Thursday, August 29, 2013
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of a $3 million Michigan Community Revitalization Program incentive to Mid Towne Hospitality, LLC for a new hotel development in Grand Rapids.
“The construction of this hotel and mixed-use development will further revitalize the City of Grand Rapids and act as a catalyst for additional positive activity in the area,” said MEDC President and CEO Michael A. Finney. “We are excited to support a project that meets community needs and spurs economic growth in the West Michigan region.”
Mid Towne Hospitality, LLC has been awarded a $3 million performance-based loan participation to demolish a surface parking lot to make room for a five-story, 149-room hotel in the City of Grand Rapids. The hotel is part of the multi-phase Mid Towne Village project, which currently includes the West Michigan Women’s Health Center, Park Row Condos and the 545 Michigan Street mixed-use building. The development of this hotel will provide patients of the health center and their families with lodging and proximity to local businesses. The project is expected to generate a total capital investment of $27 million and create approximately 40 full-time jobs. The City of Grand Rapids Brownfield Redevelopment Authority will contribute $10.4 million in school and local tax capture.
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.
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