Amidst growing consensus that vibrant cities are essential to compete in the new economy, state officials earlier this week announced their support for two separate redevelopment projects in downtown Muskegon that together are expected to leverage $17 million in private investment and generate 205 new jobs.
The support came in the form of brownfield tax credits, a highly successful state program designed to provide a financial incentive for developers to revitalize obsolete, blighted, or contaminated property.
The Muskegon redevelopment projects approved for the brownfield program on March 12, 2007 include:
- The Century Club Development. The $5.8 million project will restore three historic downtown buildings - the Century Club, the former Muskegon Savings Bank, and the Russell Block - for reuse as residential, retail, and commercial space. The project, which will leverage more than $432,000 in brownfield credit, is expected to generate 80 new jobs.
- The $5.5 million Edison Landing Lot One project aims to redevelop a former industrial site as new, 27,000-square-foot retail and commercial building. The project, which will leverage more than $524,000 in brownfield credit, is expected to generate 125 new jobs.
- Developer DDLH Inc. also received a $570,000 brownfield credit to continue an upscale condo project on the shore of Muskegon Lake. The number of carpenters, electricians, heavy equipment operators, architects, and other skilled workers required to execute the project was not provided.
"These projects will put Muskegon's downtown development plans into overdrive while creating new jobs for the community," said Michigan Governor Jennifer Granholm in a prepared statement announcing the redevelopment projects.
Source: Michael Shore, Michigan Economic Development Corporation
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.