1007 Wealthy St SE

Overview

Exceptional redevelopment opportunity on the vibrant Wealthy Street corridor, ideally positioned between Electric Cheetah and The Meanwhile Bar. This historic mixed-use building offers a construction-ready rehabilitation project with Historic Preservation Commission approval, completed permit drawings and established construction pricing.The approved redevelopment plan includes four one-bedroom apartments on the second floor, each with in-unit laundry. The main floor provides approximately 1,800 square feet of white-box commercial space with two restrooms, suitable for retail, hospitality, restaurant or office use. The property also includes a driveway accommodating three vehicles and a rear yard with potential for an outdoor patio.The project benefits from an attractive package of approved incentives:Ten-year Obsolete Property Rehabilitation Act property-tax abatement$25,000 Uptown façade-improvement grant$226,983 Revitalization and Placemaking grantPotential 20% federal and 5% Michigan historic-preservation tax creditsProjected return on investment of 8.4%With architectural planning, preservation approval, construction pricing and major incentives already assembled, this offering gives a developer the opportunity to move directly toward financing, permitting and construction in one of Grand Rapids’ most active neighborhood business districts.All plans, projections, grants, abatements and tax incentives are subject to buyer verification, applicable program requirements and any required transfer or agency approvals.