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Wednesday, April 2, 2008
The MEDC announced that expansion of Lansing’s tax-free Renaissance Zone has been approved allowing work to begin on the long-planned $25 million Capitol Club Tower riverfront condo high-rise
The Michigan Economic Development Corporation (MEDC) announced that expansion of Lansing’s tax-free Renaissance Zone has been approved allowing work to begin on the long-planned $25 million Capitol Club Tower riverfront condo high-rise. In Muskegon, Renaissance Zone incentives due to expire in 2014 have been extended to 2023 to support the $5 million Heritage Square “live and work” condo development.
The approvals were granted by the Michigan Strategic Fund board chaired by MEDC President and CEO James C. Epolito.
Renaissance Zones are free of state and local income tax and eliminate nearly all property taxes.
“These major residential and commercial projects will bring new energy and dynamism to two of Michigan’s largest cities,” Epolito said. “They will allow continued progress in revitalization efforts already underway.”
The new .8-acre subzone at South Grand and East Washtenawto the existing Renaissance Zone in Lansingwill support developer Grand River Tower LLC’s Capitol Club Tower, which will consist of 12 to 20 stories with at least 122 owner-occupied units in addition to new commercial, retail and entertainment venues.
In Muskegon, Heritage Square Development LLC will convert the former Comerica Bank tower into 22 units of row house-style residential condos along Clay Avenue between Second and First streets. The development will offer light commercial office and retail space.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.
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