Wednesday, July 19, 2006
Michael Shore, MEDC
Projects to Attract More Than 80 New Jobs, $26.7 Million in Investment
Governor Jennifer M. Granholm today announced that underutilized properties in Grand Rapids, Manistee and Traverse City will be transformed into new housing, retail, commercial and office space, creating more than 80 new jobs. The projects, backed by brownfield redevelopment assistance provided by the Michigan Economic Development Corporation, are expected to generate $26.7 million in investment.
The three projects announced today:
- KBC Limited Dividend Housing Association LP, Grand Rapids
- Kinney Building LLC, Traverse City:The developer will invest $7.3 million to transform an underutilized site located at 128 S. Union Street. The new development will include a three-story, 20,640-square-foot building to house the Bank of Northern Michigan and a two-story, 11,448 square-foot commercial/office building. State and local tax capture valued at $333,541 will assist the project, which is expected to create 70 new jobs.
- Seyferth Construction LLC, Manistee:Using state and local tax capture valued at $330,000, the developer will invest $2.7 million to transform an underutilized site at 86 Washington Street into a 10-unit waterfront condominium complex with an enclosed parking structure and up to five boat docks along the Manistee River channel.
The redevelopments are three of seven economic development projects the Governor announced today. In all, they are expected to create and retain a total of 1,666 Michigan jobs.
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