GRAND RAPIDS, Mich. – The movie theater and mixed use development proposed earlier this week for the Arena District could be worth $369 million over the first ten years according to an impact analysis report.
The report was conducted by the Downtown Grand Rapids Inc. and they say the projected $369 million in benefits is conservative.
Monday, Loeks Theatres and 616 Development announced the project to be located south of the Van Andel Arena in downtown Grand Rapids. The development will be called Studio C and will include a nine-screen theater, 350 residential units, 40,000 square feet of retail space and a public piazza. The City of Grand Rapids would operate a 912-space parking ramp.
According to the report, the first ten years after the project is completed would result in:
- $192.2 million in new consumer spending Downtown;
- $156.4 million in payroll associated with new jobs housed in the development;
- $16.2 million in new sales tax payments to the state, assuming the 6% rate; and
- $4.6 million in retained local property and income taxes, after tax incentives provided to the developer by the City of Grand Rapids and the Downtown Development Authority (DDA).
The DDA currently owns some of the land where the proposed development would be. The DDA board will hold their monthly meeting Friday and will discuss getting transferring the property for the project.
