Governor Granholm today announced a mid-price extended-stay hotel and condos and a ‘green’ residential and neighborhood retail center will transform two brownfield sites in Grand Rapids and Lansing
Governor Jennifer M. Granholm today announced a mid-price extended-stay hotel and condos and a ‘green’ residential and neighborhood retail center will transform two brownfield sites in Grand Rapids and Lansing, respectively. The projects, which are expected to generate $34 million in new investment and 41 new jobs, will benefit from assistance provided by the Michigan Economic Development Corporation and the Michigan State Housing Development Authority.
“Redevelopments like these help revitalize our cities,” Granholm said. “Both projects will help bring new jobs and investment to the heart of Grand Rapids and Lansing.”
Brownfield projects announced in 2007 led to creation of more than 8,900 jobs and generated $2.3 billion private investment in 43 projects around the state. The projects announced today:
Developer SSGRCC LLC will use a state brownfield tax credit of $3.2 million to transform a vacant building on the site of the former Grand Rapids Foundry into a mid-price, extended-stay hotel at the corner of Trowbridge Street and Bond Avenue in Grand Rapids. The nine-story, 90,000-square-foot facility with 137 suites will be one of the highest density buildings in the Monroe North neighborhood and within walking distance of Michigan Street Medical Hill. The $21-million investment is expected to lead to creation of 30 new jobs.
State and local tax capture of $1.1 million will be used by Sycamore Street Partners LLC for three-phase residential and retail development on a contaminated site in Lansing. The Lansing Brownfield Redevelopment Authority will support construction of 70 condominiums and a 5,000-square-foot neighborhood retail center on Ottawa Street. It is designed as a ‘green’ project incorporating open public green space, energy efficiency and water-saving features. Creation of 11 jobs is anticipated on capital investment of $11.9 million.
“Cities around the state are encouraged to use Michigan’s brownfield program for redevelopment of disused properties,” MEDC President and CEO James C. Epolito said. “Community leaders in Grand Rapids and Lansing are to be commended for taking advantage of the opportunity available to assist them in making local improvements.”
The brownfield redevelopments are among 10 economic development projects announced today expected to create a total of 2,051 jobs. Michigan brownfield programs provide incentives to invest in property that has been used for industrial, commercial or residential purposes and to keep that property in productive use or return it to a productive use. Brownfield incentives can be used for functionally obsolete, blighted, or contaminated property.
“MSHDA is proud to partner with the MEDC and local communities to redevelop these downtown properties into projects that will help attract 21st century jobs and talent to Michigan,” MSHDA Interim Executive Director Keith Molin said. “These partnerships go a long way in not only helping revitalize traditional downtowns, but also in making our downtowns a more vibrant place to live, work and invest.”
In her 2008 State of the State address, Granholm emphasized the importance of making Michigan a leader in creating opportunity in the changing world of the 21st century. Since January 2005 the governor and MEDC have announced the creation or retention of more than 237,000 jobs as a result of targeted assistance provided by the MEDC.
MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, and address homeless issues. MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For more information on MSHDA programs and initiatives, visit the Web site at www.michigan.gov/mshda.
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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