A downtown East Lansing, Michigan, redevelopment project is moving forward after developers backed away from the project, a report by the Lansing State Journal says. Mayor Mark Meadows and Harbor Bay Real Estate Advisors, Chicago, signed the master development agreement Nov. 7.
Preparations to demolish the brownfield site will be finalized within the next few weeks, the report says. East Lansing City Council approved the project’s site plan, brownfield plan and development agreement in June. The Michigan Strategic Fund Board approved of the $53 million brownfield plan in September.
Developer Mark Bell contacted Mayor Pro Tem Ruth Beier Oct. 20 to say he was backing away from the project since the company was unable to meet city specifications. The report says the company could not acquire a performance bond previously agreed upon and the city would have to pay to either restore the area or finish development.
The project includes a 12-story apartment building with a small-scale Target store on the first floor. The report says a 10-story building will also be constructed on City Lot 1 behind the complex and will house retail space, parking and a give story apartment complex for tenants 55 years old or older. The project will cost $125 million to complete.
The report says the project is set to create 400 to 500 construction jobs and 100 to 125 permanent jobs.
City Lot 1 will close Monday morning, the report says, and predemolition work will last for the remainder of the week. Demolition is scheduled to begin the week of Nov. 20.
Preparations to demolish the brownfield site will be finalized within the next few weeks, the report says. East Lansing City Council approved the project’s site plan, brownfield plan and development agreement in June. The Michigan Strategic Fund Board approved of the $53 million brownfield plan in September.
Developer Mark Bell contacted Mayor Pro Tem Ruth Beier Oct. 20 to say he was backing away from the project since the company was unable to meet city specifications. The report says the company could not acquire a performance bond previously agreed upon and the city would have to pay to either restore the area or finish development.
The project includes a 12-story apartment building with a small-scale Target store on the first floor. The report says a 10-story building will also be constructed on City Lot 1 behind the complex and will house retail space, parking and a give story apartment complex for tenants 55 years old or older. The project will cost $125 million to complete.
The report says the project is set to create 400 to 500 construction jobs and 100 to 125 permanent jobs.
City Lot 1 will close Monday morning, the report says, and predemolition work will last for the remainder of the week. Demolition is scheduled to begin the week of Nov. 20.
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