Wednesday, April 01, 2015
LANSING, Mich. – Two vacant buildings in downtown Lansing will undergo renovation with support from the Michigan Strategic Fund, the Michigan Economic Development Corporation announced today. The project is expected to generate a total capital investment of nearly $1.7 million and create up to 20 jobs.
“The restoration of these two buildings will bring new vitality to downtown Lansing and serve as a catalyst for additional economic growth in the area,” said MEDC Chief Executive Officer Steve Arwood. “We’re pleased to support the efforts of the community in making this project a reality.”
George F. Eyde Family, LLC plans to redevelop two currently vacant buildings located at 228 and 232 S. Washington Sq. in downtown Lansing. The completed project will consist of office and retail space and will include restoration of the historic storefronts of both buildings as well as complete interior demolition and asbestos abatement. The project will generate a total capital investment of nearly $1.7 million and an anticipated creation of 20 jobs, resulting in a $289,250 Michigan Community Revitalization Program performance-based grant. The city will support the project with a 12-year Obsolete Property Rehabilitation Act tax abatement valued at $305,000.
The Michigan Community Revitalization Program provides grants, loans, or other economic assistance of up to $10 million to projects that will revitalize regional urban areas, act as a catalyst for additional investment in a community, reuse vacant or historic buildings and promote mixed use and sustainable development.
Pure Michigan is a brand representing business, talent and tourism initiatives across Michigan. These efforts are driven by the Michigan Economic Development Corporation, which serves as the state’s marketing arm and lead advocate for business growth, jobs and opportunity with a focus on helping grow Michigan’s economy.
For more on the MEDC and its initiatives, visit michiganbusiness.org. For Michigan travel news, updates and information, visit michigan.org. Michigan residents interested in seeking employment with any of Michigan’s growing companies should check mitalent.org, where more than 96,000 jobs are currently available in a variety of industries.
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