By: Deborah Johnson Wood
State leaders announced Tuesday that two Brownfield Redevelopment Authority tax credits totaling some $7 million will bring 188 new jobs to Grand Rapids over the next two years.
A $3.5 million tax credit will help Hotel Holdings Monroe LLC demolish the former Western American Mailers building at 710, 720, and 748 N. Monroe and replace it with a nine-story, 238-room hotel with a restaurant and banquet facilities.
The developers expect the project to cost approximately $37.2 million and spur 150 jobs by its completion in 2010.
The Gallery on Fulton, a mixed use development proposed for the vacant southeast corner of Fulton and Division, includes 66 apartments, a new home for the Urban Institute for Contemporary Arts gallery and theater, and retail storefronts. The project, projected to cost $34 million, will establish 38 jobs.
“Creating the potential for commercial and residential development on sites that no longer serve their previous purpose is the essence of economic transformation,” Governor Jennifer Granholm says. “Removing blight inspires new investment, new jobs and, ultimately, a better quality of life.”
Source: Michigan Economic Development Corporation
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Deborah Johnson Wood is development news editor for Rapid Growth Media. She can be contacted at [email protected].
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