The developer, Eddystone Development LLC, will invest $6.4 million to transform the vacant building into 60 one- and two-bedroom loft-style condominiums and street-level commercial space accessible from Park Avenue. Prices of the 860-sf to 1,200-sf condos will range from $140,000 to $195,000.

"The Eddystone project will link the development occurring in Midtown with that in other parts of the city," says Lisa Villemonte, principal at Redevelopment and Restoration Consultants LLC, which is working on the project. "Rehabilitation in blighted areas is particularly challenging and very costly. This project wouldn't have been possible without the assistance from the MEDC."

The Michigan Economic Development Corp. is contributing $641,000 in state brownfield tax credits to the project. However, in total, the project will be assisted by city, county and state tax capture incentives valued at more than $1.1 million. The project is expected to generate more than $6.4 million in private investment and create 10 new full- and part-time jobs.