HOLLAND, Mich. — The City of Holland Brownfield Redevelopment Authority received MSF approval on Tuesday for a new five-story, mixed-use development.
Towers on River, LLC plans to remove a vacant, single-story building located at 159 S. River Avenue to construct the new development, according to a news release.
The building dates back to 1883 and has seen a variety of uses, including commercial uses.
When completed, it will include retail, commercial office space and residential condominiums.
The project is expected to generate a total capital investment of $26.9 million and create five full-time equivalent jobs.
Developers also say it’ll revitalize a vacant, “contaminated property in an important location that is strategically situated between the dynamic downtown district and underutilized waterfront and former industrial sites.”
More than $2.2 million is included in the approved Brownfield Work Plan – including state tax capture – for the removal of brownfield conditions at the site.
The City of Holland is contributing the local portion of the Brownfield Tax Increment Financing, valued at $2.9 million, and local-only TIF estimated at about $108,000.
“The city is very pleased to participate in the support of this key project,” Holland City Manager Keith Van Beek said. “The Towers on River not only redevelops a key corner in our downtown, but we believe will serve to encourage other development. State support of this project helps Holland continue to be an economic success in West Michigan.”