Tuesday, October 14, 2003
Developments To Spur More Than $16 Million in New Investment
Governor Jennifer M. Granholm announced today that the Michigan Economic Development Corporation (MEDC) has offered assistance to help redevelop two brownfield sites in the cities of Detroit and Ferndale. The two projects are expected to generate $16.2 million in private investment and create up to 128 new jobs.
“Reuse of vacant and underutilized property is essential to the economic growth and attractiveness of our core communities,” Granholm said. “These projects will help create new job opportunities and investment becoming a catalyst for future growth.”
The Grand River Place project in Detroit involves the redevelopment of the 127,000 square foot former Federal Department Store into a multi-level retail, technology, fitness and entertainment establishment. This project is expected to create up to 125 new jobs and spur nearly $13.5 million in private investment.
The redevelopment includes extensive internal demolition and renovation to accommodate modern retail providers. The new center will likely include restaurants, salons, a bank branch, specialty retail stores, a high-tech virtual reality arcade and other entertainment sites.
Approval was granted today for a brownfield Single Business Tax credit of up to $1 million and tax capture of up to $829,000 to prepare the site for redevelopment.
Redevelopment also is planned for the former ITW Woodworth manufacturing facility in Ferndale. The building will be redeveloped into a self-storage facility. The project received approval today to capture up to $620,326 in state and local taxes to be used to fund demolition, lead and asbestos abatements and infrastructure improvements and site preparation for redevelopment. The project is expected to spur $2.8 million in private investment.
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.
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