Wednesday, April 02, 2008
The Michigan Economic Development Corporation (MEDC) announced that expansion of Lansing’s tax-free Renaissance Zone has been approved allowing work to begin on the long-planned $25 million Capitol Club Tower riverfront condo high-rise. In Muskegon, Renaissance Zone incentives due to expire in 2014 have been extended to 2023 to support the $5 million Heritage Square “live and work” condo development.
The approvals were granted by the Michigan Strategic Fund board chaired by MEDC President and CEO James C. Epolito.
Renaissance Zones are free of state and local income tax and eliminate nearly all property taxes.
“These major residential and commercial projects will bring new energy and dynamism to two of Michigan’s largest cities,” Epolito said. “They will allow continued progress in revitalization efforts already underway.”
The new .8-acre subzone at South Grand and East Washtenawto the existing Renaissance Zone in Lansingwill support developer Grand River Tower LLC’s Capitol Club Tower, which will consist of 12 to 20 stories with at least 122 owner-occupied units in addition to new commercial, retail and entertainment venues.
In Muskegon, Heritage Square Development LLC will convert the former Comerica Bank tower into 22 units of row house-style residential condos along Clay Avenue between Second and First streets. The development will offer light commercial office and retail space.
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. For more information on MEDC initiatives and programs, visit the Web site at www.MichiganBusiness.org.
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