Monday, August 01, 2005
Michael Shore, MEDC
Redevelopments to Spur $17.6 Million in Investments, Create 315 Jobs
Governor Jennifer M. Granholm today announced that two vacant sites in downtown Grand Rapids and one in downtown Muskegon will be transformed into new housing, retail, commercial and office developments, creating up to 315 new jobs. The projects are expected to generate more than $17.6 million in private investment due to state and local brownfield tax capture incentives approved by the Michigan Economic Development Corporation.
Fairmont Square Investors LLC will use tax capture valued at more than $1.7 million to help renovate the former site of the Mary Free Bed Hospital in Grand Rapids' East Hills Neighborhood, a 2004 Cool Cities designee, into a mixed-use commercial and residential development. The developer will invest approximately $11 million to restore the existing structure that will house offices for the Inner City Christian Federation. New buildings will be constructed on the site including approximately 30 condominiums and additional office/retail space. The project is expected to create up to 35 new jobs.
1234 Michigan LLC will use tax capture valued at $592,000 to transform the former U.S. Army Armory site located near Fuller Avenue and Michigan Street in Grand Rapids into a two-story multi-tenant medical office building. The developer will invest $6.6 million to demolish the existing structures and construct the 40,350-square-foot building and underground parking facility. The project is expected to create up to 80 new jobs.
The brownfield redevelopments are among six economic development projects the Governor announced today, including a major development that will add 700,000 square feet of life science research and technology space in downtown Grand Rapids. In all, they are expected to create and retain a total of 2,939 Michigan jobs, including 2,745 directly by company expansions and redevelopments.
"These projects exemplify how Michigan's brownfield redevelopment incentives are being successfully utilized to re-energize our cities and create places where businesses want to operate and people want to work, live and play," MEDC President and CEO Don Jakeway said.
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 57,000 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.