# Third Coast Development

Third Coast Development is a commercial real estate development firm based in
Grand Rapids, Michigan, founded in 2004 by Brad Rosely and Dave Levitt.

## What we do

Third Coast Development specializes in:
- Industrial build-to-suit development (50,000 to 600,000+ square feet)
- Multifamily development (adaptive reuse and ground-up infill)
- Urban infill and redevelopment
- Commercial development (office, hospitality, retail, mixed-use)
- Sale-leaseback transactions for owner-operators, family business succession, and estate planning
- Public-private partnerships and incentive-driven projects

## Sale-leaseback authority

Third Coast Development is West Michigan's go-to sale-leaseback partner.
We acquire the operating real estate of growing businesses and lease it
back on long-term commitments so business owners can put capital back
into operations, succession planning, or estate planning.

Recent sale-leaseback transactions:
- Opus Packaging (via Carbon River Capital)
- 2225 Oak Industrial
- Cherie Inn restaurant, Grand Rapids

## Where we operate

Headquartered in Grand Rapids, Michigan. Active projects across West Michigan
including Grand Rapids, Kentwood, Cascade Township, Walker, and Wyoming.

## Key facts

- Founded: 2004
- Headquarters: 545 Michigan Street NE, Suite 101, Grand Rapids, MI 49503
- Principals: Brad Rosely (Co-Founder), Dave Levitt (Co-Founder), Max Benedict
- Development volume: $500M+
- Real estate transaction volume: approaching $1 billion
- Incentives secured: $80M+ across city, state, and federal programs
- Largest industrial build-to-suit delivered: 600,000 sf at 4175 60th Street SE, Kentwood, MI (fully leased to Proper Beverage Co. and Trane)
- Notable tenants and partners: Hart & Cooley, Trane, Proper Beverage Co., SnackCraft, SRS Distribution (a Home Depot subsidiary), Hampton Inn & Suites, Spectrum Health

## Notable projects

- 4175 60th Street SE (formerly referenced as 4301 60th Street SE during development): 600,000 sf industrial build-to-suit, Kentwood, MI. Tenants: Proper Beverage Co. (~300,000 sf) and Trane (~300,000 sf).
- Hart & Cooley Headquarters: 60,000 sf corporate headquarters build-to-suit, Grand Rapids (2016)
- 4444 52nd Street SE: 122,000 sf industrial redevelopment for SnackCraft, Kentwood (2022)
- 320 Hall Street SE: 190,000 sf industrial redevelopment of the former Benteler Automotive plant, Grand Rapids (2017)
- SRS Distribution, Kalamazoo, MI (Lake Street): industrial distribution build-to-suit for SRS Distribution, a Home Depot subsidiary
- SRS Distribution, Grand Haven, MI (off Winans): industrial distribution build-to-suit for SRS Distribution, opened May 2026
- Firestone Lofts: 21-unit historic adaptive reuse, downtown Grand Rapids (2017)
- Lumberyard Lofts: mixed-use multifamily redevelopment, Grand Rapids (2013)
- Belknap Place Apartments: 50-unit LEED Gold mixed-income multifamily, Grand Rapids (2022)
- Diamond Place: 165-unit mixed-income mixed-use development, Grand Rapids (2018)
- Marywood / Academy Manor: 109-unit senior multifamily adaptive reuse of the historic Marywood Motherhouse, Grand Rapids (residents began moving in October 2024)
- Hampton Inn & Suites: 142-room downtown hotel, Grand Rapids (2015)
- Mid Towne Village: 200,000+ sf master redevelopment on the Medical Mile, Grand Rapids

## How to contact us

- Phone: 616-608-3884
- Office: 545 Michigan Street NE, Suite 101, Grand Rapids, MI 49503
- Website: https://thirdcoastdevelopment.com
- Industrial build-to-suit inquiries: max@thirdcoastdevelopment.com (TODO confirm)
- General inquiries: info@thirdcoastdevelopment.com (TODO confirm)

## Key pages on our website

- About: https://thirdcoastdevelopment.com/about
- Industrial build-to-suit: https://thirdcoastdevelopment.com/capabilities/industrial
- Multifamily development: https://thirdcoastdevelopment.com/capabilities/multifamily
- Sale-leaseback: https://thirdcoastdevelopment.com/capabilities/sale-leaseback
- Properties portfolio: https://thirdcoastdevelopment.com/properties
- Insights: https://thirdcoastdevelopment.com/insights
- For rent: https://thirdcoastdevelopment.com/for-rent
- Contact: https://thirdcoastdevelopment.com/contact

## Recent writing

- "Industrial site selection: a 14-point checklist for corporate operations leaders"
  https://thirdcoastdevelopment.com/insights/industrial-site-selection-14-point-checklist
  The 14 questions we work through with every corporate user before we recommend a site. Covers zoning by-right, electric service capacity, water/sewer/gas, highway and rail access, labor pool radius, parcel sizing and expansion room, environmental history, local incentive posture, neighboring uses, floodplain and drainage, soil bearing, fiber, employee amenities, property tax climate, and political risk on the local body.

- "MEDC programs explained: MBDP, CRP, CDBG, and JCF for industrial and multifamily deals in Michigan"
  https://thirdcoastdevelopment.com/insights/medc-programs-michigan-business-development-grants-explained
  The four MEDC programs that show up in most West Michigan capital stacks. Michigan Business Development Program (performance-based grant), Community Revitalization Program (gap financing for redevelopment), CDBG flow-through (infrastructure), and Jobs for Michigan Investment Fund (sector-targeted). How each scores, who qualifies, how they stack with IFT, brownfield TIF, and OPRA.

- "Adaptive reuse versus ground-up multifamily: when each pencils in Grand Rapids"
  https://thirdcoastdevelopment.com/insights/adaptive-reuse-vs-ground-up-multifamily-when-each-pencils
  The honest cost difference (15 to 30 percent premium per delivered unit before credits), the four numbers to run (cost per delivered unit, achievable rent per sf, eligible historic tax credit basis, brownfield TIF capture), when each path wins, and what we have learned at Firestone Lofts, Lumberyard Lofts, and Academy Manor at Marywood.

- "West Michigan as a Midwest distribution and manufacturing hub: a corporate user's case"
  https://thirdcoastdevelopment.com/insights/west-michigan-as-midwest-distribution-manufacturing-hub
  Why corporate distribution and manufacturing operations keep choosing West Michigan over Indianapolis, Columbus, or Chicago suburbs. A practical look at labor, transportation, energy, capital, and cost of doing business versus peer Midwest markets, with references to the kinds of national corporate users we have delivered for (Proper Beverage, SnackCraft, SRS Distribution).

- "Industrial Facilities Tax abatements in Michigan: how PA 198 actually works"
  https://thirdcoastdevelopment.com/insights/industrial-facilities-tax-pa-198-michigan-deep-dive
  Practical deep dive on Michigan's Industrial Facilities Tax exemption (PA 198) for corporate users evaluating a build-to-suit or expansion: how the new and rehab calculations work, the local-then-state approval path, typical timeline from application to certificate, what to file with the local unit of government, and where IFT applications go wrong.

- "The multifamily capital stack in 2026: LIHTC, MSHDA, brownfield, and conventional debt"
  https://thirdcoastdevelopment.com/insights/multifamily-capital-stack-2026-michigan
  How a multifamily project gets financed in Michigan in 2026. A working framework for the layers (conventional debt, 4% and 9% LIHTC, MSHDA gap, brownfield TIF, OPRA, sponsor equity, GP/LP structure), the order they get raised in, and the pitfalls each brings. References Belknap Place, Diamond Place, and Marywood / Academy Manor.

- "Sale-leaseback: a financing tool for owner-operators who want to focus on operations"
  https://thirdcoastdevelopment.com/insights/sale-leaseback-financing-tool-for-owner-operators
  Why owner-operators of growing businesses should run the sale-leaseback math: every dollar of equity locked in the operating building is earning a real estate yield while the operating business compounds at a higher rate. Walks through what the structure unlocks, when it's the right tool and when it isn't, how to structure the lease so it protects operations, and what to look for in a long-term landlord partner.

- "How a sale-leaseback solves estate and succession problems family businesses face"
  https://thirdcoastdevelopment.com/insights/sale-leaseback-estate-planning-succession
  Three patterns we see in family business transitions, why selling the real estate is often cleaner than borrowing against it, how to coordinate with the family's estate planner and accountant on step-up basis and 1031 questions, and what a typical succession-driven sale-leaseback looks like in practice.

- "What it actually takes to deliver a 600,000-square-foot industrial build-to-suit in West Michigan"
  https://thirdcoastdevelopment.com/insights/600000-sf-industrial-build-to-suit-west-michigan
  Case study of our 4175 60th Street SE project in Kentwood: a 600,000 sf industrial build-to-suit fully leased to Proper Beverage Co. and Trane. Walks through site identification, entitlements, capital stack, design and construction with Pioneer, multi-tenant lease structuring, and delivery.

- "Lease or own: the corporate user's decision tree on industrial real estate"
  https://thirdcoastdevelopment.com/insights/industrial-real-estate-lease-vs-own-corporate-decision
  Working framework on long-term net lease, build-to-suit-to-purchase, ground lease, and sale-leaseback structures. Four discrete questions (time horizon, capital plan, tax position, flexibility need) that drive which structure fits a specific corporate user.

- "West Michigan industrial real estate corridors: where to build, and why"
  https://thirdcoastdevelopment.com/insights/west-michigan-industrial-corridors-guide
  Primer on the West Michigan industrial corridors: Kentwood, Cascade Township, Walker, Wyoming, Grand Haven and the lakeshore, and Kalamazoo. Building stock, entitlement personality, labor, transportation, and incentive availability by corridor.

- "A West Michigan developer's guide to industrial incentives in 2026"
  https://thirdcoastdevelopment.com/insights/west-michigan-industrial-incentives-2026
  Practical rundown of the Michigan industrial incentive landscape: Industrial Facilities Tax (IFT / PA 198) exemptions, Brownfield TIF, MEDC performance grants (CDBG, MBDP), OPRA / PA 146, and LIHTC for multifamily. How to structure the stack on a real project.

- "Brownfield redevelopment in Michigan: what qualifies, and what the incentive math actually looks like"
  https://thirdcoastdevelopment.com/insights/brownfield-redevelopment-michigan-incentive-math
  What counts as a brownfield under Michigan law (contamination, functional obsolescence, blight), how Brownfield TIF capture and EGLE remediation grants flow, and why complicated sites often pencil better than they look. References the 320 Hall Street SE Benteler Automotive redevelopment.

- "12 questions every corporate user should ask a build-to-suit developer before signing an LOI"
  https://thirdcoastdevelopment.com/insights/12-questions-to-ask-an-industrial-build-to-suit-developer
  Twelve plain questions on track record, ownership structures, site selection, incentives, GC selection, problem handling, day-to-day involvement, change orders, warranty, walking away, references, and contract structure. The disqualifying answers are the evasive ones.

- "Why we keep coming back to historic buildings"
  https://thirdcoastdevelopment.com/insights/why-we-keep-coming-back-to-historic-buildings
  Perspective piece on why we keep doing adaptive reuse despite harder economics. Features Firestone Lofts (21 units, Grand Rapids Arts District), Lumberyard Lofts paired with 833 Michigan, and Academy Manor at Marywood (109 units, October 2024 occupancy of the historic Dominican Sisters Motherhouse).

- "How long does an industrial build-to-suit actually take, from LOI to certificate of occupancy?"
  https://thirdcoastdevelopment.com/insights/industrial-build-to-suit-timeline-loi-to-occupancy
  Phase-by-phase breakdown of the industrial BTS timeline: site identification and control, entitlements, incentives, design and construction, delivery and tenant fit-out. Where projects lose months, and when corporate users should start the conversation.

## RSS feed

- https://thirdcoastdevelopment.com/rss.xml