West Michigan is facing a housing crisis – but what if the solution is hiding in plain sight?
In downtown Grand Rapids, the former Fifth Third Bank building at 111 Lyon St. is undergoing a first-of-its-kind transformation, converting an old office building into residential apartments.
Scheduled for completion in 2027, the development will bring 141 apartments to downtown. It will also offer amenities like a gymnasium, pickleball court, indoor pool, and sports simulators.
“Our vision for 111 Lyon St. is to establish a community,” said Sam Cummings, principal and managing partner for the project. “With this conversion, we will increase affordable housing, decrease office vacancy, and support services and retail, and ultimately increase community vibrancy.”
A Win for Policy-Driven Innovation
This breakthrough wouldn’t be possible without the Grand Rapids Chamber’s advocacy.
In 2023, the Chamber led the charge for key legislative updates, expanding eligibility for tax increment financing (TIF) to include residential projects.
These tools help close the gap between high construction costs and market rents, making projects like this a reality.
“Housing Tax Increment Financing is already providing meaningful housing solutions,” says Josh Lunger, Vice President of Government Affairs for the Grand Rapids Chamber. “Across West Michigan, builders are using this tool to create new condos, apartments, single-family homes and repurposing existing structures into vibrant new living spaces.”
Leading the Nation in Housing Solutions
Grand Rapids is quickly becoming a model for cities looking to reimagine their downtowns. By embracing public-private partnerships, leaders are proving that policy and leadership can ensure everyone has a place to call home.
“It makes me incredibly proud that here in Grand Rapids, we’re leading the state,” continued Cummings. “My goal is for our city to lead the nation in solving these complex issues and making our region one of the best places to live and work.”