2026 Development Report

The Averden of Ada 6501 East Fulton St Ada, MI Photo Credit: The Averden of Ada

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

Executive Summary

Greater Grand Rapids is entering one of the most exciting periods of growth in its history. Large-scale construction, riverfront redevelopment, and new entertainment destinations are reshaping the city's trajectory. These projects represent more than construction growth. They represent long-term investment in housing, jobs, and livability. Across every sector, the market is gaining traction at a measured pace. Activity has accelerated compared to early 2025, with more projects in the pipeline, while execution timelines on those projects have extended as users and investors take a more deliberate, detail-oriented approach. Selectivity is the defining theme. Tenants and buyers are waiting for the right fit, whether location, condition, or economics, rather than chasing space. Rising construction costs continue to limit new development, while site-ready land moves when fundamentals align. The overall sentiment: cautious optimism. The market is active, improving, and disciplined, providing a foundation built for sustainable, long-term growth.

Industrial The area’s industrial market enters 2026 with cautious optimism, slightly outperforming 2025. Demand is active but decision timelines have extended as buyers take a deliberate approach. Tight supply, rising construction costs, and positive absorption support fundamentals, though Middle East tensions and energy prices warrant strategic planning.

Office

Flight-to-quality defines Greater Grand Rapids’ office market heading into 2026. Landlords face a clear choice: reinvest or fall behind. Updated, move-in ready suites are leasing while dated spaces sit idle as elevated construction costs deter full renovations. Owners committing to their properties are capturing committed tenants.

Retail

Greater Grand Rapids’ multi-family fundamentals held steady this past year, even as investment activity slowed and pricing adjusted. Vacancy ticked up modestly, largely reflecting new construction filling the pipeline rather than weakening demand. Rents continue organic year-over-year growth, with lifestyle-oriented submarkets sustaining above-average performance and limited concessions. Multi-Family Housing

Greater Grand Rapids’ retail gained meaningful momentum entering 2026 after a slow start, with activity up on both leasing and sales sides. Regional and national operators lead demand as inquiries rise and B and C center vacancies fill. Prime corridors remain strongest, signaling broader confidence than 2025.

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

Single-Family Housing Demand for affordable single-family homes continues to far outpace supply. Elevated mortgage rates and rising prices kept many buyers sidelined, particularly first-timers, who now account for just 21% of purchases. As inventory builds and pricing moderates, sales volume is projected to gradually recover in 2026.

STATE OF DEVELOPMENT

Greater Grand Rapids State of Development

Industrial

Office

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

Retail

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

Single-Family Housing

SOURCES

KEY METRICS Q1 2025

Q1 2026

A special thanks to our commercial real estate partners for supplying this data.

Home Sales

2,411

2,279

Months of Inventory

1.8

1.7

INDUSTRIAL

NAI Wisinski of West Michigan

Average Days on Market

OFFICE

JLL

Median Listing Price

$381,408

$402,117

RETAIL

Advantage CRE

Note on the data: Kent County is the primary source of data for this report, unless otherwise noted. Greater Grand Rapids (GGR) refers to the Grand Rapids-Kentwood metropolitan statistical area (MSA), which includes Kent, Ionia, Montcalm, Ottawa and Barry counties. Greyed out portions of graphs represent the Covid-19 pandemic.

SINGLE-FAMILY HOUSING

Greater Regional Alliance of Realtors (GRAR)

Colliers

MULTI-FAMILY HOUSING

Photo Credit: Third Coast Development

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%.

Industrial Inventory

125.9 MILLION SQ FT

Industrial inventory averaged 125.25 million sq ft across Greater Grand Rapids in 2025, a 1% increase from 123.84 million sq ft in 2024. In the first quarter of 2026, inventories reached 125.58 million sq ft. Since inventories have climbed steadily, growing by nearly 2.8 million sq ft – or 2.2% - to the present quarter. Q1, 2024, industrial

COVID-19 Q1 2020 - Q3 2023

Trendline

2019 2020 2021

2022 2023 2024 2025

Q1 26

Source: NAI Wisinski of West Michigan

INDUSTRIAL

Industrial space under construction spiked in 2025, averaging 635,710 sq ft for the year. This represents a 120% increase from the 288,509 sq ft under construction in 2024. More recently, construction has fallen off, reaching 296,560 sq ft in Q1 2026 – a 62% decline from the same quarter the previous year. 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.

Industrial Space Under Construction

COVID-19 Q1 2020 - Q3 2023

Trendline

296,500 SQ FT

2019 2020 2021

2022 2023 2024 2025

Q1 26

Source: NAI Wisinski of West Michigan

Industrial Vacancy

3.3%

Industrial vacancy has trended upward since 2024, reaching 3.2% in 2025 compared to 2.3% the previous year. The first quarter of 2026 marks the first quarterly decline in vacancy since Q4 2024, with an average rate of 3.3%. Compared to the national industrial vacancy rate of 7.1%, the Greater Grand Rapids’ industrial market continues to be extremely tight.

COVID-19 Q1 2020 - Q3 2023

Trendline

2019 2020 2021

2022 2023 2024 2025

Q1 26

Source: NAI Wisinski of West Michigan

Average Industrial Rent

$6.36 / SQ FT

Greater Grand Rapids industrial rents have largely continued along a steady, long-term growth trend since at least 2019. Rents have eased slightly in recent years, averaging $6.49/sq ft in 2025, a 5% decline from $6.82/sq ft in 2024. In Q1 2026, rent averaged $6.36, a 7.5% decline from the same quarter the previous year. With national asking rents at $10.42/sq ft, the region remains a cost-competitive market for industrial tenants and business growth.

COVID-19 Q1 2020 - Q3 2023

2019 2020 2021

2022 2023 2024 2025

Q1 26

Source: NAI Wisinski of West Michigan

INDUSTRIAL SITE SELECTION

Industrial Site Selection Each year, The Right Place entertains RFIs from site selectors and businesses across the globe. 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

OPTIMAL SIZE*

Building

12,000 sq ft

400,000 sq ft

50,000 sq ft

Land

20 acres

400 acres

130 acres

*The optimal size is the size that satisfies the most projects' minimum–maximum requirements — 50,000 SF for buildings and approximately 130 acres for land. Demand also stays strong across the surrounding zones (roughly 50,000–100,000 SF and 100–150 acres). Source: MEDC

SEEKING BUILDINGS

SEEKING LAND UNDISCLOSED

RFIs

YEAR

2023

2024

2025

65 36

TOTAL

Source: MEDC

OFFICE

Developer: Wolverine Worldwide Status: Under Construction Investment: $9 Million Footprint: 40,000+ sq ft Address: 9341 Courtland Drive NE, Rockford, MI 49351 Description: Wolverine World Wide, Inc. (NYSE: WWW) is investing more than $9 million over three years to renovate and expand its global headquarters located in Rockford, Michigan. This is part of a strategic effort to create world-class facilities, centralize core business operations, and invest in the local economy. Most of the work will involve office modernization and the development of creative hubs, research labs, and collaborative spaces. The three-year project will focus on different areas of its Rockford campus. The first area, completed in May 2025, included a renovation of 40,000-square-feet of office space that is now home to WWW’s Merrell and Saucony brands, with the latter recently being relocated to Rockford from the Boston area. Wolverine Worldwide NOTABLE PROJECT

Photo Credit: Wolverine Worldwide

Office Inventory

13,532,745 SQ FT

After seven quarters of flat inventory, office space crept up 14,000 sq ft to 13,532,745 in Q4 2025 where it remains as of Q1 2026. In 2025, average inventory reached 13,522,206 sq ft, a modest increase above the 2024 average of 13,518,693 sq ft. In general, office inventories have remained stable since the beginning of 2024.

COVID-19 Q1 2020 - Q3 2023

2019 2020 2021

2022 2023 2024 2025

Q1 26

Source: JLL

OFFICE

Office Space Under Construction

With no new supply coming online, increased construction expenses requiring rents in the mid-to-upper $20s per sq ft, 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.

COVID-19 Q1 2020 - Q3 2023

0 SQ FT

Q1 26

2019 2020 2021

2022 2023 2024 2025

Source: JLL

Office Vacancy

Direct Vacancy (%)

Sublease Vacancy (%)

Total Vacancy (%)

13.0%

COVID-19 Q1 2020 - Q3 2023

Office vacancy rates remained stable through 2025, with direct rates averaging 13.2%, a slight decline from 13.5% the previous year. Q1 2026 saw vacancy at 13.0%, compared to 13.8% the same quarter the previous year. With national vacancy averaging 19%, Greater Grand Rapids continues to be a comparatively strong market.

Q1 26

2019 2020 2021

2022 2023 2024 2025

Source: JLL

Average Office Rent

$20.85 / SQ FT

Average rents continue to trend upwards on an annual basis, reaching $21.39/sq ft in 2025, a 2.1% increase over $20.95/sq ft in 2024. In Q1 2026, rents slipped to $20.85/sq ft, down 5.4% from the same quarter the previous year. Despite the recent 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.

COVID-19 Q1 2020 - Q3 2023

Trendline

Q1 26

2019 2020 2021

2022 2023 2024 2025

Source: JLL

Photo Credit: Gardner White Furniture Co.

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

In 2025, 181 retail transactions closed across Greater Grand Rapids, mirroring transactions in 2024. In Q1 2026, 43 retail transactions closed across the region. This compares to 53 transactions in Q1 2025 and 46 transactions in Q1 2024. 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.

COVID-19 Q1 2020 - Q3 2023

Q1 26

2022

2023

2024

2025

Source: Advantage CRE

Average Lease Rates

$14.18 / SQ FT

Lease rates averaged $13.04/sq ft in 2025, a 12% decline compared to $14.79/sq ft in 2024. In Q1 2026, rates reached $14.18/sq ft, a 3.6% increase over the same quarter the previous year. Rates have ranged from $11.39/sq ft to $16.07/sq ft since 2022. Leasing inquires are increasing, and previously vacant spaces, particularly in B and C centers, are beginning to fill.

COVID-19 Q1 2020 - Q3 2023

Q1 26

2022

2023

2024

2025

Source: Advantage CRE

Photo Credit: The Averden of Ada

HOUSING

The Averden of Ada NOTABLE PROJECT

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

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

COVID-19 Q1 2020 - Q3 2023

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).

2021

2022

2023

2024

2025 JAN. 2026

* 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

Kabo Flats at Boston Square Photo Credit: Rockford Construction & Amplify GR

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

Trendline

Multi-family rents averaged $1,493/month in 2025, up slightly from $1,434/ month in 2024. In Q1 2026, rents reached $1,511/month, a 3% increase from $1,466/month in Q1 2025. Overall, multi-family rents have experienced solid, sustainable growth over the past three years, reflecting a 9% increase in rents over that time. Rental demand remains strong.

COVID-19 Q1 2020 - Q3 2023

Q1 26

2023

2024

2025

Source: Colliers

MULTI-FAMILY HOUSING

Multi-Family Housing Vacancy

6.0%

Multi-family vacancies reached 5.4% in 2025, a nearly-one percentage point increase from 4.5% in 2024. Q1 2026 has seen further increases in vacancy rates, reaching 6%, up 0.4 percentage points from the same quarter the previous year. This slight increase is largely due to new active construction projects filling the rental pipeline.

COVID-19 Q1 2020 - Q3 2023

Trendline

Q1 26

2023

2024

2025

Source: Colliers

Adobe West Fulton 617 Fulton St W & 17 Seward Ave NW Grand Rapids, MI Photo Credit: Construction Simplified

SINGLE-FAMILY HOUSING

Single-Family Home Sales

Despite higher interest rates and inflation, more single-family homes were sold in 2025 than the previous year. In 2024, 12,579 units were sold, a figure which increased 6% to 13,356 units in 2025. Sales reached 2,279 units in Q1 2026, a 5% decline compared to the 2,411 units sold in the first quarter the previous year.

COVID-19 Q1 2020 - Q3 2023

Q1 26

2021

2022

2023

2024 2025

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.

COVID-19 Q1 2020 - Q3 2023

Trendline

Q1 26

2021

2022

2023

2024

2025

Source: Greater Regional Alliance of Realtors (GRAR)

Median Listing Price

$402,117

Home listing prices across the region have trended upward since 2021. Prices increased 5.4% from $381,408 in Q1 2025 to $402,117 in Q1 2026. On average, median home prices increased from $397,808 in 2024 to $398,173 in 2025 in Greater Grand Rapids. For the first time since Q1 2024, median home prices nearly achieved parity between Greater Grand Rapids and the U.S.

COVID-19 Q1 2020 - Q3 2023

Q1 26

2021

2022 2023 2024 2025

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)

LEARN MORE

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.

LEARN MORE

HOUSING + MIXED USE

Housing + Mixed Use Incentives

MSHDA HOUSING TIF

The Michigan Community Revitalization Program (MCRP) is an incentive program used 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.

LEARN MORE

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.

LEARN MORE

Boston Square Together F3 1460 Kalamazoo Ave SE

Grand Rapids, MI Photo Credit: Amplify GR

LEARN MORE

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

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

Adobe West Fulton Verdant

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 Proper Beverage Co. The Averden of Ada Gardner White Expansion Wolverine Worldwide Global HQ (Not Pictured: Rockford MI 49351)

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 by 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.

Proper Beverage Co.

24.

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.

DEVELOPMENT DETAILS

The Averden of Ada

25.

Wolverine Worldwide

27.

Global HQ Type: Office Developer: Wolverine Worldwide Investment: $9 Million Footprint: 40,000+ sq ft Address: 9341 Courtland Drive NE, Rockford, MI 49351 Timeline: Opening spring 2026

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.

Description: Wolverine World Wide, Inc. (NYSE: WWW) is investing more than $9 million over three years to renovate and expand its global headquarters located in Rockford, Michigan. This is part of a strategic effort to create world-class facilities, centralize core business operations, and invest in the local economy. Most of the work will involve office modernization and the development of creative hubs, research labs, and collaborative spaces. The three-year project will focus on different areas of its Rockford campus. The first area, completed in May 2025, included a renovation of 40,000-square-feet of office space that is now home to WWW’s Merrell and Saucony brands, with the latter recently being relocated to Rockford from the Boston area.

Gardner White Expansion Project Type: Retail Developer: Gardner White Furniture Co. Investment: $5+ Million Footprint: 80,000 sq ft location 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 26.

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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