News Summary
Grand Rapids, Michigan, has selected Magellan Development Group to lead the Fulton & Market project, a transformative mixed-use development estimated at $797 million. Featuring three high-rise towers, the project will provide office spaces for 1,500 employees, retail spaces, 595 apartment units, 76 luxury condos, and a hotel. Supported by tax incentives, this ambitious development aims to reinvigorate the riverfront area while enhancing community integration and providing quality housing options.
Grand Rapids, Michigan has officially selected Magellan Development Group to spearhead the ambitious Fulton & Market project, a new mixed-use development that promises to radically transform a riverfront parking lot into a vibrant urban hub. The overall estimated cost of the Fulton & Market project is $797 million and is being initiated by prominent local families, the DeVos and Van Andel families.
The Fulton & Market project will feature three high-rise towers, significantly enhancing both residential and commercial opportunities in the area. This development aims to create approximately 400,000 sq. ft. of office space expected to accommodate 1,500 employees, 21,000 sq. ft. of retail space in one tower, 595 apartment units in a second tower, and a third tower that will house 76 luxury condo units along with a 130-room hotel.
The city of Grand Rapids has already approved tax incentives to support the project, which includes a $320 million state Transformational Brownfield Plan, alongside an additional $245.5 million captured through traditional state and local brownfield tax incentives.
Experience and Planning
Magellan Development Group is well-equipped for this undertaking, boasting extensive experience in high-rise mixed-use developments throughout the United States. Noteworthy projects by Magellan include:
- The St. Regis Chicago: A 101-story tower featuring 393 housing units and 192 hotel rooms at a cost of $1.03 billion.
- Aqua, Chicago: An 87-story building encompassing 262 condos, 475 apartments, and a significant amount of office and retail space, completed at $471.3 million.
- Lakeshore East, Chicago: A massive 28-acre mixed-use community with over 4,900 residences costing $4 billion.
- Sienna at The Thompson, Austin: A mixed-use building with 411 hotel rooms and 331 apartments, completed for $294.7 million.
- W Nashville, Tennessee: A luxury hotel developed for $191 million.
- Prospect Union Square, Somerville, Massachusetts: A forthcoming 450-unit apartment development with retail space, set to open in late 2023 and costing $227.8 million.
- Cirrus, Chicago: A 47-floor building with 350 condos, completed at $337.3 million.
- Cascade, Chicago: A 37-story building featuring 503 luxury apartments, completed for $210.5 million.
Community Impact and Integration
The Fulton & Market project aligns with Magellan Development Group’s goal of enhancing community integration. The firm intends to provide high-quality housing options that are currently lacking in the Grand Rapids market while also supporting local retailers and generating public benefits. Community leaders have expressed support for the project, which fosters increased confidence in its feasibility and potential success.
Magellan recognizes Grand Rapids as an exciting and rapidly growing market, perfectly positioned for a high-end mixed-use development like Fulton & Market. There is a clear commitment from both the city and the DeVos and Van Andel families to ensure that this initiative yields long-term value and positively impacts the community.
Conclusion
The Fulton & Market project represents a significant investment in the future of Grand Rapids, and with a robust development plan and experienced leadership from Magellan Development Group, it is poised to become a pivotal component of the city’s urban transformation.
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Additional Resources
- MLive: DeVos, Van Andel Families Tap Chicago Firm for Development
- Wikipedia
- Crain’s Grand Rapids: Chicago High-Rise Developer Joins Project
- Google Search: Fulton Market Project Grand Rapids
- WOOD TV: Project to Build Complex with Housing Units
- Google Scholar: Grand Rapids Development Projects
- Rapid Growth Media: Transformative Projects in Grand Rapids
- Encyclopedia Britannica: Grand Rapids
- WZZM13: Grand Rapids Group Uses AI for Development Projects
- Google News: Grand Rapids Urban Development
Author: STAFF HERE GRANDRAPIDS WRITER
GRAND RAPIDS STAFF WRITER The GRAND RAPIDS STAFF WRITER represents the experienced team at HEREGrandRapids.com, your go-to source for actionable local news and information in Grand Rapids, Kent County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as ArtPrize, Festival of the Arts, and World of Winter. Our coverage extends to key organizations like the Grand Rapids Chamber of Commerce and Grand Rapids Community Foundation, plus leading businesses in furniture, healthcare, and technology that power the local economy such as Steelcase, Spectrum Health, and Meijer. As part of the broader HERE network, including HEREDetroitMI.com, HERENorthville.com, HERENovi.com, and HEREPlymouth.com, we provide comprehensive, credible insights into Michigan's dynamic landscape.
