Multi-use development adding to Kalamazoo’s transformation
A transformed former foundry will be the centerpiece of an office and collaborative work/incubator space in downtown Kalamazoo.
River’s Edge Partners plan to attract anchor tenants and technology companies in a moved to reinforce Kalamazoo’s position as a regional restaurant destination. The completed project will include offices, retail space, a restaurant, fitness center, collaborative area, and an outdoor terrace facing Portage Creek.
The project will generate a total capital investment of $10.4 million and create 118 full-time equivalent jobs, resulting in a $750,000 Michigan Community Revitalization Program performance-based grant, approved June 28 by the Michigan Strategic Fund board.
In addition, the City of Kalamazoo's Brownfield Redevelopment Authority received MSF approval for $742,930 in local and school tax capture for the project. The funds will be used alleviate brownfield conditions at the site and prepare it for construction, including asbestos removal, demolition, site preparation activities and infrastructure improvements.
The Michigan Department of Environmental Quality is also supporting the project with tax increment financing in the amount of $47,030, a grant in the amount of $191,750 and a loan in the amount of $193,935.