[JonathanGRR]

Lofts on Michigan rendering

Two housing projects near Grand Rapids' 'Medical Mile' get state financing help
Jim Harger | April 22, 2014

LANSING, MI – The Michigan Strategic Fund will help finance two new Grand Rapids housing developments near the city's “Medical Mile,” according to the Michigan Economic Development Corp., which met on Tuesday, April 22.

The Lofts on Michigan project and the Clancy Lofts project are among three business expansions and three community improvements projects across that state that were approved by the MEDC board. They are expected to generate $49 million in new investment and create 775 new jobs, according to an announcement by the MEDC.

In The Lofts on Michigan project, 616 Development plans to demolish a vacant and obsolete building at 740 and 756 Michigan Street NE and build a new four-story building that will include commercial/retail space on the first floor and 54 apartments on the upper three floors.

The project will generate a total capital investment of approximately $15.2 million and generate 15 permanent jobs. The MEDC awarded the Lofts on Michigan project $2.45 million in Michigan Community Revitalization Program loan participation.
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For the Lofts on Clancy project, the MEDC approved a plan that will capture $1.38 million in school and local taxes to demolish 12 single family homes in the 600 block of Clancy Street NE in the Belknap Lookout neighborhood. The project will create four new buildings with 66 rental units.

The tax capture will pay for asbestos abatement, site preparation activities and infrastructure improvements. The project is expected to generate a total capital investment of $8 million and create three full time jobs, according to the MEDC.
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http://www.mlive.com/business/west-m...l#incart_river