Grand Rapids downtown is set for a major transformation with the Fulton & Market development, a $740 million mixed-use project that will reshape the city's riverfront.

The development will convert nearly seven acres of surface parking into a vibrant district featuring residential homes, a luxury hotel, and retail space. Construction is scheduled to begin in fall 2026 with completion targeted between fall 2028 and spring 2029.

Nearly 700 New Homes and Hotel

The project will add approximately 700 new rental and condominium units in downtown Grand Rapids. There will be 595 market-rate residential rental units and 76 market-rate condominium units.

A boutique luxury hotel will also be part of the development. The hotel, along with the residential units, will create a mixed-use district that connects key downtown areas.

Retail and Public Spaces

Over 53,000 square feet of retail space will be available for shops, restaurants, and other amenities. The development will feature a public promenade with river access and an extended riverwalk.

The project plans improved walkability from Fulton Street to the new amphitheater and beyond. This will link to more than 100 miles of regional trails from Lake Michigan to Lowell.

Jobs and Economic Impact

The development is expected to support nearly 2,000 full-time jobs with average wages of approximately $85,000. Workers here will generate at least $32 million in new local income tax revenue over 20 years.

Construction will employ more than 3,800 workers during the five-year build period. This represents a construction period labor impact of over $286 million in the City of Grand Rapids.

Affordable Housing Commitment

The project includes an $8.5 million commitment to the city's Affordable Housing Fund. This will help finance an estimated 70 new affordable residences in downtown Grand Rapids.

Funding and Partnership

The development has received support from the Michigan Strategic Fund Board. For Fulton & Market, the plan includes up to $560.89 million in eligible reimbursements over 30 years.

This funding covers:

• $245.67 million in local and school property tax capture with $115.86 million from the state
• $12.9 million in construction-period tax capture
• $21.14 million in construction-period sales and use tax exemptions
• $281.1 million in post-construction income, sales, and use tax capture

Nearly $740 million in private investment is being committed to the City of Grand Rapids.

Key Partners

The project involves several major partners including:

• Fulmar Holdings, LLC
• Michigan Economic Development Corporation
• City of Grand Rapids
• Michigan Growth Advisors
• Progressive Companies
• CBRE

Project Timeline

• Fall 2025: Begin phased construction
• Fall 2028 – Spring 2029: Target completion

The development will convert 6.9 acres of vacant and underutilized land to 1.2 million square feet of vibrant commercial, hospitality, and residential development.