Tuesday, June 13, 2006
Michael Shore, MEDC
235 Condos Coming to Pere Pointe Village, Schooner Pointe
Governor Jennifer M. Granholm today announced that two blighted waterfront sites in Ludington will be transformed into residential developments as a result of state and local brownfield tax incentives approved by the Michigan Economic Development Corporation. The projects are expected to involve more than $53 million of private investment.
- Pere Pointe Limited LLCwill invest $30 million in a multifamily complex called Pere Pointe Village on 11 acres along South Washington Avenue, building on a finger of land that extends out into Pere Marquette Lake. The project is being developed on a former industrial and commercial site. It is to consist of three five-story structures each comprising about 10,800 square feet and 40 residential units for a total of 120 condominiums, and a two-story 250-space parking deck. The company will use state and local tax capture valued at $467,170 and a $1 million brownfield SBT credit for removal of contaminated soil and watercourse dredging. The project is expected to create six new jobs.
Schooner Pointe LLC
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