Tuesday, October 18, 2005
Michael Shore, MEDC
Redevelopment Expected to Create More than 200 New Jobs
Governor Jennifer M. Granholm today announced the former Junior Achievement building on the corner of Fulton and Division avenues in downtown Grand Rapids will be transformed into a mixed-use residential and commercial development, creating over 200 new jobs. The project involves more than $4.5 million in private investment sparked by state and local brownfield tax incentives approved by the Michigan Economic Development Corporation.
"Turning this vacant building into a productive space will help stimulate additional growth in downtown Grand Rapids," Granholm said. "This project is another example of how we are working to revitalize Michigan downtowns, create cool cities and grow new jobs across the state."
The developer, 2 East Fulton LLC, will use state and local tax capture valued at more than $155,000 to renovate the historic building into a six-story development that will provide approximately 28,000-square-feet of office, retail and residential space. Renovations will include mechanical, electrical, and plumbing improvements, as well as new roofing, windows, doors, walls and floors.
"Bringing this building back to life will energize an important gateway to downtown and stimulate additional investment in the area," Susan Shannon, city of Grand Rapids Economic Development Director said.
The expansion is one of four economic development projects the Governor announced today. In all, they are expected to create a total of 967 Michigan jobs.
"Michigan's brownfield incentives enable communities to turn problem properties and economic liabilities into sources of new revenue and jobs," MEDC President and CEO James Epolito said. "The MEDC is glad to partner with cities like Grand Rapids to create new opportunities for businesses and residents."
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 62,000 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.