LANSING ? Nearly $1.4 million in government subsidies and loans will help build a 47,000 square foot grocery store in the City of Detroit.
The Michigan Strategic Fund ponied up $834,800 in Community Revitalization Program incentives, while the City of Detroit, through the Detroit Economic Growth Corporation, a $200,000 loan. Invest Detroit also provided a $225,000 loan through the Urban Retail Loan Fund. In addition, the Detroit Brownfield Redevelopment Authority is evaluating assistance with brownfield tax increment financing.
?The expansion of this grocery store will further bring healthy and fresh food offerings to Detroit residents as well as serve as a catalyst for additional positive activity in the area,? said MEDC President and CEO Michael A. Finney. ?This expansion is another example of the renewed vitality and growth that we?re seeing every day in Detroit, and we are pleased to support the efforts of the community in making the project a reality.?
NY Jefferson, LLC has redeveloped a vacant, former Farmer Jack?s into a modern and expanded grocery store, Parkway Foods. The new location of the existing and established grocery store occupies 47,000 square feet of retail space in the Shops at Jefferson Plaza, located at 11250 E. Jefferson in the City of Detroit. The project will generate a total capital investment of $5.2 million and create 37 jobs.
?With the renovation of the Shops at Jefferson Plaza, we are pleased to transform a long dormant retail plaza into a vibrant shopping destination that Detroiters deserve,? said Isam Yaldo, one of NY Jefferson?s principals. ?NY Jefferson?s ownership group cannot thank Michigan Economic Growth Corporation and Detroit Economic Growth Corporation enough for their support and confidence in not only NY Jefferson/Parkway Foods but the city of Detroit, which is clearly on the upswing.?
