Thursday, June 15, 2006
Michael Shore, MEDC
Mixed-Use Development at Historic Site to Create 100 New Jobs
Governor Jennifer M. Granholm today announced the approval of a brownfield tax incentive to facilitate the redevelopment of the former Traverse City State Psychiatric Hospital. This phase of the project is expected to involve more than $11 million in private investment and create more than 100 new jobs as well as housing and private business opportunities.
The developer, The Minervini Group, will use a brownfield Single Business Tax credit valued at $800,000 to restore and convert about 100,000 square feet of the former hospital into a mixed-use neighborhood development.
It is expected that about 20 percent of the space will be retail, 30 percent commercial office space and 50 percent residential development.
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