 October 26, 2006
Contact: Michael Shore, MEDC
Granholm Announces Redevelopment of Landmark Hotel into Apartments Governor Jennifer M. Granholm today announced that the former Savarine Hotel on East Jefferson Avenue in Detroit will be remodeled to accommodate 118 apartments with the help of $277,270 in tax credits. The Savarine building is a local landmark dating from 1926, most recently serving as low-income housing The project is expected to create 10 jobs and is receiving assistance provided by the Michigan Economic Development Corporation. “Restoring this historic landmark to active use is another step in Detroit’s downtown renaissance,” Granholm said. “This new apartment complex will attract further investment and jobs to one of the city’s main business and commercial hubs.” MEDC President and CEO James E. Epolito said that the use of brownfield incentives allows communities to return disused properties to the tax rolls, adding to the stock of productive assets, adding: “Hundreds of projects statewide have benefited from the tax credits, making our cities more desirable places to invest, work and live.” In her 2006 State of the State address, Granholm emphasized the importance of making 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 160,000 jobs as a result of targeted assistance provided by the MEDC. 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. For more information on the MEDC’s initiatives and programs, visit the Web site at www.michigan.org. # # #
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