LANSING ? Detroit and Port Huron will split $1.2 million in incentives from the Michigan Community Revitalization Program for historic renovation projects. The Michigan Economic Development Corp. said the projects are expected to generate up to $7.7 million in new private investment.
?These projects will act as catalysts for viable residential neighborhoods by redeveloping obsolete buildings into vibrant commercial and living spaces,? said MEDC President Michael Finney. ?We are pleased to support these efforts to strengthen and further revitalize two of Michigan?s urban centers.?
The projects approved by the Michigan Strategic Fund include:
609 E. Kirby Lofts, LLC has been awarded a $1 million Michigan Community Revitalization Program performance-based loan for the renovation of the historic Tushiyah United Hebrew School located at 600 and 609 E. Kirby in Midtown Detroit. The completed project will consist of 25 market-rate housing units and a gated parking lot. The project is expected to generate a total capital investment of nearly $6.6 million. The City of Detroit has approved an Obsolete Property Rehabilitation Act abatement for 12 years.
Bens 314, LLC has received a $217,500 Michigan Community Revitalization Program performance-based grant for the renovation of the Ben?s Furniture building in downtown Port Huron. The project will include six one-bedroom lofts and five two-bedroom lofts, commercial space on the first floor and historic repairs to the exterior of the building. The project will generate a total investment of $1.1 million. The City of Port Huron has approved a Neighborhood Enterprise Zone district for the project, which will result in a nine-year NEZ tax abatement.
The Michigan Community Revitalization Program provides grants, loans, or other economic assistance of up to $10 million to projects that will revitalize regional urban areas, act as a catalyst for additional investment in a community, reuse vacant or historic buildings and promote mixed use and sustainable development.
