GRAND RAPIDS, Mich. (WOOD) — A proposed development in Grand Rapids would bring almost 60 new apartments to a property that currently sits empty.

Developers are looking at building two four-story buildings at 415 Sheldon Ave. near the intersection of Wealthy Street and Division Avenue. There would be 58 market-rate apartments between the two buildings, made up of a mix of studio, one-bedroom and two-bedroom units, according to documents from the Michigan Economic Development Corporation. Renters are projected to pay around $1,179 for studio apartments, $1,449 for one-bedroom apartments and $2,400 for two-bedroom apartments.

The carbon-neutral and energy star-certified project would also have around 2,400-square-feet of commercial space.

The Sheldon Avenue address has been vacant for more than a decade, according to the MEDC. It’s also one of the last vacant properties in the corridor that can be developed.

The project is expected to have a total capital investment of around $16.5 million. The Michigan Strategic Fund Board on Tuesday approved a $3 million Michigan Community Revitalization Program performance-based loan participation for the project. It will also use a Neighborhood Enterprise Zone tax abatement.

High costs of construction are expected and the project will likely have an around 7% return over 20 years.

Grand Rapids company Cella Building Company created W&S Development Partners, LLC, to develop the project. Cella Building Company has worked on other projects in the state with the MEDC, including a mixed-use building at 730 Leonard Street near Alpine Avenue, and Bradford Station, a carbon-neutral apartment building on Bradford Street near Lafayette Avenue in Grand Rapids.