Call for rent incentives!
600 Monroe NW
Office condominium new build-out
2000 Oak Industrial Drive
Former Thornapple Valley Plant
New Construction in Renaissance Zone
168 Louis Campus
Louis Campau Promenade
Project renovation/condominium conversion
Terra Firma Development specializes in real estate development
in West Michigan. Since 1996, we have been building new facilities
and re-developing and renovating historic structures, helping to
re-establish vitality and growth - as well as providing cool places
for people to work and live.
Terra Firma initially focused on industrial property development,
but began to see the need for the rehabilitation of large commercial
We noticed that many older urban areas have lost and continue
to lose population, employment opportunities, private investment
and tax base. The goals of our projects include increasing the desirability
and benefits of a walkable, compact, mixed-use, mixed-income, racially
diverse and livable urban neighborhoods.
After buying and selling some smaller properties, our first significant
project was the renovation of the Brass Works Building; a dilapidated
1900s factory consisting of 200,000 square feet located in what
was then a "fringe" neighborhood of Grand Rapids. The
building is now 100% occupied by loft-office tenants.
The Brass Works Building renovation received an Economic Development
Award from the City of Grand Rapids, and is regarded as the brightest
example of neighborhood revitalization in our market.
Working with the State of Michigan, we helped create two new Renaissance
Zones in the city of Grand Rapids. Renaissance Zones are areas where
most state and local taxes are forgiven for 15 years; they are designed
to revitalize difficult-to-develop urban and rural areas. Our renovations
in the Renaissance Zones led to the creation of more than 100 jobs
and over $60,000,000 of investment by ourselves and others.
Tax Incentive Programs
Terra Firma Development has procured tax credits from various federal,
state and local municipalities for re-development projects including:
Grants from the City of Grand Rapids under the BRIP (building
re-use incentive program).
The New Markets Tax Credit (NMTC) Program - This program allows
taxpayers to receive a credit against Federal income taxes for
making qualified equity investments in designated Community
Development Entities (CDEs). The qualified equity investment
is used by the CDE to provide investments in low-income communities.
To learn more about the program, see the CDFI
Federal Investment Tax Credit: 10-20% of all qualified renovation
expenses can be claimed by the investor on their personal tax
return. This program encourages investment in older structures
and can be utilized by the developer or sold to various credit
buyers. Additionally, they can be pledged as equity to collateralize
SBT Brownfield Credits: These credits are earned at 10% of
the value of the investments made on contaminated property.
Again, these may be utilized by the developer, assigned to the
Tenant as incentive to Lease space or packaged and sold to third