Nearly 700 Homes, Hotel and Retail Coming to Former Parking Lot

Grand Rapids is preparing for one of its largest private investments in decades as the Fulton & Market development moves closer to reality. The $740 million project will replace nearly seven acres of surface parking with a mixed-use district featuring approximately 700 new rental and condominium residences, a boutique luxury hotel, and over 53,000 square feet of retail space.

Construction is scheduled to begin in fall 2026, with completion targeted between fall 2028 and spring 2029. The development will support nearly 2,000 full-time jobs with average wages of $85,000 and employ more than 3,800 construction workers during the build period.

What Will Be Built

The project represents a major transformation of the downtown riverfront. According to multiple sources, the development includes:

• A 43-story residential tower, which will become the tallest building in Grand Rapids
• A 27-story hotel and condominium tower
• A 21-story office building
• Nearly 600 high-end housing units
• Rooftop dining, retail space, and public plazas
• A new riverwalk and public promenade

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

Financial Impact

The project represents significant economic investment for the city. Sources indicate:

• Nearly $740 million in private investment
• Up to $560.89 million in eligible reimbursements over 30 years
• $245.67 million in local and school property tax capture
• $12.9 million in construction-period tax capture
• $281.1 million in post-construction income, sales, and use tax capture

The $8.5 million commitment to the City of Grand Rapids Affordable Housing Fund will help finance an estimated 70 new affordable residences.

Workers on the project will generate at least $32.3 million in new local income tax revenue over 20 years. The development will support an estimated 1,938 FTE jobs with average wages of approximately $85,000.

Riverfront Connection

The project aims to create an immersive, pedestrian-friendly environment connecting key downtown business, hotel, sports, and entertainment districts. Plans include:

• A public promenade with river access
• An extended riverwalk
• Improved walkability from Fulton Street to the new amphitheater and beyond
• Linkage to more than 100 miles of regional trails from Lake Michigan to Lowell

J.R. Berger, president of Magellan Development, expressed gratitude for the support the project received: "On behalf of the entire project team, I would like to express our sincere thanks to the Michigan Strategic Fund Board for their support and for their vote of confidence in the Fulton & Market project today."

Brownfield Plan Approval

The development would not have been possible without the Transformational Brownfield Plan, which unlocks the ability to move forward with master planning and breaking ground on what developers call a truly transformative project for Grand Rapids.

The Michigan Strategic Fund Board approved the transformational brownfield plan for Fulton & Market, enabling the project to move forward.

Community Impact

For residents and visitors, the development promises significant changes to the downtown landscape. The project will enhance walkability from Fulton Street to the amphitheater and beyond, while creating a public promenade that provides river access from the east.

The development extends the riverwalk to the south, serving as a critical link to more than 100 miles of trails from Lake Michigan to Lowell. This connection will integrate the riverfront into the broader regional trail system.

Construction Timeline

According to the project timeline:

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

The construction period will employ 3,822 construction workers over five years, representing a construction period labor impact of over $286 million in the City of Grand Rapids.

Developers and Partners

The project involves multiple key partners including:

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

The Michigan Strategic Fund supported the project through its Transformational Brownfield Plan, which enables the development of brownfield properties and facilitates investment in such projects.

What This Means for Grand Rapids

The Fulton & Market development represents one of the largest private investments the city has ever seen. The project will reshape the downtown riverfront, create new housing options, and improve access to the Grand River.

For those considering moving to the area, the development adds significant inventory to the downtown housing market while creating new economic opportunities. The project also includes provisions for affordable housing, addressing the need for accessible living options for lower-income residents.

The development will bring thousands of workers, residents, shoppers, and visitors to Grand Rapids downtown riverfront, creating an immersive, pedestrian-friendly commercial and residential district connecting key downtown business, hotels, sports and entertainment districts.