Wednesday, January 18, 2006
Michael Shore, MEDC
McLouth Site to Transform into Riverfront 'Jewel'
Governor Jennifer M. Granholm and Wayne County Executive Robert Ficano today announced state brownfield tax incentives to support a historic project that will transform the former McLouth Steel property in Trenton into a mixed-use riverfront development. The project is expected to generate more than $25 million in private investment and create up to 1,500 new jobs.
The developer, Real Estate Interests Group, will use state and local tax capture valued at more than$98 million to demolish existing structures and decontaminate the property.The site will then be ready for a mixed-use development to include 2,400 residential units,600,000 square feet of retail space and a public marina to be owned and operated by Wayne County.
WayneCountyand the city of Trentonare considering a bonding proposal to support the project, to be known as Bay Village of Trenton. The developer will invest $25 million.
The redevelopment is one of three economic development projects the Governor announced Tuesday based on assistance from the Michigan Economic Development Corporation (MEDC). In all, they are expected to create a total of 1,615 Michigan jobs.
In her 2005 State of the State address, Granholmemphasized the importance ofmaking Michigan a global economic powerhouse in the 21st century. Since January 2005 the Governor and the MEDC have announced the creation or retention of more than 66,000 jobs as a result of targeted assistance provided by the MEDC.