year-over-year to $402,117 in Q1 2026 from $381,408. Although, median prices were essentially flat between 2024 ($397,808) and 2025 ($398,173), they have nearly reached parity with the U.S. median for the first time since Q1 2024.

Source: Realtor.com

Development Incentives

INDUSTRIAL INCENTIVES

Industrial Incentives

MI SITES PROGRAM

MBDP is available to eligible businesses that create qualified new jobs and/or make qualified new investment in Michigan. The Michigan Strategic Fund (MSF) can provide a performance-based grant, with preference given to eligible businesses seeking to locate or expand in Michigan rather than in another state. Grants will include flexible terms and conditions and will include repayment provisions under circumstances approved by the MSF. MSF support in the form of a loan will also be performance based, with preference given to qualified businesses needing assistance to expand in Michigan. Loans may include flexible terms and conditions, including below market interest rates, extended grace and repayment provisions, forgivable terms and flexible security requirements. Loans will also include provisions requiring repayment of loan funds under circumstances approved by the MSF. A commitment of staff, financial or economic support by the local municipality is required for all projects. The MSF will not provide support under this program for retail or retention projects. MICHIGAN BUSINESS DEVELOPMENT PROGRAM (MBDP)

The MI Sites program is a comprehensive site readiness program designed to build a strong portfolio of ready sites through the identification, analysis and marketing of the most developable industrial sites in the state of Michigan. Consistent statewide criteria positions Michigan to better compete for current and future projects by identifying the strengths of each industrial property and providing insights which are used to optimize the path for enhanced readiness. Training and guidance will be provided to applicants at each step in the process to promote success.

LEARN MORE

Industrial property tax abatements provide incentives for eligible businesses to make new investments in Michigan. These abatements encourage Michigan manufacturers to build new plants, expand existing plants, renovate aging plants, or add new machinery and equipment. High technology operations are also eligible for the abatement. Tax benefits are granted by the legislative body of the city, township or village in which the investment will be located. Abatements under PA 198 can significantly reduce property taxes on new investment for eligible firms. INDUSTRIAL FACILITIES TAX ABATEMENT (PA 198)

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RETAIL INCENTIVES

Retail + Small Business Incentives

MATCH ON MAIN PROGRAM

Through several Capital Access programs, the MEDC partners with banks and community-based lenders to reduce risk, increase collateral availability or increase the amount of lending capital that would not otherwise be available to small businesses. SMALL BUSINESS LENDING

The Match on Main program provides grant funding to support an eligible small business desiring to launch or grow on main street. It provides up to $25,000 in funding, reimbursed for eligible activities. The program is administered and managed by the local unit of government, downtown development authority, or other downtown management or community development organization who serves as the “eligible applicant.” Each eligible applicant can select one business per application, located in their traditional downtown or other eligible business district for support, with a maximum of two applications submitted per funding round.

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HOUSING + MIXED USE

Housing + Mixed Use Incentives

MSHDA HOUSING TIF

The Michigan Community Revitalization Program (MCRP) is an incentive program to promote private investment in Michigan communities. This tool provides Michigan communities with access to real estate development gap financing for innovative and/or impactful placemaking, historical redevelopment and/or job growth in targeted sectors. The MSF may provide support for a project in the form of a grant, direct loan or other economic assistance such as a loan participation or equity investment. All awards shall be performance-based. The focus of the MCRP is to transform underutilized properties into vibrant areas by encouraging and promoting capital investment and the redevelopment of brownfield and historic properties located in or in support of traditional downtowns and high-impact corridors in every region of the state. MICHIGAN COMMUNITY REVITALIZATION PROGRAM (MCRP)

When a housing development is built, property taxes are often increased as a result of the improvements. Tax Increment Financing (TIF) is a way of capturing a portion of those increased property taxes and reimbursing them back to the developer to fill a funding gap. The Housing TIF program requires a project to include units targeted at 120% of the area median income to qualify for this funding tool.

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BROWNFIELD TIF

Through the Brownfield Redevelopment Financing Act, Brownfield TIF allows applicable taxing jurisdictions to receive property taxes on the property at the current level and capture the incremental increase in tax revenue resulting from a redevelopment project. Under an MSF approved Work Plan or Combined Plan, projects can seek reimbursement from state and local property taxes for eligible non-environmental activities. Projects can also seek reimbursement from state and local property taxes for eligible environmental activities through submission of a Work Plan or Combined Plan to the Michigan Department of Environment, Great Lakes, and Energy.

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Boston Square Together 1460 Kalamazoo Ave SE

Grand Rapids, MI Photo Credit: Amplify GR

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ADDITIONAL INCENTIVES

Additional Development Incentive Programs

The OPRA Program provides a reduction of future taxes on improvements made for a period of 10-12 years following the rehabilitation of an eligible building. Eligible OPRA projects meet the following criteria: 1. Determination of functional obsolescence by the City Assessor 2. Commercial use (mixed-use or containing more than 10 rental units) 3. Investment of at least $30 per square foot 4. Project will rehabilitate an existing building, not construct a new building The application process takes 3-4 months. OPRA applications need to be approved by both the municipality and the State Tax Commission. Further, building permits cannot be pulled on a proposed OPRA project until the OPRA district is approved by the municipality. OBSOLETE PROPERTY REHABILITATION ACT (PA 146)

The NEZ Program provides a reduction of future taxes for a period of 9-15 years on the improvements made to the residential component of an eligible building following its construction or rehabilitation. Two types of NEZ projects exist – “geographic” and “project-specific.” Geographic NEZ projects are those proposed in a previously established NEZ district in Grand Rapids. Project-specific NEZ proposals must be mixed-use, located in a commercial corridor and containing at least 10 residential units. The application process takes 2-5 months depending on the type of project. NEZ applications need to be approved by both the municipality and the State Tax Commission. Further, building permits cannot be pulled on a proposed NEZ project until the NEZ certificate application is received following establishment of a NEZ district, if applicable. NEIGHBORHOOD ENTERPRISE ZONES (NEZ)

The Commercial Redevelopment Act (known as the Commercial Facilities Exemption), PA 255 of 1978, provides a tax incentive for the redevelopment of commercial property for the primary purpose and use of a commercial business enterprise. The property must be located within an established Commercial Redevelopment District. Exemptions are approved for a term of 1-12 years as determined by the local unit of government. For restored facilities, the property taxes are based upon the previous year’s (prior to restoration) taxable value and 100% of the mills levied. The taxable value is frozen for the duration of the certificate. For new or replacement facilities, the property taxes are based upon the current year’s taxable value and 50% of the mills levied. Applications are filed, reviewed, approved, and certificates are issued, by the local unit of government. Certificates are also filed with the State Tax Commission. COMMERCIAL REDEVELOPMENT ACT (PA 255)

MARKET OPPORTUNITY

Acrisure Amphitheater 201 Market Ave SW Grand Rapids, MI Photo Credit: Progressive Companies

Market Opportunity 676,400 KENT COUNTY POPULATION 36.4 Source: Lightcast

104,548 25-TO-34-YEAR OLD POPULATION

Source: Lightcast

$80,685 MEDIAN HOUSEHOLD INCOME IN KENT COUNTY

MEDIAN AGE IN KENT COUNTY

Source: U.S. Census

New Local Development Projects

New Local Development Map

DEVELOPMENT MAP

Adobe West Fulton Verdant

01. 02. 03. 04. 05. 06. 07. 08. 09. 10. 11. 12. 13. 14. 15. 16.

Lake Eastbrook Apts GVSU Blue Dot Lab Raven Flats Townhomes Plymouth Heights Richmond Farms Amway Stadium Acrisure Amphitheater

Bamboo Coworking Space Boston Square Together Coit Flats Dutton Center 111 Lyon Fulton & Market Gerald R. Ford International Airport Terminal Enhancement Project Habitat for Humanity Plainfield Township Hylant Shea Ravines Phase II The Horizon Timber Flats Vision Lofts Karl and Patricia Betz Resident Physician Living Center TBD Proper Beverage Co. Averden of Ada Gardner White Expansion

17.

18. 19. 20. 21. 22. 23. 24. 25. 26. 27.

DEVELOPMENT DETAILS

Adobe West Fulton

Grand Valley State University Blue Dot Lab Type: Education Developer: Grand Valley State University Investment: $166 Million ( $101.4M Eberhard Center renovation and $64.6M new wing addition) Footprint: 58,247 sq ft wing addition and renovation of 160,203 sq ft L.V. Eberhard Center Address: 301 Fulton St W, Grand Rapids, MI 49504 Timeline: Groundbreaking spring/summer 2026; Estimated completion summer 2028 Description: Grand Valley State University’s Board of Trustees voted unanimously to approve a two-part, $166 million project to transform its downtown Eberhard Center. The project will house the new Blue Dot Lab and College of Computing. 04.

01.

Type: Mixed-Use Developer: Construction Simplified Investment: $24.5 Million Footprint: 109 units with 5,240 sq ft of ground floor commercial Address: 617 Fulton St W, Grand Rapids, MI 49504 17 Seward Ave NW, Grand Rapids, MI 49504 Timeline: Construction to begin in May 2026 Description: Construction Simplified plans to demolish the Adobe Mexican Kitchen building and construct a four-story structure with 109 apartments, 5,240 sq ft of commercial space, and a 53-space parking lot.

Verdant

02.

Raven Flats Townhomes

05.

Type: Multi-Family Developer: SW Real Estate Investment Investment: $25 Million Footprint: 132-unit apartment complex on 6 acres Address: 3538 Lake Eastbrook Blvd SE, Grand Rapids, MI 49546 3665 28th St SE, Grand Rapids, MI 49546 Timeline: Groundbreaking fall 2026; Completion in 2028 Description: SW Real Estate Investment plans to develop the vacant lot that once housed the Orbit Room concert venue with 132 one-and-two bedroom units spread across four buildings with a clubhouse. Lake Eastbrook Apartments 03. Type: Mixed-Use Developer: Talbot Development Investment: $32 Million Footprint: 148 units, 117 sq ft building with 1,500 sq ft of ground floor commercial Address: 648 Bridge St NW, Grand Rapids, MI 49504 Timeline: Estimated completion summer 2026 Description: Mixed-use apartment complex on site of former Duthler’s Family Foods

Type: Multi-Family Developer: Dave Visser Builder LLC Investment: $7 Million Footprint: 24-unit townhome project on 3.1 acres Address: 3144 5 Mile Road NE, Grand Rapids, MI 49525 Timeline: Construction to wrap in spring 2027 Description: This 24-unit townhome complex in Plainfield Township will feature amenities including a community pavilion, dog park, and bike racks. The project will include both two- and three-bedroom units.

Plymouth Heights

06.

Type: Multi-Family Developer: O’Connor Development Investment: $10.5 Million Footprint: 48-unit mixed-income housing on 2 acres Address: 1225 Plymouth Ave NE, Grand Rapids, MI 49505 Timeline: Construction to wrap in early 2027 Description: This brownfield redevelopment calls for three apartment buildings with an even mix of one- and two- bedroom units totaling 48 units, reserving 10 of the units for households earning 90% or less than the area median income.

DEVELOPMENT DETAILS

Richmond Farms

10.

07.

Bamboo Coworking Space

(UICA Remodel) Type: Office Developer: Bamboo

Type: Single- and Multi-Family Developer: JTB Homes Investment: N/A Footprint: 1465 units on 268 acres Address: 3487 Richmond St, Walker, MI 49534 3200 3 Mile Rd, Walker, MI 49534 Timeline: Plans filed with the City of Walker

Investment: $4.5 Million Footprint: 39,418 sq ft Address:

2 Fulton St W, Grand Rapids, MI 49503 Timeline: Opened December 2025

Description: Plans have been filed for the largest residential development in the City of Walker in more than a decade. The 268-acre, 465-unit project plans for both single- and multi-family housing.

Description: Detroit-based Bamboo has converted the former Urban Institute for Contemporary Art gallery into a 40,000 sq ft coworking space.

Boston Square Together

11.

Amway Stadium

08.

Type: Mixed-Use Developer: Amplify GR Investment: $30 Million Footprint: 10 acres; 220+ housing units, 60,000 sq ft commercial, parks, and green space Address: 1460 Kalamazoo Avenue SE, Grand Rapids, MI Timeline: Phase 1 (Kabo Flats, 57 units) opening June 2026; Phase 2 (F3, 45 units and food hall) broke ground March 2026. Description: A neighbor-informed, comprehensive redevelopment of 10 acres in the Boston Square neighborhood. The project will bring mixed-income housing, a neighborhood food hall, retail incubator space, and a community center.

Type: Placemaking Developer: Grand Action 2.0 Investment: $175 Million Footprint: 8,500 seat multi-purpose soccer stadium on

8.2 acres Address: 230 Winter Ave NW, Grand Rapids, MI 49504 Timeline: Completion in spring 2027

Description: A multi-use, multi-sport stadium and home of Athletic Club Grand Rapids, the city’s new MLS Next Pro soccer team, with an open plaza and walkable connections to the Bridge Street corridor.

Coit Flats

12.

09. Acrisure Amphitheater Type: Placemaking Developer: Grand Action 2.0 Investment: $184 Million Footprint: 12,000 capacity amphiteater on 10.5 acres Address: 201 Market Ave SW, Grand Rapids, MI 49503 Timeline: Opened May 2026 Description: A 12,000-seat outdoor riverfront performance venue with concourse, terrace, and lawn seating.

Type: Residential Developer: Veneklasen Construction Investment: $15.9 Million Footprint: 72 units Address:

4959 Plainfield Ave NE, Plainfield Township, MI 49525 4965 Plainfield Ave NE, Plainfield Township, MI 49525 Timeline: Expected completion in December 2026 Description: Seventy-two new residential units along Plainfield Avenue in Plainfield Township. The project will develop two vacant parcels across three acres and include three buildings when complete.

DEVELOPMENT DETAILS

Gerald R. Ford International Airport Terminal Enhancement Project Type: Infrastructure Developer: Grand Rapids Airport 16.

Dutton Center

13.

Type: Mixed-Used Developer: Allen Edwin Homes Investment: N/A Footprint: 328 units and commercial space on 29 acres Address: 3316 68th St SE, Caledonia, MI 49316 Timeline: In Progress Description: This multi-phase project will create a “village center” for Gaines Township including townhomes, apartments, mixed-use commercial, and office space spread across multiple buildings.

Investment: $135 Million Footprint: 175,000 sq ft Address:

5500 44th St SE, Grand Rapids, MI 49512 Timeline: Expected completion in 2027

Description: Terminal enhancement project focused on expanding the west end of the terminal. This project is part of the ELEVATE capital expansion program, which brings more than $600 million in investment to the airport. Habitat for Humanity Plainfield Township Type: Mixed-Use Developer: Habitat for Humanity Kent County Investment: TBD Footprint: 27 units and 10,000 sq ft of ground floor commercial Address: 2500 5 Mile Road NE, Plainfield Township, MI 49525 Timeline: Groundbreaking in 2027 17. Description: This project includes a four-story apartment building with 27 owner-occupied residential units and 10,000 sq ft of ground floor commercial space.

111 Lyon

14.

Type: Residential Developer: CWD Real Estate Investment Investment: $50 Million Footprint: 90,025 sq ft building with 140 units Address: 111 Lyon St NW, Grand Rapids, MI 49503

Timeline: Expected completion in summer 2026 Description: The conversion project broke ground in March 2025. The top seven floors of the building will be converted into 140 residential units, with 29 designated for income-qualified households.

15. Fulton & Market

Type: Mixed-Use Developer: Fulmar Property Holdings Investment: $796 Million Footprint: 1.2 million sq ft of commercial, hospitality, and residential, including 595 apartment units, 76 luxury condos, 130-room hotel, 38,000 sq ft of retail, and 68,000 sq ft of public greenspace Address: 63 Market Ave. SW, Grand Rapids Timeline: Construction to begin fall 2026; Completion targeted between fall 2028 and spring 2029 Description: A nearly $800 million, three-tower mixed-use development on 6.9 riverfront acres of former surface parking at the Fulton and Market intersection, adding nearly 700 residential units, a boutique luxury hotel, and over 38,000 sq ft of retail while extending the riverwalk south.

Hylant Type: Office Relocation Developer: Trust Building (CWD Real Estate) Investment: $1.3 Million Footprint: 13,500 sq ft Address: 40 Pearl St NW, Grand Rapids, MI 49503 Timeline: Moved summer 2025 18.

Description: Hylant moved to the seventh floor of the Trust Building in downtown Grand Rapids. The Trust Building offices are about 3,500 sq ft larger than Hylant’s previous office, which was about 10,000 sq ft.

DEVELOPMENT DETAILS

Vision Lofts

Shea Ravines Phase II

22.

19.

Type: Residential Developer: Pivotal Housing Partners Investment: $16 million Footprint: 51 units Address: 1201 S. Division Ave, Grand Rapids, MI 49507 Timeline: Pending approval, construction to begin 2026 and complete spring 2027 Description: A four-story, 51-unit affordable senior housing development along the Division Avenue corridor targeting renters ages 55 and older at 80% or below area median income. Karl and Patricia Betz Resident Physician Living Center Type: Mixed-Use Developer: Corewell Health Investment: N/A Footprint: 118 units and 6,000 sf of ground floor commercial Address: 648 Ottawa Ave NW, Grand Rapids, MI 49503 Timeline: Expected completion June 2027 Description: A six-story, 118-unit mixed-use housing development replacing a surface parking lot just north of I-196. 23.

Type: Residential Developer: Woda Cooper Development Investment: $17.8 Million Footprint: 56 Units Address: 2929 Burlingame Ave SW, Wyoming, MI 49509 Timeline: Expected to open September 2026 Description: This low-income housing development will support 56 units, with 20 units set aside for supportive housing with vouchers.

The Horizon

20.

Type: Mixed-Use Developer: Pinnacle Construction Group and Sun Title Agency Investment: $39.4 million Footprint: 171 units Address:

301 Leonard St NE, Grand Rapids, MI 49503 385 Leonard St NE, Grand Rapids, MI 49503 Timeline: Expected completion spring 2027

Description: A five-story, mixed-use with 171 units and a ground-floor coffee shop, courtyard, game room, and underground parking.

21. Timber Flats

Type: Mixed-Use Developer: Moxie Real Estate and Development Investment: $6.5 million Footprint: 28 units and 1,000 sq ft of ground floor commercial Address: 3066 Fayette Ave SW, Grandville, MI 49418 Timeline: Expected completion 2027 Description: The project will include a three-story building with 28 units and 1,000 sq ft of ground floor commercial in downtown Grandville.

24.TBD Type:

Developer: Investment: Footprint: Address:

Timeline: Description:

DEVELOPMENT DETAILS

Proper Beverage Co.

25.

Averden of Ada

26.

Type: Industrial Developer: Third Coast Development Investment: $80-$90 Million Footprint: 300,000 sq ft Address: 4175 60th St SE, Kentwood, MI 49512 Timeline: Expected completion summer/fall 2026 Description: Proper Beverage Co. is investing $80-$90 million to expand into 300,000 sq ft of a new 600,000 sq ft industrial building in Kentwood.

Type: Senior Housing Developer: Holland Home Investment: $215 Million Footprint: 18 acres Address: 6501 East Fulton St, Ada, MI Timeline: Construction to begin early 2027

Description: A $215 million, 18-acre senior living campus in Ada Township with 136 independent living residences across villa, flat, and loft-style neighborhoods plus 15 assisted living units and amenities.

Gardner White Expansion Project Type: Retail Developer: Gardner White Furniture Co. Investment: $5+ Million Footprint: 80,000 sq ft loation in Kentwood Address: 4375 28th St SE, Kentwood, MI 49512 550 Ring Rd, Portage, MI 49024 8748 W Saginaw Highway, Lansing, MI 48917 Timeline: Opening spring 2026 27.

AUTHORS PAGE

Report Authors

DEVELOPMENT REPORT AUTHORS

Tim Mroz Senior Vice President, Community Development

John Wiegand Business Intelligence & Research Manager

Matthew Streeter Business Intelligence & AI Analyst

Emma Tuthill Digital Marketing & Communications Coordinator

DEVELOPMENT REPORT CONTRIBUTORS

Randy Thelen President & CEO

Brad Comment Senior Vice President, Strategic Initiatives

Kristine Bersche Director of Community Development

25 Ottawa Ave SW, Suite 400 Grand Rapids, MI 49503

info@rightplace.org www.rightplace.org (616) 771-0325

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