Vacant “Oliver Towers” Building Set To Move Forward
Approval by Michigan Strategic Fund Board Positions $8M Mixed-use Development To Commence
LANSING, Mich. – Just a short block from the state Capitol building, the City of Lansing and representatives from the Lansing Economic Area Partnership (LEAP), today celebrated a major step forward in redeveloping the long vacant Oliver Towers building. Located at 310 N Seymour Ave., Oliver Towers has been recognized as a blighted property for nearly twenty years after a fire in 2000 damaged most of the structure.
“This project will transform a blighted, burned out building in the heart of our downtown into a new residential development,” said Lansing Mayor Virg Bernero. “With its proximity to the campus of Lansing Community College and the State Capitol, Oliver Towers will be an asset that brings people downtown to live, work, and play.”
Oliver Towers was purchased by the Eyde Company and approved for redevelopment by the Lansing City Council in 2015. Following the sale and approval, the developer discovered the cost of environmental remediation to be significantly more than expected, prompting the need to pursue additional funding from the State of Michigan through the Michigan Strategic Fund (MSF). Tuesday’s MSF Board approval has now positioned the project to move forward.
“The George F. Eyde Family, LLC is excited to commence the restoration of another important component of our Downtown and is another successful example of cooperation and collaboration – without which this project would never occur,” said Mark Clouse, CFO & General Counsel for The Eyde Company. “Our thanks to the MEDC Board and Staff, the City of Lansing, LEAP, and the LEDC.”
The Eyde Company will invest $8 million to rehabilitate Oliver Towers into a mixed-use development. The first floor will include approximatley 4,500 sq ft of office and retail space, and the second through eighth floors will include 103 residential ‘micro style units’ designed with the assistance of the Italian Architectural firm Barberini & Gunnell. The project is expected to create 10 new FTE jobs.
In addition to MSF funding, the project was previously approved for a 7-year Obsolete Property Rehabilitation Act (OPRA) tax abatement by the Lansing Brownfield Redevelopment Authority and Lansing City Council in 2015. The OPRA development incentive provides a reduction in the new property taxes created by the Developer’s investment into the property.
“I’m thrilled that the Oliver Towers renovation is moving forward, and I’m eager to welcome a fresh new set of options to the downtown core,” said Bob Trezise, President and CEO of LEAP. “Soon we’ll have a modern and active building where the crumbled decaying Oliver Towers structure once stood. This is the kind of project that helps to change the way downtown looks and feels. The kind of project that invites and keeps talent and businesses in the city.”
The project will begin with interior tear-out and environmental remediation in the coming weeks and the project is slated for completion by December 2018.
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About LEAP
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, Press Releases