The Grand Rapids City Commission approved tax breaks for two luxury condominium projects at its meeting Tuesday night. The Commission awarded tax breaks to the developers of the Icon on Bond and Fitzgerald projects. The Icon on Bond project, developed by Joe Moch, was awarded a tax break of $1.8 million dollars due to street improvements that Moch will be making as part of his $60 million construction of two 9-story towers at the corner of Trowbridge and Bond, while the Fitzgerald, developed by Second Story Properties, will receive $1 million in tax breaks for construction on the former YMCA building and another $775,000 for improvements made to Veterans Park.
Both projects are among the more upscale development projects in Grand Rapids. Icon on Bond will feature condos selling from $186,900 to around $500,000 while the Fitzgerald, which previously offered low income housing, is being converted to upscale condominiums selling for $200,000.