By: Deborah Johnson Wood
Three proposed projects in downtown Holland will generate some 45 jobs and clean up Brownfield Redevelopment sites in the process.
TicTock Studios, a commercial film production company, expects to generate five jobs through the renovation of a vacant 6,500-square-foot building at 479 Columbia Avenue. The $702,000 project will leverage nearly $64,000 in tax capture.
Scrap Yard Lofts, LLC proposes to create 27 apartments and condominiums on the second level of a building at 146 River Avenue and 13,600-square-feet of office space on the main level. A parking structure will occupy part of the building.
Renovation of a second building during phase 2 of the project will add another 21,000 square feet of downtown office space. Developers expect to create some 40 jobs. The estimated investment is $5.8 million with tax capture valued at $811,000.
The Holland Brownfield Redevelopment Authority plans to use $4 million in tax capture to construct a 262-space parking structure that will support current and future redevelopment projects in the downtown area.
The MEDC and MSHDA approved the tax capture benefits this week.
"Successful cities have to constantly reinvent themselves through the redevelopment and reuse of valuable downtown property to attract business and residents," says James C. Epolito, president and CEO of the MEDC.
Source: State of Michigan
Deborah Johnson Wood is development news editor for Rapid Growth. She can be contacted at [email protected].
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