Tuesday, December 14, 2004
Paul Krepps, MEDC
New Luxury Condos, Lofts, Senior Housing, Retail and Office Space Anticipated
Governor Jennifer M. Granholm today announced the Whittier Hotel on East Jefferson and industrial land in Detroit and Taylor will be transformed into hundreds of new apartments, luxury condos, lofts and senior citizen housing, retail, office and commercial space. The four projects are expected to generate more than $202 million in private investment and more than 50 new jobs through an approved $12.8 million in brownfield Single Business Tax credits and state tax capture from the Michigan Economic Development Corporation.
"These neglected properties have continued to be underutilized and a burden for Detroit and Taylor for many years," Granholm said. "Through these tax credits, these properties will be turned into attractive new spaces where people will want to locate a business, shop and live."
River Park Village Senior Apartments LDHA LP, Detroit will invest $29.8 million to execute the second project in the Whittier redevelopment using an SBT credit valued at nearly $3 million. Two eight-story towers on the northern half of the hotel complex will be renovated to accommodate 140 senior apartments. The existing parking lot will be redeveloped into 60 loft-style residential units with an additional 25,000 square feet of retail space. An existing parking structure will be demolished and a new one built in its place. The riverfront site is located next to Erma Henderson Park and Marina. The project is expected to create 10 new jobs.
8344 East Jefferson LLC will utilize an SBT credit valued at more than $2.6 million to help redevelop long-vacant property located at 8344 East Jefferson Avenue in Detroit. The developer will invest $27 million to construct a 96-unit market-rate, for-sale residential community of multiple four- and five-story buildings which will include decked parking, retail and restaurant space.
MJC Carrington Village LLC will redevelop a 123-acre former landfill between Pennsylvania and Telegraph in Taylor into 142 residential lots, 198 unit 12-plex buildings and a 140-unit duplex. The $80 million project will utilize brownfield state tax capture valued at $598,000 to help prepare the property for redevelopment. The project is expected to create two new jobs.
"Every property transformation represents a positive step forward for the community," MEDC President and CEO Don Jakeway said. "One successful project leads to another, reviving the city's economic prospects as developers are motivated to invest in new buildings to serve an increasingly dynamic local economy."
In her 2004 State of the State address, Governor Granholm announced her plan to make Michigan a global economic powerhouse in the 21st century. Thus far this year, the Governor and the MEDC have announced the creation or retention of approximately 53,857 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.