He says the company recently earned approval for the site to be designated a brownfield, and to receive assistance from the city to cleanup the project.
"The cleanup of about $700,000 will be funded locally through tax-increment financing," Sincock says. "They anticipate it will be completed in a rather short period of time."
He adds the city's brownfield authority helped put together the financing for the site restoration. Formerly, the property has been a factory and a steel foundry, Sincock explains.
Many communities in Michigan are taking advantage of tax incentives to clean up brownfield, or contaminated, sites in their communities for redevelopment.
This site had a wide variety of contaminants on the site, but after cleanup it should be fine to use as a multifamily dwelling, Sincock says.
Colwell plans on using 75,000-sf of the existing building for the new project. The rest of the factory, and other small buildings on the site, will be demolished, he says."This is a great thing for the city," he says. "It's a wonderful reuse of the property. We're taking what was formerly industrial property, located smack in the middle of residential neighborhoods, and converting it to a much better use."
The residents especially like the idea, along with the knowledge of no more semi-tractor trailers going down the streets, Sincock adds.
"The new development will have a significant impact on the old village area and the commercial downtown area," he says.
The project adds to other new residential plans ongoing in the downtown area, he notes, including loft apartments and the Mayflower Hotel turning into 80,000 sf of condominiums, offices and retail by Tri-Mount Construction of Novi.
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