February 24, 2006

$43 Million in Private Investment to Transform Vacant Site

Governor Jennifer M. Granholm today announced that the long-vacant former Grand Traverse Ford dealership site near downtown Traverse City will be transformed into a mixed-use development as the result of a brownfield Single Business Tax credit approved by the Michigan Economic Development Corporation. The project is expected to involve more than $43 million in private investment and create up to 130 new jobs.

“The site has been vacant, and will now be vibrant,” Granholm said. “This redevelopment will help strengthen Traverse City by creating housing and job opportunities.”  

The developer, Federated Properties 124 LLC, will utilize a brownfield tax credit valued at $1 million to transform the site into an approximately 70,000- square-foot development with 18,000 square feet of retail space, 33,000 square feet of office space and possibly 14 condominium units.

“We’re very thankful to the Governor and the Michigan Economic Development Corporation,” Federated Properties’ Mike Uzelac said. “It’s their tool box, along with  the dedication and persistence to economic development, that makes it possible for us to make the investment to turn blighted properties into thriving parts of the downtown.”
 
In her 2005 State of the State address, Granholm emphasized the importance of making Michigan a global economic powerhouse in the 21st century. Since January 2005, the Governor and the MEDC have announced the creation or retention of more than 67,000 jobs as a result of targeted assistance provided by the MEDC.

“We are transforming brownfields like this one into community assets statewide,” MEDC President and CEO James Epolito said. “Brownfield redevelopment is costly and many of these developers would not be able justify the cost without the brownfield credits as a catalyst.”
 
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information on the MEDC’s initiatives and programs, visit the Web site at www.michigan.org.