Summary:
Vacant Heinz factory in Grand Rapids to become a $20M entrepreneurial hub
Grand Rapids Center for Community Transformation leads the project, aiming to revitalize the neighborhood through business and innovation
Plans include a restaurant, coworking spaces, and shared conference rooms to support local entrepreneurs
$14M secured, with a crowdfunding campaign launched to involve local residents in ownership
Inspiration drawn from TechTown in Detroit and 1871 in Chicago, with site work starting by summer's end
GRAND RAPIDS, Mich. — A historic yet vacant factory in southeast Grand Rapids is set to embark on a new journey as a bustling center for entrepreneurs. Located at 1515 Madison Ave., the site, once home to a Heinz pickle factory, is being reimagined into a vibrant entrepreneurial hub.
The Grand Rapids Center for Community Transformation is spearheading this ambitious $20 million project. Justin Beene, the center's founder, envisions the space as a catalyst for economic revitalization. "This building was once a thriving job creator and wealth generator for the neighborhood," Beene remarked.
The redevelopment plans include a restaurant, coworking spaces, and shared conference rooms, aiming to foster innovation and entrepreneurship. "Moving out of poverty often happens through business, entrepreneurship, and good-paying jobs. We aim to facilitate that in this building," Beene added.
With $14 million already secured, the project is seeking additional funding through donations and a unique crowdfunding campaign. This initiative will allow local residents to contribute and eventually gain ownership stakes in the building, receiving dividend checks in return.
Drawing inspiration from successful models like TechTown in Detroit and 1871 in Chicago, the hub will offer flexible workspace options to meet the evolving needs of modern entrepreneurs. Site preparation is expected to commence by the end of summer.
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