Lansing-East Lansing, MI Development

[DetroitMan]

Downtown Lansing could see 567 new housing units as 3-building project grows to 5

The board of the Michigan Strategic Fund voted Tuesday to approve $202.2 million in transformational brownfield funding that allows the developer — Lansing-based New Vision Lansing LLC — to capture local and school taxes, as well as income taxes, as part of a goal to close a housing gap in the area that surrounds the Michigan State Capitol. In the project, unveiled in the summer of 2023, the New Vision Lansing developers — affiliated with Lansing commercial real estate firm Gentilozzi Real Estate — plan a total of 567 housing units spread across five different developments in and around Lansing's central business district, an area hit hard by the rise of work from home during and post COVID-19 pandemic when many state workers halted going into the office.

The developer's $317.7 million investment in downtown Lansing and the nearby Old Town neighborhood comes as the area faces a shortage of 1,143 housing units, according to an MSF briefing memo outlining the project.

"The NVL projects will provide 483 units in Downtown and 90 units in Old Town, making a significant contribution to closing this gap," the memo says.

Developers Paul and John Gentilozzi, as well as partners JFK Investments, aim to bring units at a variety of income levels.

https://www.crainsdetroit.com/real-e...0m-state-funds