The state of Michigan has rewarded developers of a multi-million dollar downtown Detroit residential and commercial project with a cool $1 million. The money goes to 1145 Griswold Street, LLC, a company rehabilitating one of Capitol Park's historic buildings.
Transforming the vacant and dilapidated building at 1145 Griswold St. into 63 residential units and around 14,900 sq. ft. of commercial space is expected to cost $22.7 million. The $1 million Michigan Community Revitalization Program award is one part of a larger combination of developer equity, deferred developer fees, federal and state Historic Tax Credits, and state Brownfield Tax Credits that makes up two-thirds of the total project capital, says the Michigan Economic Development Corporation (MEDC).
The MEDC and its Michigan Strategic Fund approved the money, citing the creation of 60 jobs among the project's benefits.
"These projects will act as catalysts for viable residential neighborhoods by creating downtown living options and redeveloping obsolete buildings into vibrant commercial and residential spaces," MEDC chief executive officer Steve Arwood says in a statement. "We are pleased to support these efforts to strengthen and further revitalize these communities."
This is not the first time the MEDC has contributed to a Capitol Park development. In Sep. 2014,
the organization announced a $4,798,000 Michigan Community Revitalization Program performance-based investment for a five-story residential structure to be built on top of an already-existing parking garage next to the Book Cadillac Hotel.
According to that September report, 80 one-, two-, and three bedroom units are planned for the parking garage development. Three jobs are expected to be created.
Writer: MJ Galbraith
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