Tuesday, January 18, 2005
Michael Shore, MEDC
Redevelopment of Argonaut Building to Create 308 New Jobs
Governor Jennifer M. Granholm today announced that the Argonaut building in Detroit's New Center area will be redeveloped to accommodate housing, commercial and retail opportunities. The project is expected to generate more than $64 million in private investment and 300 new jobs through a $5.6 million brownfield Single Business Tax credit approved by the Michigan Economic Development Corporation.
"This property is not living up to its true potential," Granholm said. "The tax credit will help reduce the cost of redeveloping the site and provide the housing, retail and commercial space necessary to attract additional investment and foster positive economic momentum in downtown Detroit."
Midway Corporate Plaza LLC will use the tax credit to help create nearly 100,000 square feet of office and retail space within the Argonaut building as part of the continuing redevelopment of the former GM world headquarters. The final project will also include approximately 370,000 square feet of loft-style residential space as well as 140,000 square feet of retail and office space with parking facilities to accommodate 800 cars.
"Every brownfield that is redeveloped represents another victory in our ongoing battle to revitalize our community cores," MEDC President and CEO Don Jakeway said. "The success of this and other brownfield projects in Detroit has spurred investment and jobs on properties that were once thought to be too costly or difficult to redevelop."
In her 2004 State of the State address, Governor Granholm announced her plan to make Michigan a global economic powerhouse in the 21st century. In 2004 the Governor and the MEDC announced the creation or retention of more than 54,000 jobs as a result of targeted assistance provided by the MEDC. Overall, during 2004, the Governor announced the creation or retention of some 130,000 jobs by all state agencies.
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.