MEDC’s Michigan Strategic Fund Continues to Help Communities Around Michigan
The Michigan Economic Development Corporation’s (MEDC) Michigan Strategic Fund (MSF) recently approved community revitalization projects in Grand Haven, Hillsdale and Ludington. By contributing to traditional downtown districts and revitalizing underutilized public spaces, the projects will bring new opportunities for economic growth to these communities.
Peerless Caddis, LLC plans to redevelop a mostly vacant site that previously housed a manufacturing facility and construct four multifamily residential buildings in the city of Grand Haven. The project includes the demolition of four existing buildings at the site. When complete, Peerless Flats will consist of 124 year-round, market-rate residential units.
The project is expected to generate a total capital investment of $24.7 million and create three full-time equivalent jobs.
Grand Haven is certified with MEDC’s Redevelopment Ready Communities program and is a master level community in the Michigan Main Street program.
The Keefer House Hotel, LLC, a project of CL Real Estate Development, LLC, will restore the blighted Keefer Hotel in the heart of downtown Hillsdale into a 34-room boutique hotel.
The project is expected to generate a total capital investment of $12.3 million, create 50 full-time equivalent jobs, and will renovate a long-vacant, historic building. The Keefer House is a contributing building to the city of Hillsdale’s National Register of Historic Places commercial district. The development is expected to transform downtown Hillsdale and spur economic development throughout the city.
The MSF also approved the Haskell Building/Lofts on Rowe community development project in Ludington. The project will convert a long-vacant manufacturing building into a residential structure with office space on the first floor. Built in 1890, the building has had numerous uses, most of which were manufacturing. It has been vacant for many years. Once completed, the project will include 65 affordable housing units and one office unit.
The project is expected to generate a total capital investment of $12.7 million and create three jobs, and will transform a blighted, un-utilized property into a unique historic place near downtown Ludington.
To read more about these projects visit michiganbusiness.org