Key Downtown Redevelopment Project Heads to Lansing City Council for Consideration
Capitol Avenue Project Could Take Major Step Forward
LANSING, Mich. – A key redevelopment project situated in the heart of downtown Lansing could be taking a major step forward next week. The brownfield plan for the 500 Block Project, a two-parcel project comprised of properties at 501 S Capitol Avenue and 502 S Washington Avenue will be received by the Lansing City Council for consideration Monday, Sept. 23.
“Repurposing the Lake Trust parcel in the south end of downtown is an important revitalization effort. Creating new housing and business opportunities will be tremendous for Cherry Hill and downtown neighborhoods. We look forward to working on getting this done,” said Andy Schor, Mayor of Lansing.
Earlier this month, the Lansing Brownfield Authority (LBRA) approved Brownfield Plan #77 for the $33.1 million mixed-use project, setting the course consideration by City Council beginning with their Sept. 23 meeting. City Council will determine if the plan will be referred to the Committee on Development and Planning as a next step in the process of approval, which will also include a public hearing.
“The Lansing Brownfield Redevelopment Authority (LBRA) supports this project recognizing the incredible impact it will have in this important area of the City. We look forward to this redevelopment joining other exciting projects now underway throughout Lansing,” said Calvin Jones, Chair of the Lansing Brownfield Redevelopment Authority.
Currently, the two parcels are functionally obsolete, contaminated and mostly unoccupied. The developer, True North Development, will fund related brownfield remediation costs up front as part of the overall project cost, and the brownfield reimbursement will be paid for from the increase in new property taxes to be paid by the developer resulting from the developer’s private investment into the property.
The proposed renovation and new construction project will redevelop the contaminated and functionally obsolete parcels into a mixed-use redevelopment project bringing new residents into the City of Lansing’s core downtown and creating 14 full-time jobs.
Brownfield eligible activity includes the redevelopment of the former Lake Trust building on Capitol Avenue into 23,461 square feet of finished office/commercial space and four floors of new residential with an estimated 44 multifamily apartments and a new mixed-use building along South Capitol Avenue with an estimated 116 multifamily residential apartments and approximately 3,500 square feet commercial space.
Renovation beginning with asbestos abatement and demolition is anticipated to commence in November 2019 with completion of full renovation by fall 2021. Construction of the new mixed-use building is expected to begin by September 2020 and be completed in spring 2022.
The Lansing Economic Area Partnership (LEAP) will present the brownfield plan to City Council on behalf of the Lansing Economic Development Corporation (LEDC). Following public hearings, the brownfield plan is expected to come before City Council for final approval in December.
The Lansing Economic Area Partnership (LEAP) is a coalition of area leaders partnering to build a stronger community for all—working every day to grow, retain and attract business.
Category: Business Development