Tuesday, March 18, 2003
New High-End Residential Complex On the Way
LANSING – Governor Jennifer M. Granholm announced today that a major brownfield redevelopment project is slated for Holland as a result of assistance from the Michigan Economic Development Corporation (MEDC).
The project involves redeveloping a functionally obsolete Fifth Avenue property into a 28-unit, high-end residential complex.
“Revitalizing Michigan’s urban areas is a key consideration within the framework of my economic development strategy for the state,” Granholm said.“Restoring this Fifth Street property to a new residential development will beautify the neighborhood, provide new downtown housing, and enhance the city’s tax base.”
A roofing company, building supply company, junkyard, and landfill have all occupied the site at one time or another on the northern edge of the downtown district.Revitalization plans include demolition of existing buildings, asbestos removal, and other site preparation activities.
Fifth Street Partners, LLC is proposing to redevelop the site with a private investment approaching an estimated $5 million.
The project was approved for a Brownfield Tax Increment Financing credit to capture up to $608,130 in state and local taxes to fund demolition, infrastructure and site preparation.An extension of Fifth Street past Central to provide access to the property is also included in the plan.
“The City of Holland much appreciates the support and value placed by the State of Michigan upon our urban central city redevelopment,” said Holland City Mayor Al McGeehan.“This project, which has now been affirmed by state officials, will help to encourage this continuing redevelopment, thus helping to make downtown Holland a vibrant and attractive place in which to live, work and play.”
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