Tuesday, October 17, 2006
Michael Shore, MEDC
$678 Million in Private Investment and 2,486 Jobs Expected
Governor Jennifer M. Granholm today announced six brownfield redevelopment projects in the state that are expected to create and retain as many as 2,486 jobs and involve $678 million in private investment. The redevelopments in Berrien County, Detroit, Flint, Lansing, Kalamazoo and Owosso are resulting from assistance provided by the Michigan Economic Development Corporation.
The redevelopment projects announced today:
- located at 130 and 140 West South Streetin downtown Kalamazoo
- Woodard Station Lofts LLC- State and local tax capture valued at $2.5 million and a brownfield SBT credit valued at $1.1 million will help transform the former Woodard Furniture manufacturing building in Owosso into a mixed-use development with condos and retail/office space. The developer will invest $17.5 million in the project, which is expected to create 35 new jobs.
- Central Brush Park LLC and 3100 Woodward LLCDetroit
- City of FlintFlint into a mixed-use development with 18 condos and commercial space. The $4.5 million cost of the project, expected to create 10 jobs, will be financed by the Genesee County Land Bank Authority.
- City of LansingLansing
- BerrienCountyBerrienCounty. On October 18, 2005, state and local tax capture of $12.4 million was approved for the initial phases of the project. Since then, several project phases have been clarified and additional property has been added. The mixed-use development will include housing, hotels, a water park, golf course and retail/commercial opportunities. The project is expected to include more than $500 million in private investment and create 2,000 new jobs.
The redevelopments are six of 14 economic development projects the Governor announced today. In all, they are expected to create and retain a total of 8,572 Michigan Jobs.
a global economic powerhouse in the 21st