The city of Holland received support from the state for a new five-story, mixed-use development project in its downtown.
The Michigan Strategic Fund (MSF) of the Michigan Economic Development Corporation (MEDC) on Tuesday approved support for a community revitalization project in Holland that it said will help create a vibrant place that attracts and keeps talent.
The MSF also approved community vitality projects in Detroit and Alma.
“(Tuesday’s) actions by the MSF board continue to lay the path for economic prosperity for Michigan’s residents, businesses and communities,” MEDC CEO Mark Burton said.
In Holland, Towers on River LLC plans to remove a vacant single-story building at 159 S. River Ave. and construct a new five-story, mixed-use development. The building dates to 1883 and has seen a wide array of uses, including commercial. When completed, the development will include retail, commercial office space and residential condominiums.
The project is expected to generate a total capital investment of $26.9 million and create five full-time equivalent jobs. In addition, the project will revitalize a vacant, contaminated property in a location that is strategically situated between the dynamic downtown district, underutilized waterfront and former industrial sites.
The city of Holland Brownfield Redevelopment Authority on Tuesday received MSF approval of a brownfield work plan, including state tax capture of $2,215,901 for the removal of brownfield conditions at the site.
The city of Holland is contributing the local portion of the brownfield tax increment financing (TIF), valued at $2,993,649, and local-only TIF estimated at $108,100. The city of Holland is engaged with MEDC’s Redevelopment Ready Communities program on the project.
“The city is very pleased to participate in the support of this key project,” said Keith Van Beek, Holland city manager. “The Towers on River not only redevelops a key corner in our downtown, but we believe will serve to encourage other development. State support of this project helps Holland continue to be an economic success in West Michigan.”