Leonard Street development approved for MSF support
The Grand Rapids Brownfield Redevelopment Authority recently received Michigan Strategic Fund approval of a brownfield work plan that will include $228,939 in state tax capture reimbursement for the Leonard Development project.
The Business Journal previously reported Leonard Development Partners LLC will construct a three-story, mixed-use building on the site where three vacant commercial properties were recently demolished.
The development project, located on Leonard Street in Grand Rapids’ West Side, will include a mix of commercial office and retail space. When completed, the project will consist of commercial and retail space. The project also will include public improvements, including the installation and/or repair of the roadway, curbs, gutters and sidewalks. The project is expected to generate a total capital investment of $4.8 million and consolidate approximately 70 full-time professional jobs from outside the city.
The project, which broke ground in January, came together through a collaborative effort of investors, including the father-son duo of Johnny Brann Jr., owner of Kitchen67, Brann’s Steakhouse and Interphase Interiors, and Johnny Brann Sr., owner of Brann’s Steakhouse.
“My dad’s long-standing commitment to the West Side has been a part of our family for almost 50 years,” Brann Jr. said when the project was first unveiled. “This project will help inspire exciting change this corridor of the city for the next 50 years.”
The project aligns with the MEDC strategic plan and economic priorities by transforming vacant and underutilized properties into a vibrant area and by developing an attractive place where talent is interested in locating. The commercial district will greatly benefit from the new building and businesses by creating new activity, density and economic vitality for this important commercial section of the city.
Local support for the project includes the local portion of the brownfield tax increment financing plan, valued at $133,536. The city of Grand Rapids is certified with MEDC’s RRC program.
The Leonard Street development was one of five community revitalization projects throughout the state of Michigan that received support from the Michigan Strategic Fund. In total, the projects are expected to generate a total capital investment of $31.7 million and create or retain 278 jobs, bringing new vitality and economic activity to downtowns across the state.
“(The) MSF approvals demonstrate our continued focus on laying a path for economic growth and recovery in all regions of our state while continuing to support the community projects that will lay the foundation for long-term economic resiliency for Michiganders,” MEDC Senior Vice President of Community Development Michele Wildman said. “By contributing to traditional downtown districts and revitalizing public spaces, these projects are helping to establish attractive places to live, work and play.”
The Detroit Brownfield Redevelopment Authority received MSF approval of a brownfield work plan that will include $62,333 in state tax capture reimbursement for the Corktown Housing Redevelopment Project-Phase I in the North Corktown neighborhood of Detroit. The local BRA also received MSF approval of a brownfield work plan that will include $606,800 in state tax capture reimbursement for the Junction Redevelopment Project in the Milwaukee Junction neighborhood.
The Oakland County Brownfield Redevelopment Authority received MSF approval of a brownfield work plan that will include $275,868 in state tax capture reimbursement for the Downtown Clawson Redevelopment Project. The project includes rehabilitation and new construction of commercial and residential space located downtown.
MBSHAW LLC plans to rehabilitate a vacant, blighted building into a mixed-use development in the heart of downtown Grayling. The building will undergo renovations to create commercial space for a new, unique coffee shop on the first floor and two market-rate residential units will be added on the second floor. The project is expected to generate a total capital investment of $714,333 and create 13 full-time equivalent jobs, supported by a $274,482 Michigan Community Revitalization Program performance-based grant.
Posted By: Grand Rapids Business Journal on November 6, 2020. For more information, please click here to read the source article.
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