March 14, 2006
March 14, 2006
MEDC Incentives Attract More than $30.6 Million in Private Investment
Governor Jennifer M. Granholm today announced four brownfield redevelopment projects statewide are expected to create nearly 192 new jobs and generate more than $30.6 million in private investment in Michigan downtowns. The redevelopments in Detroit, East Lansing, Grand Rapids and Owosso are a result of assistance provided by the Michigan Economic Development Corporation (MEDC).
“All of these projects are moving us closer toward the goal of making our cities cool places to live work and play,” Granholm said. “Transforming these properties will create a sense of pride in these communities and attract additional investment and jobs into their downtowns.”
The redevelopment projects announced today:
The city of Detroit will use state and local tax capture valued at $352,846 to help redevelop a blighted, long-vacant historic structure next to the Bonstelle Theatre on the campus of Wayne State University. The developer, PPM Acquisitions LLC, will invest approximately $2.4 million to redevelop the turn-of-the-century former print shop into a 32,000-square-foot retail complex. The project is expected to create 23 new jobs.
The city of Grand Rapids will partner with Fulton and Division LLC to redevelop a vacant site located near the Heartside neighborhood on the city’s south side. The developer will use state and local tax capture valued at $534,025 and invest approximately $14 million to help construct a new 10-story building that will house a hotel, condominium units, retail and office space. The project is expected to create 100 new jobs.
The city of East Lansing will work with Holiday Townhouse LLC to redevelop the former Greyhound bus station in East Lansing. The developer will invest approximately $12 million and use more than $1.8 million in state and local tax capture to transform the property into a mixed-use development with 21 condominiums, 15 townhouses and nearly 9,000-square-feet of retail space. The new development, to be known as the West Village, is expected to create 40 new jobs.
The city of Owosso will team with Robbins Loft LLC to redevelop the former Robbins Furniture store and warehouse using state and local tax capture valued at $312,573. The former furniture showroom building located on Main Street will be renovated to include retail and office space on the first two floors and deluxe loft apartments on the third floor. The former warehouse on Robbins Street will house apartments and a prospective health and fitness club. The $2.2 million project will create 29 new jobs.
“The success of our cities is an important indicator of the economic health of the entire state,” MEDC President and CEO James Epolito said. “Many of these properties would have sat underutilized for years with out the assistance of brownfield redevelopment incentives.”
The redevelopments are among six economic development projects the Governor announced today including two company expansions. In all, they are expected to create a total of 1,006 Michigan jobs.
In her 2006 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 69,000 jobs as a result of targeted assistance provided by the MEDC.
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.
