Wednesday, April 09, 2014
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of four Community Revitalization program awards for historic renovation and new construction projects in Detroit and Port Huron. The projects are expected to generate up to $10.2 million in investments and add 165 new jobs in Michigan.
“These projects will act as catalysts for viable residential neighborhoods by creating downtown living options and redeveloping obsolete buildings into vibrant commercial and residential spaces,” said MEDC President and CEO Michael A. Finney. “We are pleased to support these efforts to strengthen and further revitalize two of Michigan’s urban centers.”
The Michigan Strategic Fund approved incentives for the following projects:
Alex & Beck, LLC is a historical renovation of the vacant and deteriorated building located at 3980 Second Avenue in Midtown Detroit. The project will restore the Thomas Beck house, converting it into three residential units to be located on the second and third floors. The first floor of the building will feature more than one thousand square feet of retail and commercial space. The project has been approved for a Michigan Community Revitalization Program performance-based grant in the amount of $178,000. The project is anticipated to result in more than $839,000 of total capital investment and seven jobs. The City of Detroit is offering a seven-year Obsolete Property Rehabilitation tax abatement and Midtown Detroit Inc., the neighborhood’s planning and development organization is contributing a $50,000 façade improvement grant and a $5,000 security grant.
Diamonds & Rifles, LLC, and Gold Cash Gold, LLC, entities both created by O’Connor Development, plan to historically renovate a vacant three-story building at 2100-10 Michigan Avenue in the City of Detroit. The project will include a first floor restaurant, which will be called Gold Cash Gold (named after the previous occupant, a pawn shop), and six apartment units on the second and third stories. The project is expected to create approximately 50 jobs and result in a total capital investment of $1.9 million, resulting in a $200,000 Michigan Community Revitalization Program performance-based grant. The Detroit Development Fund and Detroit Investment Fund are also financing approximately 66 percent of total development costs.
Landmark Port Huron, LLC has received a $100,000 Michigan Community Revitalization Program performance-based grant for the renovation of the Cavis building located at Huron and Michigan avenues in the City of Port Huron. The project will involve the creation of eight loft apartments on the second and third floors and complete renovations to the first floor commercial space. The project will generate a total capital investment of more than $1 million and create eight jobs. The City of Port Huron has approved a Neighborhood Enterprise Zone district and a nine-year NEZ tax abatement valued at $59,000. In addition, a local Brownfield Plan has approved $18,000 in environmental remediation.
Woodward Willis, LLC will construct a new three-story mixed-use building consisting of commercial and retail space in the City of Detroit. The project will generate a total capital investment of up to $6.4 million and create 100 jobs, resulting in a $745,000 Michigan Community Revitalization Program performance-based grant. The City of Detroit has approved a Commercial Rehabilitation Abatement that will freeze the taxable value of the project for 10 years, with an estimated value of $2.3 million.
Michigan residents interested in seeking employment with any of Michigan’s growing companies should check mitalent.org, where more than 60,000 jobs are available in a variety of industries.
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.
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