on October 08, 2014 at 11:09 AM, updated October 08, 2014 at 2:04 PM
GRAND RAPIDS, MI – The Downtown Development Authority (DDA) has approved up to $1.5 million of support for a $35 million makeover of the Waters Building that will bring a 111-room extended stay hotel and 44 market-rate apartments to the iconic office building at 161 Ottawa Avenue NW.
The biggest chunk of support – $1.484 million – will allow the developers to be reimbursed for the costs of installing new elevators and barrier-free entries in the 116-year-old building. Those funds will be collected from new tax revenues generated by the $35 million project.
The DDA support also comes in the form of two $35,000 grants. One will reimburse the developers for the cost of replacing and repairing the sidewalks along Pearl and Lyon streets and Ottawa Avenue. The other grant will reimburse the developers for a snowmelt system along those streets.