Thursday, September 28, 2006
Michael Shore, MEDC
Tax Credits of $1.3 Million Draw $9.8 Million Investment
Governor Jennifer M. Granholm today announced that two landmark buildings in Lansing will be converted to new office, retail and residential accommodation, while Capitol Bowl in Owosso, destroyed in a fire last January, will be rebuilt with brownfield redevelopment assistance provided by the Michigan Economic Development Corporation. The three projects are expected to generate $9.8 million in investment and create 37 jobs.
The three projects announced today:
- Hollister Building, Lansing:Brownfield tax credits of $600,000 willhelp make way for the historical redevelopment of the functionally obsolete downtown building on W. Allegan into mixed office (50 percent), residential (33 percent) and street-level retail (17 percent) space. The project is expected to involve total investment of $6 million and will create 25 new jobs.
- MutualBuilding, Lansing:The former Millers Mutual Insurance building on N. Capitol Avenue a block from the State Capitol will be the new national headquarters of Christman Company, the Lansing-based general contractor. Serving as developer, Christman will use brownfield tax credits of $672,500 to historically rehabilitate the 48,790-square-foot structure into Class A office space, investing $7,725,000. Christman will occupy 30,000 square feet and relocate 50 employees to the site.
- Capitol Bowl, Owosso:Brownfield tax credits of $108,390 and state and local tax capture valued at $156,145 will be used for construction of a 28,700-square-foot bowling center downtown replacing the former bowling alley that was destroyed by fire last January. Total investment for the project, to include a tournament-caliber bowling center with sports bar/restaurant and entertainment center, is estimated at $2.1 million. It is expected to create 12 jobs.
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