Michigan Growth Advisors – Latest News – PlazaCorp Realty Advisors Receives Approval of a Michigan Community Revitalization Program Loan
On May 21st PlazaCorp Realty Advisors received approval of a Michigan Community Revitalization Program Loan from the Michigan Strategic Fund (MSF) to facilitate the redevelopment of the Lawrence and Chapin building in downtown Kalamazoo. The project, which will be known as Ironworks, will facilitate the redevelopment of an existing vacant commercial building that was used exclusively as office space into a mix of uses. The redeveloped ground floor is anticipated to be occupied by a new restaurant, Bobcat Bonnies, while the remainder of the building will be converted to residential with a total of 82 units. The project includes a 3-story addition onto the west end of the current structure, increasing the building height to 5-stories. Housing units in the project are intended to be offered at a range of affordable and attainable rates, including approximately 40% of units that will be designated for workforce housing units to households earning between 80%-120% of the Kalamazoo County median income and 3 units dedicated to households earning 60% or below of the Kalamazoo County median income. The development helps to provide needed affordable and workforce housing in the downtown core. The total capital investment on the project is anticipated to be approximately $32.7 million dollars and with the full incentive package now approved, construction is anticipated to begin within the coming weeks.
Today’s MSF approval follows previous approvals by the City of Kalamazoo of a Brownfield Plan which authorizes Tax Increment Financing along with a Neighborhood Enterprise Zone tax abatement. Michigan Growth Advisors provided incentive structuring and support to the developer for the state and local incentive package on the project, which has a combined value of approximately $7.6 million.
Written by: Joe Agostinelli, Michigan Growth Advisors Founder
joe@michigangrowthadvisors.com | 269.567.0669
Joe Agostinelli, founder of Michigan Growth Advisors brings a fully integrated perspective on the current state of today’s economic development landscape.
Joe’s expertise has touched every aspect of economic development in Michigan, including legislative policy, partnering with state and regional economic development organizations, private real estate development and consulting on all the above within the ever-evolving market. He understands the growing pains businesses have today and knows how to equip them with the right tools at the right time to ensure long-term success.
With the longstanding recognition, proficiency and horsepower of Michigan law firm, Miller Johnson, Joe and the Michigan Growth Advisors team are here to support new and prospective clients, and cater to existing publicly incentivized Miller Johnson clients to bridge the gap between a project’s cost and financial viability.
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About Michigan Growth Advisors
Michigan Growth Advisors, a subsidiary of the award-winning law firm, Miller Johnson, delivers economic incentive solutions available through local, state, and federal programs. With a collaborative approach to incentive procurement, Michigan Growth Advisors proactively identifies and secures public incentives available to meet specific client needs. More information about Michigan Growth Advisors can be found here: https://michigangrowthadvisors.com/