Michigan Strategic Fund Board Approves Transformational Brownfield Plan for Fulton & Market
Michigan Approves Transformational Brownfield Plan for $795M Fulton & Market Riverfront Development in Grand Rapids.
A Key Piece of the Puzzle is Now In Place.
On December 22, the Michigan Strategic Fund Board approved the Transformational Brownfield Plan for the Fulton & Market project—a major step forward in realizing a bold vision for the downtown Grand Rapids riverfront.
The plan enables a $795 million private investment to move forward, redeveloping nearly seven acres of underused land at the prominent downtown intersection of Fulton and Market. What is today a surface parking lot and vacant riverfront parcel will become a skyline-defining high-rise development featuring 670 new housing units, a 130-room luxury hotel, more than 2,500 parking spaces, 38,000 square feet of retail, and 68,000 square feet of public greenspace.
“On behalf of the project team, I would like to express our sincere thanks to the Michigan Strategic Fund Board for their strong support,” said J.R. Berger, president of Magellan Development, the project's lead developer. “The TBP is a cornerstone of the Fulton & Market development. This tool unlocks our ability to transform a riverfront parking lot into a vibrant ecosystem of residential, restaurant, office, retail, hospitality, and public space that connects neighborhoods and further energizes the downtown Grand Rapids riverfront.”
“The TBP is a cornerstone of the Fulton & Market development. This tool unlocks our ability to transform a riverfront parking lot into a vibrant ecosystem of residential, restaurant, office, retail, hospitality, and public space that connects neighborhoods and further energizes the downtown Grand Rapids riverfront.”
Images courtesy of Progressive Companies.
A Transformative Vision, Backed by Deep Partnerships
The Fulton & Market project is the result of strong public-private collaboration, including deep-rooted local partners and experienced national developers. Together, they are advancing a once-in-a-generation opportunity to reconnect downtown Grand Rapids to its riverfront through thoughtful, high-impact development.
“What makes this opportunity truly special is the DeVos and Van Andel families’ long-term stewardship of Grand Rapids,” said Berger. “Their sustained investments in community building align perfectly with Magellan’s commitment to build something that truly belongs in Grand Rapids and serves the city for generations."
The project also serves as a connector between the Acrisure Amphitheater, the Amway Stadium, and the Grand River Greenway, supporting the city’s master plan for dense, mixed-use development along the river.
“The Fulton & Market development will have the size, scale, and impact to transform and revitalize long-underused prime riverfront property in the heart of our downtown,” said Mayor David LaGrand. “With well over $1 billion in downtown development currently shaping our riverfront, we are elevating Grand Rapids as a place where businesses want to be and people want to live and work. This project will create much-needed housing and will connect downtown hotel and business districts with the Acrisure Amphitheater, riverfront trails, and diverse neighborhoods to the south—all while making a multi-million-dollar contribution to the City’s Affordable Housing Fund.”
“The Fulton & Market development will have the size, scale, and impact to transform and revitalize long-underused prime riverfront property in the heart of our downtown.”
Images courtesy of Progressive Companies.
Why the TBP Matters
The TBP is a performance-based state incentive that reimburses eligible costs only after a project is complete and generating new tax revenue. For Fulton & Market, it includes up to $560.89 million in reimbursements over 30 years—critical for overcoming the high cost of building on a former riverbed with complex environmental and geotechnical conditions.
Looking Ahead
Now part of a growing wave of riverfront redevelopment, Fulton & Market contributes to a broader community transformation. With leadership from the City of Grand Rapids and collaboration among public and private partners, the city is reshaping its core through density, connection, and public access.
With TBP approval secured, the vision is now in motion.
