What Third Coast Development does

Third Coast Development is a privately held, Grand Rapids-based commercial real estate development firm founded in 2004 by Brad Rosely and Dave Levitt, with Max Benedict joining as a principal in 2006. The firm operates five core service lines — Industrial Build-to-Suit (50,000 to 600,000+ square feet), Multifamily Development, Sale-Leaseback, Urban Infill & Redevelopment, and Commercial Development — all concentrated in West Michigan. Its value proposition rests on twenty years of structuring complex capital stacks by layering federal, state, and local incentives (historic tax credits, brownfield TIF, OPRA, MEDC, IFT exemptions), with $80M+ in incentives secured and $500M+ developed across the portfolio approaching $1B in total transactions.

The firm serves industrial corporate users, multifamily developers and housing authorities, owner-operators pursuing sale-leasebacks, municipal partners and EDAs, and capital partners, with revenue generated through development fees, long-term NNN lease income on retained industrial properties, sale-leaseback transaction fees (including via Carbon River Capital, a $70M+ managed real estate fund), and operating business income from subsidiaries 3C Restaurants (Graydon's Crossing, Grand Rapids Garage Bar & Grill, Ada Garage Bar & Grill) and Sportstats Performance (sports timing and data, acquired 2023). Notable enterprise customers include Proper Beverage Co., Trane, Hart & Cooley, SnackCraft LLC, SRS Distribution (a Home Depot subsidiary), Fluresh, Opus Packaging, Spectrum Health, and Lodgco Hospitality.

Third Coast's go-to-market is principal-led and relationship-driven rather than technology-driven — three principals personally staff every site visit, council meeting, and lender call — supported by thought leadership content, regional press coverage, and referral networks. The firm holds no proprietary technology stack, no AI/ML capabilities, and no patents; competitive differentiation is grounded in regulatory expertise, talent composition, and accumulated local relationships rather than software or data assets. Strategic direction is increasingly diversified beyond pure development into operating businesses (Sportstats) and fund management (Carbon River Capital), with recent expansion into senior housing (Academy Manor at Marywood) and multi-state sale-leaseback (NOBO across Michigan, Illinois, and Colorado).

Name

Third Coast Development

Legal name

Third Coast Development LLC

Website

https://thirdcoastdevelopment.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

1–10 employees

Short description

Third Coast Development is a Grand Rapids-based, privately held commercial real estate development firm founded in 2004 that structures complex industrial build-to-suit, multifamily, sale-leaseback, and redevelopment projects across West Michigan, with $500M+ developed and $80M+ in incentives secured.

Ownership category

akta.pro rank

Headquarters

HQ city

Grand Rapids

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Marketing or Sales, Others

Revenue model

1. Development fees and project management: Third Coast Development generates revenue through development fees on projects they structure, own, and manage. Revenue includes development fees, asset management income, and proceeds from property sales on completed projects.
2. Industrial build-to-suit lease income: Long-term NNN lease income from purpose-built industrial facilities delivered for corporate tenants. Retains ownership of completed buildings, generating recurring lease revenue on long-term commitments (e.g., 600,000 sf Kentwood building leased to Proper Beverage Co. and Trane).
3. Sale-leaseback transactions: Acquires operating real estate from business owners, structures long-term leaseback, generating transaction fees and ongoing rental income. Also manages Carbon River Capital, a $70M+ real estate fund executing sale-leaseback acquisitions.
4. Operating business revenue: Revenue from portfolio of operating businesses including 3C Restaurants (hospitality: Graydon's Crossing, Grand Rapids Garage Bar & Grill, Ada Garage Bar & Grill), Sportstats Performance (sports timing and data), and other hospitality investments.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Third Coast Development is a Grand Rapids, Michigan-based commercial real estate development firm that designs, builds, finances, and operates industrial build-to-suit facilities (50,000 to 600,000+ sf), multifamily and adaptive reuse housing, sale-leaseback transactions for owner-operators, urban infill and brownfield redevelopment, and commercial/hospitality/mixed-use projects across West Michigan. The firm retains ownership of many completed properties for long-term lease income, manages affiliated entities including the Carbon River Capital $70M+ real estate fund, and operates 3C Restaurants and Sportstats Performance as portfolio operating businesses.

Product overview

Third Coast Development is a Grand Rapids-based real estate development firm offering five core service lines: Industrial Build-to-Suit (50,000-600,000+ sf facilities with end-to-end delivery), Multifamily Development (ground-up and adaptive reuse including historic rehabilitation), Sale-Leaseback (for owner-operators and family business succession), Urban Infill & Redevelopment (brownfield, historic, and complicated sites), and Commercial Development (office, hospitality, retail, mixed-use). The firm operates affiliated entities including Carbon River Capital ($70M+ real estate fund) and holds operating businesses through 3C Restaurants (hospitality) and Sportstats Performance (sports timing and athletic data, 400+ clients across 35+ countries). Notable projects include the 600,000 sf 4175 60th Street SE industrial build-to-suit ($70M), Academy Manor at Marywood (109-unit senior housing), Belknap Place Apartments (LEED Gold certified), and the Mid Towne Village master-planned district. Founded in 2004 with $500M+ developed and approaching $1B in transactions.

Differentiator

Problem solved

Functional benefit

Products and services

• Industrial Build-to-Suit End-to-end purpose-built industrial facility delivery from 50,000 to 600,000+ square feet for manufacturing, distribution, and logistics corporate users in West Michigan. Covers site selection, entitlements, incentive structuring, and construction through certificate of occupancy, with the firm typically retaining ownership and providing long-term NNN leases to tenants.
• Multifamily Development

Quantifiable outcome

• $80M+ in incentives secured for clients and projects
• +3 more outcomes

Named customers11 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Pioneer ConstructioncoreImplementation/ SI/ Consulting Partner · 1 January 2025General contractor on 4175 60th Street SE (600,000 sf Kentwood industrial build-to-suit) and other larger industrial projects. Described as preferred GC relationship for iterative pricing exercises.
• PK Development GroupcoreStrategic or Co-development Partner · 1 January 2024Joint venture partnership (3CPK) on Academy Manor at Marywood — 109-unit senior multifamily adaptive reuse. Max Benedict leads Carbon River Capital alongside Third Coast principals in this JV.
• Michigan Economic Development Corporation (MEDC)coreOthers · 1 January 2024Michigan Business Development Program grant ($400K) for SnackCraft expansion at 4444 52nd Street SE. MEDC programs including MBDP, CDBG, brownfield Act 381 work plans used across multiple projects.
• Sportstats PerformancecoreOthers · 1 January 20232023 acquisition by Third Coast Development — sports event timing and athletic data company serving 400+ clients, 1,000+ events annually across 35+ countries. Operating business added to portfolio.
• PK CompaniescoreStrategic or Co-development Partner · 1 January 2022Joint development partner on Belknap Place Apartments (50-unit, ~$12M mixed-income LEED Gold project). PK Companies contributed as development partner alongside Third Coast and GVSU land contribution.
• Grand Valley State University (GVSU)coreStrategic or Co-development Partner · 1 January 2022GVSU contributed land for Belknap Place Apartments and has participated in multiple Third Coast projects including affordable housing near GVSU health campus. Multiple ongoing project partnerships.
• City of Grand RapidscoreStrategic or Co-development Partner · 1 January 2022Municipal partner supporting entitlements and financing on multiple projects including Belknap Place (affordable housing financing, entitlements). Ongoing public-private partnership across industrial, multifamily, and redevelopment projects.
• Custer Office InteriorsminorImplementation/ SI/ Consulting Partner · 1 January 2016Partnership on 320 Hall Street SE redevelopment — collaborated on reconfiguring 15,000 sf office space into three contemporary office suites as part of former Benteler Automotive plant repositioning.
• CusterminorStrategic or Co-development Partner · 1 January 2016Partnership with Custer on Benteler Automotive Campus redevelopment (320 Hall) — joint effort to rejuvenate empty campus in Grand Rapids.
• 3C RestaurantscoreStrategic or Co-development Partner · 1 January 2006Hospitality operating company in which Max Benedict holds ownership stake. Operates Graydon's Crossing, Grand Rapids Garage Bar & Grill, and Ada Garage Bar & Grill. Third Coast owns underlying real estate.
• Lodgco HospitalitycoreStrategic or Co-development Partner · 1 January 2004Co-owner and operating partner on Hampton Inn & Suites Grand Rapids Downtown (142-room, $27M project). Lodgco operates the hotel while Third Coast Development holds ownership.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Regional players

• Continental Properties: Chicago-based multifamily and mixed-use developer with significant Midwest presence. Comparable multifamily and mixed-income capabilities to Third Coast's multifamily practice but operates primarily in other Midwest metros rather than West Michigan.

Direct peers

• Wolverine Building Group: Grand Rapids-based construction and real estate firm with multifamily, commercial, and mixed-use projects. Comparable regional focus, project scale, and customer profile to Third Coast Development across the West Michigan market.
• Pioneer Construction: Grand Rapids-based general contractor and real estate firm that also serves as Third Coast's preferred GC on major industrial projects like 4175 60th Street SE. Competes directly for similar industrial build-to-suit and multifamily work in West Michigan.
• Rockford Construction: Grand Rapids-based construction and real estate development firm offering build-to-suit, multifamily, mixed-use, and adaptive reuse projects across Michigan. Closest direct peer given overlapping service lines, similar scale, and shared West Michigan geography.
• Erhardt Construction: Grand Rapids-based construction and development firm delivering industrial, multifamily, and commercial projects across West Michigan. Comparable scale and customer base, frequently competing for the same build-to-suit opportunities and incentive-driven deals.

Broad incumbents

• Schostak Brothers & Co. Michigan-based commercial real estate developer and operator with retail, office, multifamily, and mixed-use assets across the state. Diversified Michigan-wide portfolio and longer operating history than Third Coast, with overlapping multifamily and commercial capabilities.
• Bedrock: Detroit-based large-scale real estate firm owned by Dan Gilbert, focused on urban office, retail, multifamily, and mixed-use development. Operates at significantly larger scale and broader Michigan footprint than Third Coast, but shares Michigan industrial and urban development capabilities.
• Becknell Industrial: National industrial real estate developer specializing in build-to-suit and speculative industrial facilities. Directly comparable to Third Coast's industrial build-to-suit capabilities (similar 50,000-600,000+ sf scale) but operates at much larger national scale across multiple US regions.
• Al. Neyer: Cincinnati-based real estate development and construction firm specializing in industrial build-to-suit, office, and multifamily projects. Comparable build-to-suit industrial expertise and integrated development model to Third Coast, but at larger regional Midwest scale.
• Scannell Properties: National commercial real estate developer with industrial, office, and multifamily projects across the US. Comparable build-to-suit industrial capabilities to Third Coast's Kentwood delivery but operates across multiple regions rather than concentrated in West Michigan.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/3cdevelopment
• Facebookfacebook.com/ThirdCoastDevelopment

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Third Coast Development