The projects include 1234 Michigan LLC, which will receive $592,000 in tax capture funds to transform a former US Army Armory site located near Fuller Avenue and Michigan Street in Grand Rapids into a two-story multi-tenant medical office building. The developer will invest $6.6 million to demolish the existing structures and construct the 40,350-sf building and underground parking facility.
Big Sky Development will invest $6.9 million to transform the former Wohlert manufacturing plant in Lansing to accommodate a US Storage Depot facility and additional commercial office space.
The Downtown Muskegon Development Corp. will use an estimated $4.5 million in tax capture to prepare the 23-acre site of the former Muskegon Mall downtown for redevelopment.
Fairmont Square Investors LLC will use tax capture valued at more than $1.7 million to help renovate the former site of the Mary Free Bed Hospital in Grand Rapids' East Hills Neighborhood into a mixed-use commercial and residential development. The developer will invest approximately $11 million to restore the existing structure that will house offices for the Inner City Christian Federation.
Michigan Street Development LLC will use a $7.5-million brownfield credit and state and local tax capture valued at more than $10.5 million to demolish existing buildings and clean up a contaminated site across from Spectrum Health and the Van Andel Institute in Grand Rapids. The developer will invest $120 million to construct four new buildings that will provide 700,000 sf of life science research and technology space and help anchor the city's emerging life sciences corridor.
And Tiara Yachts, a division of S2 Yachts, will invest $14 million to expand at its existing facility in Holland, where it currently has 640 employees. "Economic incentives like brownfield and job creation tax credits are key tools to the continuous improvement of Michigan's economy," MEDC president and CEO Don Jakeway says. "These projects will be a catalyst for further job creation in these communities."
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