Diamond Place
| About: | Mixed-use housing development anchored by a community grocery store |
|---|---|
| Location: | Grand Rapids, Michigan |
| Investment: | $3,645,600 Loan |
| Partners: | Capital Impact Partners, PK Development Group, and Third Coast Development with JPMorgan Chase Bank, Cinnaire, Mercantile Bank, Michigan Economic Development Corp., Michigan State Housing Development Authority, Opportunity Resource Fund, and the City of Grand Rapids. |
| Impact: | Creation of an estimated 200 construction jobs and 150 permanent jobs from the retail tenant, plus a new 15,000 square foot grocery store serving the Grand Rapids community. |
The $42 million Diamond Place project in Grand Rapids, Michigan will bring together more than 100 units of affordable housing plus 22,000 square feet of retail space anchored by a community grocery store. Located in a USDA designated food desert, this project will create an anchor of healthy food access for area residents, who also experience high poverty rates. Michigan Good Food Fund provided a $3,645,600 loan through Capital Impact Partners in 2017 to support this project. Other project funding partners include JPMorgan Chase Bank, Cinnaire, Mercantile Bank, Michigan Economic Development Corp., Michigan State Housing Development Authority, Opportunity Resource Fund, and the City of Grand Rapids. Diamond Place will create an estimated 200 construction jobs and 150 permanent jobs from the retail tenants. The project will also result in 115 affordable housing units. Diamond Place construction was completed in summer 2018. Gordon Food Service recently announced it will open a small-format, city grocery store that will go in the ground floor of Diamond Place.