October 17, 2006
Contact: Michael Shore, MEDC
(517) 335-4590
Granholm Announces Six Michigan Brownfield Redevelopment Projects
$678 Million in Private Investment and 2,486 Jobs Expected
Governor Jennifer M. Granholm today announced six brownfield redevelopment projects in the state that are expected to create and retain as many as 2,486 jobs and involve $678 million in private investment. The redevelopments in Berrien County, Detroit, Flint, Lansing, Kalamazoo and Owosso are resulting from assistance provided by the Michigan Economic Development Corporation.
“These projects will infuse these communities with new investments and new jobs,” Granholm said. “Converting vacant or blighted properties to productive use will strengthen the local economy by drawing new business and residential development.”
The redevelopment projects announced today:
- Greenleaf Holdings 3 LLC - A brownfield Single Business Tax (SBT) credit valued at $2.5 million will support the transformation of two blighted properties located at 130 and 140 West South Street in downtown Kalamazoo. The new development will consist of a four-floor office tower and four parking levels with 142 spaces. The developer will invest approximately $32 million in the project, which is expected to create 10 new jobs and retain approximately 56 jobs.
- Woodard Station Lofts LLC - State and local tax capture valued at $2.5 million and a brownfield SBT credit valued at $1.1 million will help transform the former Woodard Furniture manufacturing building in Owosso into a mixed-use development with condos and retail/office space. The developer will invest $17.5 million in the project, which is expected to create 35 new jobs.
- Central Brush Park LLC and 3100 Woodward LLC - State and local tax capture valued at $7.2 million and a brownfield SBT credit valued at $10 million will support the two related developments in downtown Detroit. In combination, they will create 347 housing units in addition to commercial and retail space. The developers will invest $112 million in the project, which is expected to create 75 jobs.
- City of Flint - State and local tax capture valued at $304,070 and a brownfield SBT credit worth $436,208 will help transform the former Berridge Hotel in downtown Flint into a mixed-use development with 18 condos and commercial space. The $4.5 million cost of the project, expected to create 10 jobs, will be financed by the Genesee County Land Bank Authority.
- City of Lansing - State and local tax capture valued at $919,500 and two brownfield SBT credits worth $667,000 and $360,000 will help Demmer Corporation expand its manufacturing and logistical operations at the former Motor Wheel plant in Lansing. The project, which will include upgrades at the company's 1600 N. Larch and 736 McKinley buildings, is expected to involve $12 million in private investment and create 300 new jobs.
- Berrien County – State and local tax capture valued at $95,330,623 will be utilized to help advance the Harbor Shores redevelopment project in Berrien County. On October 18, 2005, state and local tax capture of $12.4 million was approved for the initial phases of the project. Since then, several project phases have been clarified and additional property has been added. The mixed-use development will include housing, hotels, a water park, golf course and retail/commercial opportunities. The project is expected to include more than $500 million in private investment and create 2,000 new jobs.
The redevelopments are six of 14 economic development projects the Governor announced today. In all, they are expected to create and retain a total of 8,572 Michigan Jobs.
“The new construction and development will set in motion a cycle of new commercial activity and investment in each of these local downtown,” MEDC President and CEO James C. Epolito said. “The cost would have been prohibitive without the assistance of brownfield redevelopment incentives.”
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 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.