GRAND RAPIDS, Mich. (WOOD) — A project in the planning phase could build an affordable housing development next to the amphitheater in downtown Grand Rapids.

The city currently owns the property at 427 Market Avenue near Wealthy Street, a 75-spot parking lot that typically is only 10% to 30% occupied, according to planning documents.

“Considering the low use of the lot and the cost of maintenance, converting the property for a more active use has been under consideration for some time,” planning documents from the city say.

The owner of nearby 449 Market Ave. is interested in purchasing the property for an affordable housing development that would have between 70 and 100 housing units.

449 Market Avenue is owned by a P.S. Equities affiliate, Crain’s Grand Rapids reports. It reports that P.S. Equities owner Phillip Seybert has eyed the 427 Market Avenue property for affordable housing for almost 10 years, and that he plans on applying for federal Low-Income Housing Tax Credits for the project.

“We believe there’s certainly a need for affordable housing in the city of Grand Rapids, but in particular in this sector of the community. We think it deserves to have some affordable housing,” he told Crain’s.

The Grand Rapids Economic Development Project Team will discuss the future of the property during its meeting Tuesday. The next steps would be entering into negotiations on the property, before it would be sent to the Grand Rapids City Commission for approval, likely early next year.

City leaders have been working to develop the Market Avenue corridor. Nearby at 201 Market Avenue, construction is underway on the 12,000-seat Acrisure Amphitheater, which is expected to be done in 2026.