Tuesday, December 19, 2006
Michael Shore, MEDC
Projects Include $839 Million in Private Investment, 1,320 Jobs
Governor Jennifer M. Granholm today announced eight brownfield redevelopment projects in Detroit that have the potential to create 1,320 jobs and involve more than $839 million private investment. The redevelopments will benefit from assistance provided by the Michigan Economic Development Corporation and the Michigan State Housing Development Authority.
The redevelopment projects announced today:
- Griswold ~ Capital Park
- Book Tower -Northeast Commercial Services Corporation will use a
- Studio One/Wayne StateBrownfield incentives including $7.5 million in state and local tax capture and a $1.9 millionstate brownfield tax credit will be used by developer Studio One Apartments LLC to redevelop a former industrial site bounded by Woodward Avenue, Canfield, Cass and Forest at the south edge of the Wayne State University campus and across from the Detroit Medical Center. The project includes a five-story building with retail space, 130 apartments and an 800-space parking ramp. Studio One will invest $19.5 million in the project, which is expected to create 65 new jobs. In addition, Wayne State University will invest approximately $11 million to support the parking ramp.
- Fox CreekFar East Side Development LLC will use brownfield incentives including $55 million in state and local tax capture and a $3.7 millionstate brownfield tax credit toward a massive reclamation of a largely vacant and tax-reverted 140-acre area roughly bordered by Kercheval, Eastlawn, East Jefferson and Alter to include a mix of 700 residential units and commercial development. The project is expected to result in creation of three jobs and private investment of $40.6 million.
- Uniroyal -
Grand Van Dyke
- Jefferson Village
The redevelopments are among 12 economic development projects the Governor announced today. In all, they are expected to create a total of 2,317 Michigan jobs. Michigan brownfield programs provide incentives to invest in property that has been used for industrial, commercial or residential purposes and to keep that property in productive use or return it to a productive use. Brownfield incentives can be used for functionally obsolete, blighted, or contaminated property.
MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, and address homeless issues.MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For more information on MSHDA programs and initiatives, visit the Web site at www.michigan.gov/mshda.