Tuesday, June 13, 2006
Michael Shore, MEDC
Redevelopment to Spark 115 New Jobs
Governor Jennifer M. Granholm today announced that an entire city block in downtown Petoskey will be transformed as a result of a brownfield Single Business Tax credit approved by the Michigan Economic Development Corporation. The project is expected to involve more than $60 million in private investment and create up to 115 new jobs.
The developer, Lake Street Petoskey Associates LLC, will use the brownfield credit valued at $4.5 million to convert the block bounded by U.S. 31 and East Mitchell, Lake and Petoskey streets into a mixed-use development that will feature a 102-room hotel and conference center, condominiums, a new facility for Northwestern Bank and an additional 20,638 square feet of retail and commercial space. A 393-space parking deck will be constructed, with approximately half the spaces available for public use.
The redevelopment is one of seven economic development projects the Governor announced today. In all, they are expected to create and retain a total of 669 Michigan jobs.
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