Friday, July 15, 2005
Michael Shore, MEDC
New Residential, Commercial Opportunities Slated for Midtown
Governor Jennifer M. Granholm today announced the historic Eddystone Hotel just north of I-75 in Detroit's Midtown area will be restored and redeveloped into new residential and retail space with the assistance of a brownfield Single Business Tax credit from the Michigan Economic Development Corporation. The project is expected to generate more than $6.4 million in private investment and create 10 new full and part-time jobs.
"Quality housing, new businesses and jobs is a triple play that will help Detroit compete for new investment and residents in the 21st century," Granholm said.
The developer, Eddystone Development LLC, will use a $641,000 brownfield Single Business Tax credit with its own investment of $6.4 million to transform the vacant building into 60 one-and two-bedroom loft-style condominiums and street-level commercial space accessible from Park Avenue. Prices of the 860-to 1,200-square-foot condos will range from $140,000 to $195,000.
"The Eddystone project will link the development occurring in Midtown with that in other parts of the city," Redevelopment and Restoration Consultants LLC Principal Lisa Villemonte said. "Rehabilitation in blighted areas is particularly challenging and very costly. This project wouldn't have been possible without the assistance from the MEDC."
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 53,000 jobs as a result of targeted assistance provided by the MEDC.
"Michigan's brownfield redevelopment program is producing some tremendous results for communities looking to turn vacant structures into thriving residential and commercial centers," MEDC President and CEO Don Jakeway said. "It's cool to see a hotel built in the 1920's help lead the area's resurgence."
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.