[CPEO-BIF] Michigan Avenue, East Lansing, Michigan

[Lenny Siegel <lsiegel@cpeo.org>]

News Release
Michigan Economic Development Corporation
June 29, 2006


Granholm Announces Assistance to Bring Housing and Jobs to Downtown Lansing
Parking Lot to Become Mixed-Use Development, 45 New Jobs

Governor Jennifer M. Granholm today announced the approval of a 
brownfield tax incentive to convert a parking lot in downtown Lansing 
into a mixed-use facility. The project is expected to involve more than 
$12.3 million in private investment and create more than 45 new jobs 
with new housing and private business opportunities. Michigan Economic 
Development Corporation President and CEO James C. Epolito, Lansing 
Mayor Virg Bernero and developer Pat Gillespie participated in an 
announcement event in Lansing this morning.

"When the state invests in projects like this, it is investing in the 
growth of Michigan," Granholm said.  "This project will help connect the 
Lansing's central business district with the rest of Michigan Avenue and 
bring businesses and jobs to downtown."

Stadium District Partners LLC, a Gillespie Group company, will utilize a 
$1 million brownfield Single Business Tax credit to transform the 
property on Michigan Avenue between Larch and Cedar streets into a 
mixed-use, four-story building to include 25,000 square feet of retail 
space on the first floor and 11,000 square feet of office space on the 
second floor. The third floor will consist of 18 luxury apartment units 
and the fourth 36 loft condominiums. Space for customer and resident 
parking will be included behind the building.

"It's great to see this happening here in Lansing," MEDC President and 
CEO James C. Epolito said. "The highly visible location across from 
Oldsmobile Park will make it a catalyst for further development and 
housing opportunities in the heart of the city."

"We are thrilled to see the Stadium District project moving forward," 
said Mayor Bernero. "This is a major cornerstone of our efforts to 
revitalize the Michigan Avenue corridor and transform downtown Lansing 
into Michigan's downtown."

"I'm very excited about the opportunity this project provides for 
Lansing," Gillespie Group President Pat Gillespie said. "I've known all 
along that Stadium District could be the catalyst for other great 
projects in the city.  Without the brownfield assistance provided by the 
MEDC, I don't know if this project would be happening."

In her 2006 State of the State address, Granholm emphasized the 
importance of making Michigan a global economic powerhouse in the 21st 
century. Since January 2005, the Governor and the MEDC have announced 
the creation or retention of more than 89,000 jobs as a result of 
targeted assistance provided by the MEDC.

The Michigan Economic Development Corporation, a partnership between the 
state and local communities, promotes smart economic growth by 
developing strategies and providing services to create and retain good 
jobs and a high quality of life. For more information on the Michigan 
Economic Development Corporation's initiatives and programs, visit the 
Web site at www.michigan.org.


For the original press release, go to
http://www.michigan.org/medc/news/combo.asp?ContentId=4E313460-B0E4-41D2-8464-E9E69015F4A0


--


Lenny Siegel
Director, Center for Public Environmental Oversight
c/o PSC, 278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org


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