The Michigan Strategic Fund approved financing today for a range of economic development initiatives, including brownfield tax incentives for a major mixed-use project in Lansing and public improvements in Cass County.
The Red Cedar development project in Lansing was approved for a brownfield work plan that includes $19.8 million in state capture reimbursement.
The project at the former Red Cedar Golf Course between downtown Lansing and East Lansing will redevelop about half of the 60-acre riverfront into a mixed-use site. Plans include constructing two hotels, an assisted living facility, multi-family housing, student housing, retail, restaurants, public infrastructure and making placemaking improvements.
The remainder of the 60-acre site will be transformed into a public park with trails and wetlands through an Ingham County Drain Commission project.
The project is expected to generate a total capital investment of $255.6 million and create approximately 397 full-time equivalent jobs. The city of Lansing is supporting the project through the approval of the local portion of the brownfield tax increment financing with an estimated value of $39.69 million, and the Lansing Board of Water and Light will spend $278,965 to remove an electrical substation.
The Red Cedar project was previously denied funding twice by the Michigan Strategic Fund board after officials said previous versions of the plan failed to meet core strategic priorities, the Lansing City Pulse reported.
The brownfield approval was part of a range of initiatives supported today by the Michigan Strategic Fund through the Michigan Economic Development Corp., including the village of Cassopolis in southwest Michigan receiving $2.8 million in Community Development Block Grant funds for public improvements.
The CDBG funds will go toward the village’s $5.95 million downtown streetscape project, with the village contributing $3.15 million.
The project will impact more than 400,000 square feet of public space in downtown Cassopolis and surrounding corridors. The improvements are meant to improve aesthetics and infrastructure, while focusing on connectivity and access of low and moderate income community members to local businesses and services.
The streetscape project will include adding striped bike lanes, pedestrian crosswalks, traffic lane reductions to slow traffic, landscaping, lighting, public seating, free Wifi and replacing water main infrastructure.
News coverage in the real estate and development section of MiBiz is made possible by advertising support from The Michigan Economic Development Corporation. MEDC markets Michigan as the place to do business, assists businesses in their growth strategies and fosters the growth of vibrant communities across the state. This advertisement has no effect on editorial consideration in MiBiz.