Thursday, November 02, 2006
Michael Shore, MEDC
$34 Million Transformation of Detroit, Grand Rapids, Lansing and South Haven Sites to Create and Retain 200 Jobs
Governor Jennifer M. Granholm today announced brownfield redevelopment projects in Detroit, Grand Rapids, Lansing and Grand Haven that are expected to create and retain 200 jobs and generate more than $34 million in capital investment. The projects are receiving assistance from the Michigan Economic Development Corporation.
The redevelopment projects announced today:
- Grand Rapids
- South Haven: A $1 million tax credit will help South Eagle LLC rehabilitate a contaminated downtown site. The Verano Place project includes a mixed-use development with 3,300 square feet of commercial space and three upper-level condos. An adjacent building will house 40 residential units containing stacked flats and lofts. The new development is expected to generate $14 million in capital investment and 15 new jobs.
Under Michigan law, the MEDC can offer tax credits to spur the redevelopment of sites that are contaminated, blighted or functionally obsolete.
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