266 Michigan Ave Kalamazoo, LLC plans to renovate a historic 4-story constructing Proper into a mixed-use enchancment Inside the Haymarket historic district of downmetropolis Kalamazoo. When accomplished, the enterprise will embrace 11 residential models on the greater floorings, with upgrades to the constructing collectively with an elevator and an enhanced façade On the rear of the property. The primary flooring presently homes a longtime restaurant tenant And in addition will embrace space for a second restaurant.
Celebrated right now in an announcement by Governor Gretchen Whitmer who joined the Michigan Financial Development Company (MEDC), the enterprise Is predicted to generate An complete capital funding of $3.5 million and create 5 jobs, Ensuing in a $420,000 Michigan Group Revitalization Program efficiency-based mostly grant accredited by the Michigan Strategic Fund (MSF). The enterprise will rework an underutilized constructing Proper into a vibrant, engaging property, bringing a lot-needed housing shut to a quantity of primary employers. The enterprise May even be anticipated To draw further go toors to the downmetropolis space And efficiency a catalyst For further economic exercise.
The metropolis of Kalamazoo Brownfield Reenchancment Authority has furtherly acquired MSF approval of a brownfield work plan Which will embrace $31,946 in state tax seize reimbursement for the remediation of brownfield circumstances On The state of affairs.
“The Hall Block at 266 East Michigan is the final staying huge historic constructing with three tales of vacant space Inside the Haymarket historic district. We’re excited thOn the Coney Island Scorching Canine restaurant will stay Inside the west bay of the first flooring, the oldest continuously working restaurant in Kalamazoo,” said Kalamazoo Sustainable Development Coordinator Jamie McCarthy. “We’re joyful To current assist by way of a collaboration between the Brownfield Reenchancment Authority, Kalamazoo Downmetropolis Partnership, and Downmetropolis Financial Progress Authority. We significantly respect this funding by the developer and the Michigan Strategic Fund Which might contribute To creating downmetropolis An unimaginable place to stay, work, and go to.”
The metropolis is assisting the enterprise with the approval of the native portion of the brownfield work plan, and the Downmetropolis Financial Progress Authority is approving 20-yr tax increment financing valued at $163,974. The metropolis of Kalamazoo is licensed with MEDC’s Reenchancment Ready Communities program.