Monday, August 01, 2005
Michael Shore, MEDC
$120 Million Project Expected to Create More than 2,000 Jobs
Governor Jennifer M. Granholm today announced that an underutilized brownfield site located across from the Van Andel Institute in downtown Grand Rapids will be transformed into a medical and life sciences research complex. The $120 million redevelopment is expected to create more than 2,000 new jobs and is a result of state and local brownfield tax incentives approved by the Michigan Economic Development Corporation.
"This is an important investment in West Michigan's growing life sciences industry," Granholm said. "The new complex's proximity to the Van Andel Institute and downtown will make it a magnet to bring high-tech talent and commerce to Grand Rapids."
The developer, Michigan Street Development LLC, will use a $7.5 million state brownfield Single Business Tax credit and state tax capture valued at more than $10.5 million to demolish existing buildings and clean up the site. The developer will construct four new buildings that will provide 700,000 square feet of life science research and technology space and help anchor the city's emerging life sciences corridor. The complex will also include a 2,300-space parking deck to be co-owned by Spectrum Health, the Van Andel Institute and Michigan Street Development LLC.
"This is the largest private investment in the city of Grand Rapids in the past ten years," city of Grand Rapids Economic Development Director Susan Shannon said. "This will anchor our new SmartZone district and bring new knowledge jobs to the city."
The medical and research complex is one of six economic development projects the Governor announced today. In all, they are expected to create a total of 2,939 Michigan jobs.
"This project will have tremendous economic impact on the entire Grand Rapids region," MEDC Board member and President of The Right Place Inc. Birgit Klohs said. "The high-tech job opportunities will attract the talent that we need to grow and sustain our thriving life sciences industry for years to come."
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.