USA, MI: New Holland Brewing Company’s expansion clears another hurdle

The expansion of New Holland Brewing Company LLC to Grand Rapids’ west side cleared another hurdle, MiBiz.com reported on October 27.

At a meeting of the Michigan Strategic Fund board on October 27 in Lansing, the proposed $25 million mixed-use project received approval for a $2.5 million Michigan Community Revitalization Program (CRP) loan to assist in bridging a finance gap.

The majority of the project’s financing, which is being developed by Grand Rapids-based Rockford Development with the New Holland as an anchor tenant, comes from an $18.84 million loan from Mercantile Bank with $3.66 million in private equity, according to documents from the Michigan Economic Development Corp. (MEDC).

The need for the CRP loan comes from excessive contamination at the site along Bridge Street NW in the city’s burgeoning west side neighborhood.

In addition to the brewery, distillery and restaurant operated by New Holland, the project will consist of 45,000 square feet of residential apartments, 36,500 square feet of commercial office space and 5,000 square feet of ground-floor retail.

Demolition of the buildings that formerly sat on the site occurred earlier this year. New Holland is slated for completion in late fall of 2016. Completion on Barley Flats is expected shortly after.

28 October, 2015