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Friday, February 13, 2015
Projects will generate up to $27.7 million in new investment, 116 new jobs
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of two Michigan Community Revitalization Program awards for historic renovation and new construction projects in Detroit and Wyandotte. The projects are expected to generate up to $27.7 million in investments and add 116 new jobs in Michigan.
“These projects will act as catalysts for viable residential neighborhoods by creating downtown living options and redeveloping obsolete buildings into vibrant commercial and residential spaces,” said MEDC Chief Executive Officer Steve Arwood. “We are pleased to support these efforts to strengthen and further revitalize these communities.”
The Michigan Strategic Fund approved incentives for the following projects:
1145 Griswold Street LLC plans to rehabilitate and reuse a historic building located in the West District of downtown Detroit. The project will convert the vacant and dilapidated former Capitol Park Building into 63 residential units and nearly 14,900 feet of commercial space. The commercial space opens into a renovated public space known as Capitol Park which serves as outdoor congregation and entertainment space. The project will generate a total capital investment of nearly $22.7 million and create 60 jobs, resulting in $1 million in Michigan Community Revitalization Program economic assistance. The project has a combination of developer equity, deferred developer fees, federal and state Historic Tax Credits, and state Brownfield Tax Credits that account for two-thirds of the total capital.
Roebuck Residential, LLC has demolished the building that was located at 3061 Biddle and plans to renovate the vacant, former Sears auto repair garage located at 3063 Biddle Ave. in the City of Wyandotte into a mixed-use building that will include restaurant or other commercial/retail space, office space and nine loft-style apartments. A new four-story building will be built at 3061 Biddle and will contain an entrance lobby, stairway, and elevator to support the existing building. The project will generate a total capital investment of more than $5 million and create 56 jobs, resulting in a $798,000 MCRP performance-based grant. The City of Wyandotte Downtown Development Authority is contributing $220,943 to the project. The project has also received a 12-year Commercial Facilities Exemption Certificate valued at $1,574,383, and a 15-year Neighborhood Enterprise Zone Exemption Certificate valued at $326,784.
Michigan residents interested in seeking employment with any of Michigan’s growing companies should check mitalent.org, where more than 84,000 jobs are available in a variety of industries.
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.
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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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