Governor Jennifer M. Granholmtoday announced state support for a new condo and senior residential campus in Wayne County’s Redford Township and in downtown Flint, the rehabilitation of the Durant Hotel into a mixed residential and commercial development. Combined, the projects will generate $111.1 million in new capital investment and 16 new jobs. The projects will benefit from assistance provided by the Michigan Economic Development Corporation (MEDC) and the Michigan State Housing Development Authority (MSHDA).
“Removing blight inspires new investment, new jobs and ultimately, a better quality of life,” Granholm said. “Creating the potential for updated development on sites that no longer serve theirprevious purpose is the essence of economic transformation.”
The redevelopment projectsannounced today:
In RedfordTownship, Southfielddeveloper JNCC LLCwill use a state brownfield tax credit valued at $4.6 million to build 188 units of single-family housing, 150 senior independent livingunits and 20 multi-family condo units on 50 acres at the site of the old Catholic Central High School. Average unit price is estimated at $165,000. The new Shamrock Village will be located along Breakfast Drive south of Lyndon Street and east of Inkster Road between 7 Mile and Grand River. The $74-million project will be constructed in six phases between 2008 and 2015.
The mixed-use historic rehab of the Durant Hotel in downtown Flint by Lansing developer 607 East Second Ave LLC will be supported by a $5.8 million state brownfield tax credit. The landmark eight-story hotel built in 1920 and named for William C. Durant, founder of General Motors, has been vacant since 1973. It will be redeveloped into 111 multi-family residential apartments and 14,000 square feet of commercial space. Total building square footage is 156,000. The project is expected to create 16 new jobs.
“I am delighted to see Redford Township and Flint use Michigan’s brownfield program to preserve an important part of their local heritage,” MEDC President and CEO James C. Epolito said. “These projects will help maintain a sense of continuity in both communities.”
The brownfield transformationsare among 18 economic development projects the Governor announced today. In all, they are expected to create and retain a total of 6,917 jobs. Michigan brownfield programs provide incentives to invest in property that has been used for industrial, commercial or residential purposes and to keep that property in productive use or return it to a productive use. Brownfield incentives can be used for functionally obsolete, blighted, or contaminated property.
“Overthe past years, MSHDA and MEDC have developed a very effective working relationship, and we are proud to collaborate with MEDC on these brownfield redevelopment projects.” MSHDA Community Assistance Director Joe Borgstrom said. “These partnerships go a long way in not only helping revitalize traditional downtowns, but also in making our downtowns a more vibrant place to live, work and invest.”
In her2008 State of the State address, Granholm emphasized the importance of making Michigan a leader in creating opportunity in the changing world of the 21st century. Since January 2005, the G overnor and MEDC have announced the creation or retention of more than 249,000 jobs as a result of targeted assistance provided by the MEDC.
The Michigan Economic DevelopmentCorporation, 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. For more information on the MEDC’s initiatives and programs, visit the Web site at www.MichiganBusiness.org.
MSHDA is a quasi-stateagency that provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, and address homeless issues. MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For more information on MSHDA programs and initiatives, visit the Web site at www.michigan.gov/mshda.
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