Thursday, August 11, 2005
Michael Shore, MEDC
Projects to Attract 149 New Jobs and $40 Million in Private Investment
Governor Jennifer M. Granholm today announced that underutilized properties in Battle Creek, Detroit, East Lansing and Jackson will be transformed into new housing, retail, commercial and office space, creating more than 149 new jobs. The projects, assisted by brownfield Single Business Tax credits from the Michigan Economic Development Corporation, are expected to generate nearly $40 million in private investment.
The projects are as follows:
Battle Creek: Westbrook Center LLC will use a tax credit valued at $1 million to help rehabilitate the former Battle Creek Health System Hospital in downtown Battle Creek into a mixed-use development to include 85,000 square feet of senior housing and 175,000 square feet of medical office and retail space. The developer will invest more than $20 million in the project, which is expected to create more than 60 new jobs. Battle Creek is a proud and active participant in the Michigan Cool Cities initiative.
Detroit: Mercier Development Lafer will use a tax credit valued at $287,000 to assist with the redevelopment and restoration of the historic Lafer building located at 1323 - 1325 Broadway in downtown Detroit. The developer will invest more than $2.8 million to renovate the second through ninth floors to house 16 apartment units, and the first and mezzanine floors to accommodate 3,500 square feet of retail space. The project is expected to create 60 new jobs. This is one of several ongoing projects related to the Michigan Cool Cities initiative in Detroit.
East Lansing: Corey Partnership LLC will demolish a vacant structure located at the northeast corner of Bailey Street and East Grand River and rebuild a new, four-story building with the help of a tax credit valued at $300,000. The new building will house 27 one- and two-bedroom apartment units and about 4,575 square feet of retail space. Corey Partnership will invest approximately $3.6 million in the project, which is expected to create 10 new jobs. The East Lansing Downtown Development Authority will also contribute $132,000 towards the redevelopment of the site. East Lansing received a $100,000 Cool Cities Neighborhoods in Progress catalyst grant in June 2005.
Jackson: Anesthesia Business Consultants (ABC) will use a $447,500 tax credit to help redevelop the former Jacobson's store located on downtown Jackson's west side and relocate its operations there. The company plans to invest nearly $4.5 million in the project, which will retain about 210 jobs and create an additional 75. The Enterprise Group of Jackson will also provide a $200,000 loan to ABC to aid in the redevelopment. ABC is the largest physician practice management company in the U.S., serving thousands of medical professionals specializing exclusively in the practice of anesthesia and pain management.
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 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.