Latest news with #TransformationalBrownfieldPlan
CBS News
23-04-2025
- Business
- CBS News
Redevelopment projects to bring new apartments, retail spaces to Ferndale, Southfield
New housing projects in Ferndale and Southfield are among those receiving State of Michigan funding and support through the Michigan Strategic Fund Board. Gov. Gretchen Whitmer made the announcement Tuesday, saying the projects in those cities, along with one in Muskegon, fit in with the state's 'Make It in Michigan' economic development strategy. "With support from the MSF Board, we're turning empty spaces into vibrant places, adding new housing, commercial space, and parks," Whitmer said in her statement. Details are as follows: Ferndale's Vester Flats project A space that is now a blighted parking lot will be converted into a mixed-use project, providing 72 new housing units in the City of Ferndale. The Vester Flats development on Vester Street will be a four-story, multi-family project that also includes commercial space. There will be 45 studio units, 21 one-bedroom units and six two-bedroom units. A total of 54 parking spaces will be included under and behind the building. The project has a total anticipated capital investment of $22,252,990. The city Ferndale has supported the project financially. The MSF board approved a Michigan Community Revitalization Program loan of $3,950,000 to support the effort. An updated streetscape, along with public art, will add to the upgrades to water and sewer services in the area. The development team is led by Matthew Walters. "The City of Ferndale is excited to support this mixed-use, transit oriented, workforce housing project within our downtown corridor," said City of Ferndale Community and Economic Development Director Roger Caruso. "This will make a real impact on people who want to live, work, and play in our city." Southfield's Middlepointe Project Funding was approved to support a Transformational Brownfield Plan that calls for a walkable, high density, mixed-use development along currently vacant land in the center of City of Southfield. The project will add 577 new residential spaces, along with commercial space, a parking deck and ground-floor retail. There will also be two pocket parks and a pedestrian greenway. The City of Southfield Brownfield Redevelopment Authority and developer Middlepointe Investment Group LLC worked on the plans. The total capital investment is $209,552,970; the state brownfield plan package is for $131,822,436. "This is more than a redevelopment — it's a rebirth," said Southfield Mayor Dr. Ken Siver. "The Middlepointe project will bring much-needed residential density, economic activity, and walkability to our City Centre."
Yahoo
22-04-2025
- Business
- Yahoo
State approves $160M in incentives to redevelop Shaw-Walker factory in Muskegon
MUSKEGON, Mich. (WOOD) — The state has approved a $159.6 million in incentives for a project working to redevelop an old Muskegon factory that has sat mostly vacant and deteriorating for decades. Shaw-Walker Furniture Company closed in 1989. Since then, the property at the intersection of Washington Avenue and Division Street has sat mostly empty, though part of it was turned into condos, with a conference and events center and a coffee shop. Parkland Properties of Michigan bought the old Shaw-Walker Furniture Company building back in 2022, with plans of redeveloping it into a mixed-use development. Over 500 housing units planned for Shaw-Walker factory in Muskegon That plan includes turning it into a seven-building complex with more than 500 housing units — with rental rates ranging from 80% to 140% of the area median income — plus 37 townhomes, retail and commercial spaces and a covered parking facility. Amenities will include a rooftop pool, a restaurant and a daycare center, Parkland Properties of Michigan President Jon Rooks previously told News 8. On Tuesday, the Michigan Strategic Fund approved a Transformational Brownfield Plan that includes a $159.6 million incentive package through tax captures and tax exemptions. The funds would be reimbursed to the developer over three decades. That number could be brought down once the project is completed, if construction costs are less than 90% of what was expected, according to a memo from the Michigan Economic Development Corporation. Muskegon manufacturer expanding, creating 70 new jobs The city of Muskegon has already approved a local incentive package worth around $75.4 million. The project will play a key role in the city's vision of reinventing itself, the MEDC memo says. 'Since the factory's closing in 1989, the property has experienced decades of significant deterioration and lack of upkeep that resulted in safety notices being issued against the former owner,' the memo says. 'Over the last two decades, the city has been actively working to reinvent itself into a vibrant lakeshore community and this property is a key component in realizing that vision.' Inside Building West Michigan Developers say preliminary studies show the redevelopment would have a $15.3 million economic impact in its first year, a number that's expected to grow over time. 'The 50-year aggregate economic impact is projected to be $1.5 billion,' Rooks previously told News 8. 'So it's a big, big impact, bigger than any project we've ever done.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
