May 17, 2017

“West Michigan food enterprises receiving $10M,” Grand Rapids Business Journal

By Charlsie Dewey A statewide food fund is providing more than $10 million total to three…



By Charlsie Dewey

A statewide food fund is providing more than $10 million total to three West Michigan food enterprises.

The Michigan Good Food Fund detailed the awards today.

Diamond Place, a mixed-use development in Grand Rapids, is receiving $3,645,600, Ken’s Fruit Market in Grand Rapids is receiving $445,000 and Park Street Market in Kalamazoo is receiving $6 million.

The fund

The Michigan Good Food Fund is a $30-million, public-private partnership loan fund that provides financing and business assistance to food enterprises that benefit underserved communities across Michigan.

It is a collaborative effort by Capital Impact Partners, Fair Food Network, the Michigan State University Center for Regional Food Systems and the W.K. Kellogg Foundation.

Mary Donnell, fund spokesperson and manager, said the investments create jobs and provide access to healthy food in communities that “need it most.”

“It’s fueling entrepreneurship in our state, while benefiting Michigan growers and building healthier communities,” Donnell said.

West Michigan projects

Diamond Place is a $42-million, mixed-use project slated for completion next summer. The project includes more than 100 affordable housing units, plus 22,000 square feet of retail space, anchored by a community grocery store.

Ken’s Fruit Market is a multi-site, family owned grocery store known for its “high-quality food at low prices” and its “strong local sourcing.” Financing was awarded to improve operational efficiencies.

Park Street Market is receiving funding to open a second location. It will offer “fresh, affordable food and anchor a revitalized retail plaza.”

First posted on Grand Rapids Business Journal May 17, 2017.

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