A planned $796 million development led by members of the DeVos and Van Andel families lays out a high‑end vision for downtown living, with million‑dollar condos and luxury apartments rising along the Grand River.
Whether the Grand Rapids housing market can support that vision is a question raised in an independent, state‑commissioned report.
July 2025 analysis by SB Friedman Development Advisors found “limited evidence” the Fulton & Market team can sell its 76 owner‑occupied condos at the projected pace of 19 units a year at an average price of $1.1 million.
The report also said a site‑specific market study hasn’t been conducted to evaluate demand for the project’s 595 apartments at their proposed rental rates. Those rents are projected to run 36% to 92% higher than today’s most expensive downtown units.
“The pace of condo sales anticipated by the development team is significantly more aggressive than what has been observed in the market recently,” according to the report, obtained by MLive/The Grand Rapids Press through a Freedom of Information Act request.
The Fulton & Market project is led by Fulmar Development Partners, a joint venture between members of the DeVos and Van Andel families and Chicago‑based Magellan Development Group. One of the biggest projects in the city’s history, it would replace a nearly 7‑acre parking lot next to Acrisure Amphitheater with luxury housing, a boutique hotel, retail, restaurants and an office tower.
SB Friedman’s analysis was required by the Michigan Strategic Fund for its review of the project’s request for public incentives under Michigan’s Transformational Brownfield program. The MSF approved the request in December 2025, allowing developers to use $560.9 million in future tax revenue generated by the project to help cover construction costs.