GRAND RAPIDS, Mich. (WOOD) — A Portage-based company has proposed a 42-story development in downtown Grand Rapids that, if approved, would be the tallest building in Grand Rapids.

The development is planned for a 11,040-square-foot parcel at 10 Ionia Avenue NW, on the north side of Fulton Street not far from Van Andel Arena, city officials confirmed to 24 Hour News 8. That property is currently a parking lot.

Property owner Hinman Company wants to build a triangular, mixed-use residential and hotel development with a project value of about $90 million, according to documents filed with the city. There would be 40 stories of working space and two more for the mechanicals.

“It speaks to the changing nature of our city. To be able to have a building of this size proposed on a little tiny footprint is really amazing,” Grand Rapids Planning Director Suzanne Schulz said.

>>PDFs: Project details and guidelines analysis

All told, it would stand at 418 feet — 12 feet taller than River House Condominiums, which at 406 feet is currently the city’s tallest building. Plaza Towers is 345 feet, the Amway Grand Plaza Hotel is 318 and the J.W. Marriott is 257.

“The development group really looked at what’s happening in Chicago. So there’s definitely, I think, some of that influence and what they want to do in Grand Rapids,” Schulz said.

The 10 Ionia project, however, is still a long way from becoming a reality.

The Historic Preservation Commission will look at the plans during its next meeting on July 6 to see if they fall in line with the historic district. If approved, everything will move forward as usual. If not, the plans will have to go to the city commission for approval, which Schulz says could set the project back about six months.

–24 Hour News 8’s Marlee Ginter contributed to this report.