LANSING—Projects expected to generate $242.5 million in total investment and support the creation of as many as 3,077 jobs in Michigan gained approval from the Michigan Strategic Fund, the Michigan Economic Development Corp. announced.
The Waterford Township Brownfield Redevelopment Authority received approval of $12,864,514 in local and school tax capture to support a business development project that will demolish the vacant Summit Place Mall and construct a new business center in Waterford Township. When completed, the Summit 327 LLC project will consist of 1 million square feet of commercial space that may include light industrial users, logistics companies, research and development or engineering firms, office users, or other flex-space users. The project is expected to generate a total capital investment of $63 million and create the capacity to support up to 2,183 potential jobs, will replace a long-vacant mall that has been an eyesore in the community, and will bring an inventory of high-quality, readily available space for companies looking to invest or grow in Michigan. The tax capture will be used to alleviate brownfield conditions at the site, making it suitable for redevelopment.
The Oakland County Brownfield Redevelopment Authority received approval of $3,480,000 in local and school tax capture to support a business development project at the former Ford Wixom Assembly Plant, which ceased operations in 2007, in the city of Wixom. The Detroit Wixom LLC project will involve the construction of up to seven buildings totaling approximately 1.6 million square feet of commercial or industrial space. The project is expected to generate a total capital investment of $150 million and create approximately 850 jobs, and will further add to Michigan’s inventory of high-quality, readily available space for growing companies.
Both the Summit 327 and Detroit Wixom projects qualified for brownfield tax increment financing under the MEDC’s Speculative Building Development Program, which offers several incentives and financing programs to encourage the development of new speculative building projects in Michigan. This performance-based program is aimed at increasing the availability of high-quality, single-tenant and multi-tenant building space that will help Michigan and its local communities attract businesses considering new or expanded corporate offices, technical centers, and research and development, manufacturing, or logistics operations.
Wolverine Fire Protection Co. received $1.75 million in collateral support for a $5.6 million private investment to add five new jobs in the next six months and another five within the next two years. Wolverine, established in 1958, is a Mt. Morris-based contractor providing fire protection systems to industrial, commercial and residential buildings. Oxford Bank is providing the company with a $4 million line of credit to provide the company with working capital availability.
515 Ionia LLC received a $254,362 Michigan Community Revitalization Program performance-based grant to support a $1.5 million renovation of two mixed-use buildings in downtown Lansing into six new residential units and four commercial and retail spaces, totaling 9,132 square feet. The project is expected to create 12 jobs and enhance the downtown area. The Lansing Brownfield Redevelopment Authority also received MSF approval of $220,420 in local and school tax capture for brownfield remediation activities.
IDRE3 LLC and Kercheval Associates LLC received a $3.5 million Michigan Community Revitalization Program performance-based grant to support a $22.5 million project to construct a new four-story building in the West Village neighborhood of Detroit. The project consist of 92 residential units occupying the top three floors, with retail space on the ground floor for a total of 79,519 square feet. The project is expected to create 22 jobs, and add density and vitality to the West Village neighborhood. The project is also receiving local support, including $1.5 million in HOME funds and the approval of a Neighborhood Enterprise Zone tax abatement.