Wednesday, July 20, 2005
Michael Shore, MEDC
Redevelopment Expected to Create 100 New Jobs
Governor Jennifer M. Granholm today announced the landmark Park Shelton Apartments will be renovated into new residential and commercial space with the assistance of a brownfield Single Business Tax credit from the Michigan Economic Development Corporation. The project is expected to generate more than $10.7 million in private investment and create 100 new jobs.
"This revitalization project in Detroit's university, medical and cultural hub is great news," Granholm said. "It will help drive the city's resurgence by attracting new investment, jobs, visitors and residents."
"We are very proud that public and private sectors are working together are able to bring about the renovation of the historic Park Shelton," said Walter Cohen of Park Shelton Associates Limited Partnership & Affiliates. "With this renovation the Park Shelton will continue to be a vital part of the university cultural center area of the city of Detroit and will provide new homes for over 400 people and space for 10 to 12 businesses."
In her 2005 State of the State address, Granholm emphasized the importance of making Michigan a global economic powerhouse in the 21st century. Since January 2005 the Governor and the MEDC have announced the creation or retention of more than 53,000 jobs as a result of targeted assistance provided by the MEDC.
"Michigan brownfield incentives help communities turn underutilized properties into productive real estate," MEDC President and CEO Don Jakeway said. "I'm thrilled to see cities like Detroit utilizing them to create vibrant downtowns and cool places to live, work and play."
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.