Author: rm-admin
FOR IMMEDIATE RELEASE
MAY 5, 2021
LANSING , Mich. – In the middle of a charming neighborhood in Ludington, a massive brick building has sat vacant at 801 North Rowe Street for many years. Built in 1892, it is a physical monument to the manufacturing legacy of the region. The building begins a new chapter this week, as construction starts on a $14-million renovation.
Several years in the making, the project will convert the 45,000-square-foot, open factory space into 65 stylish apartments and 750 square feet of commercial space. The apartments will have high ceilings; large, arched, historic windows; granite countertops; stainless steel appliances; and will retain many of the unique characteristics of this 129-year-old building.
“This project has been a labor of love,” said Marilyn Crowley of Michigan Community Capital, the project developer. “We can’t wait to see new life come to this important historic building. This project would not have been possible without the significant support from the community.”
As early as 1904, the building housed a variety of wood-based product manufacturing such as typeset for printing presses, a popular board game Carrom, and a revolutionary product called Haskelite invented by a Ludington local, Henry Haskell. This waterproof, moldable plywood product was used in making canoes, automobile and bus roofs, airplanes and other modern products of the 1920s. The building’s manufacturing history qualified the property to be listed on the National Register of Historic Places.
The old, yet sturdy exterior will contrast beautifully with modern building amenities including an elevator, electronic key access, building-wide security cameras, community room and fitness room with free wi-fi, in-unit washer/dryers and energy efficient appliances.
“This is an exciting moment that belongs to our community,” said Monica Schuyler from the Pennies from Heaven Foundation. “As a community, we all worked to support this effort to revitalize this beautiful and unique piece of our history to become a beautiful place to live, meeting a huge need in our region, and continuing this building’s legacy for years to come. I could not be prouder of our community.”
The Pennies from Heaven Foundation has been a significant supporter and funder of the project. The organization provided $1 million of grant money specifically for creation of middle-income housing units and neighborhood revitalization.
Local couple, Ron and Dawn Sarto, also supported the goal of creating housing by donating the property to Michigan Community Capital in 2019.
“The City of Ludington is grateful to everyone involved from the beginning of this project. Adding more housing units has been a long-standing need, not just in Ludington, but throughout the county,” said the honorable Steve Miller, Mayor of the City of Ludington. “We’re very much looking forward to seeing the completion of this project and the others that will be following, as they signal positive growth in our community.”
The City of Ludington approved an Obsolete Property Rehabilitation Abatement as well as an adaptive reuse ordinance to encourage this historic redevelopment. In addition, the City sold the property adjacent to the development and will relocate their maintenance and storage barns to provide room for resident parking.
The Mason County Board of Commissioners and the City of Ludington approved a brownfield plan that will reimburse the project for brownfield-eligible activities, such as lead and asbestos abatement and installation of a vapor mitigation system. This has helped offset the cost of redeveloping the vacant, functionally obsolete, blighted property. This plan was supported by the Michigan Department of Environment, Great Lakes, and Energy (EGLE) as well as the Michigan Economic Development Corporation (MEDC).
The Michigan Strategic Fund approved a $2-million Community Development Block Grant to eliminate blight through historic preservation, as well as Ludington’s first federal historic tax credit coordinated by the Michigan State Office of Historic Preservation.
“The Lofts on Rowe project is rehabilitating the historically significant former Haskell Manufacturing Company Building into a unique and vibrant year-round affordable housing option for key segments of the workforce in Ludington,” said Michele Wildman, Senior Vice President of Community Development at the Michigan Economic Development Corporation. “The MEDC is committed to supporting transformative projects that honor our history and help create vibrant, resilient communities, while supporting our strong economic recovery statewide. We are pleased to collaborate with Michigan Community Capital and our local partners on this project, which will help make Ludington an even more attractive place to live, work, visit, and play.”
The historic designation of the property allows for access of federal historic tax credits for 20 percent of the rehabilitation costs. PNC Bank is the tax credit investor for this project.
“PNC Bank is proud to help revitalize this historic building,” said Sean Welsh, PNC Regional President for West Michigan. “This project is consistent with PNC’s long-term support of neighborhood revitalization, education and economic development in the communities we serve.”
Westshore Bank is funding the project with a $6.3-million loan as well as bridge loans for the Community Development Block Grant and the historic tax credit. It was important to this local bank to support housing in the region.
“We are excited about what Lofts on Rowe means for the Ludington area,” said Bobby Fisher, Vice-President-Commercial Loan Officer at Westshore Bank. “Recognition needs to be given to Michigan Community Capital and the City of Ludington for seeing and executing the vision for this project. We are truly grateful to be a part of it and look forward to seeing its impact.”
“MCC is thrilled to be part of a huge effort by this community to bring in badly needed housing for year-round residents working in Ludington and to save this great historic resource for generations to come,” said Eric Hanna, President and CEO of Michigan Community Capital. “This project organically evolved from partnerships with local stakeholders and business owners with the city, county, state, federal historic tax credits and even local community banks; everyone seemed to align to overcome lots of obstacles and solve problems. After over a year of work, it’s so satisfying to watch the project moving forward.”
Residential leasing for Lofts on Rowe is anticipated to begin in spring 2023. Apartments will be priced between $750 and $1,300 per month with studio, one-bedroom, two-bedroom and three-bedroom units available.
For more information about this project, apartments or leasing the commercial space, and to view the project’s groundbreaking video, please visit loftsonrowe.com.
Michigan Community Capital (MCC) is a non-profit diversified Public Private Partnership that supports the mission of the Michigan Economic Development Corporation (MEDC) and the Michigan State Housing Development Authority (MSHDA) by aggregating capital and facilitating the financing and development of low-income and attainable housing and the redevelopment of complex brownfield sites within the State of Michigan. MCC is a US Treasury certified Community Development Financial Institution (CDFI) and a certified Community Development Entity (CDE). MCC has successfully attracted federal New Market Tax Credits, supported over $900 million in project financing and helped to create over 750 housing units and over 950,000-square-feet of commercial, retail and industrial space to facilitate job creation and expansion. MCC provides products in four key pillars: housing equity, bridge and gap lending, New Market Tax Credits and property insurance for Low Income Housing Tax Credit projects. For more information on MCC visit michigancommunitycapital.org.
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LANSING, Mich. – Hudsonville Creamery and Ice Cream Company, LLC will continue facility expansions with assistance from a New Market Tax Credit (NMTC) allocation from Michigan Community Capital (MCC). The project will further upgrade manufacturing capabilities in Holland, Michigan which includes building a new cold storage facility and adding a new production line. The expansion, which will take place this year, will create an additional 40,000 square feet of renovated manufacturing space and is anticipated to create 41 living-wage jobs.
“The continued evolution of Hudsonville Ice Cream’s production facilities in Holland represents our commitment to the West Michigan community, with opportunities to hire local talent and partner with neighboring farms and businesses,” said Kevin Phillips, chief financial officer of Hudsonville Ice Cream. “We have proudly called the West Michigan region home for 95 years, and our facility expansions enable us to continue producing a variety of ice cream products while expanding our distribution throughout Michigan, the Midwest and beyond.”
New Market Tax Credits are a federal subsidy tool administered by the U.S Department of Treasury designed to attract capital to projects that support low- and moderate-income households and communities. MCC is the only Community Development Entity (CDE) that deploys this resource entirely in the State of Michigan. Since the organization’s formation in 2004, MCC has secured a total of $255 million dollars in tax credit allocation through competitive rounds to support Michigan businesses and communities. MCC uses NMTC’s to support job creation, access to healthy food, and mixed-use projects, including mixed-income housing and commercial businesses that benefit low-income households.
This project takes place in a census tract where 34.8% of the population falls below the poverty line. The creation of 41 new jobs that include benefits such as healthcare, retirement, and paid time off will greatly benefit the families of these new workers.
The project will have a significant positive impact on the surrounding community beyond just the direct job creation. Hudsonville Ice Cream prefers to purchase from Michigan suppliers whenever possible, with the expanded facilities expected to increase annual milk and cream demand at the facility by tens of millions of pounds, with much of the anticipated purchasing to come from local dairy farms.
“The success of any business starts with a recognition that its employees are among its most valuable assets. Hudsonville’s commitment to living wages and benefits, its origins as a local dairy co-operative and its dedication and track record of giving back to the community are deserving of the support that MCC provided to this project,” said Eric Hanna, president and CEO of Michigan Community Capital. “This expansion is a great example of cooperation between the public and private sector that benefits everyone involved.”
PNC Bank will provide a $12.6 million dollar loan as well as an investment in the New Market Tax Credits.
“We are pleased to collaborate once again with Michigan Community Capital on this important transaction and look forward to broadening our relationship in the future,” said Jonathan Swigert, vice president and New Market Tax Credit originator for PNC Bank. “PNC is proud to be part of the economic development that will stem from Hudsonville’s continued expansion.”
For more information on this project and other New Market Tax Credit projects, visit michigancommunitycapital.org.
About Hudsonville Creamery and Ice Cream Company, LLC
Hudsonville Ice Cream has been making moments sweeter with delicious ice cream for 95 years. Headquartered in Holland, Michigan, and serving more than a dozen states, this family-owned and operated company has revolutionized how ice cream is made by building the most progressive ice cream manufacturing facility in the country to produce the creamiest, best tasting ice cream meant for any occasion. Hudsonville Ice Cream combines time-tested recipes with the freshest ingredients, including dairy from local farms, to make favorite flavors people know and love, while creating seasonal Limited Editions and unique small batch flavors with local partners. Learn more at www.hudsonvilleicecream.com.
About PNC Bank
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
About Michigan Community Capital
Michigan Community Capital, “MCC,” is a Lansing, Michigan-based private non-profit, a 501 (c)3 public charity, a Community Development Entity, and a U.S. Treasury licensed Community Development Finance Institution. MCC focuses on public-private partnerships to complete projects that the private sector would not pursue. Over its 14-year history, the company has completed 25 projects utilizing $203M in Federal New Market Tax Credit allocation and has worked to finance the development of over 290 units of rental housing, addressing a continuously expanding gap called the “Missing Middle”. MCC is a supporting organization to the Michigan Economic Development Corporation and the Michigan State Housing Development Authority and works with a number of local, regional, and national banks to drive investment into underserved markets in the State of Michigan. For more information on Michigan Community Capital, visit michigancommunitycapital.org.
LANSING, Mich. – After nearly a decade of sitting vacant and blighted, The Temple is breaking ground.
This project will redevelop a key block in Lansing’s vibrant Old Town District. The property was bought by Michigan Community Capital, a 501 (c) 3 non-profit, in February 2019 with plans to infill the large building interior with four floors of apartments above commercial space. This rehabilitation will be faithful to the rich history of the building while bringing new life to the space. The stunning arched window openings will be highlighted, and the original stained-glass windows will be repurposed into art throughout the building. Once complete, this $10.5-million-dollar investment will create 31 apartments, 3,000 square feet of office space and a 960-square-foot commercial suite.
“Old Town is so excited to have Michigan Community Capital taking on this project. The investment into the neighborhood will be a tremendous support of an already outstanding area. We look forward to welcoming the businesses and new residents who will call this property home,” said Ben Dowd, Old Town Commercial Association Board President.
“Projects like this can only happen with immense public-private partnership. The City of Lansing and the Lansing Economic Area Partnership (LEAP) showcased their Redevelopment Ready Community® status with proactive planning and zoning, easy to follow processes and use of vital economic development tools,” said Marilyn Crowley of Michigan Community Capital.
A Brownfield tax increment financing plan will reimburse the project for eligible expenses such as lead and asbestos abatement, interior demolition, site preparation and public infrastructure improvements. The Lansing Brownfield Redevelopment Authority also approved a $250,000 low-interest loan.
“I’m thrilled that the renovation of the iconic Temple Building in Old Town Lansing has begun. This project will reuse the building for new housing options and commercial space, bridging Old Town and Northtown, creating an even more vibrant commercial and residential district,” said Lansing Mayor Andy Schor. “I appreciate the work of all the crucial partners to get this done, including Michigan Community Capital team, the Lansing Brownfield Redevelopment Authority, and the many others.”
Kincaid Building Group is the General Contractor for the project. Renovations are expected to take 16 months with a target opening in the Spring of 2022.
Ryan Kincaid, Owner of Kincaid Building Group had the following to say: “History in the making! It has been +15 long years since we first looked at reconstructing the Temple building. This iconic building has been the center of attention for both local and state development agencies, individuals, and developers for a very long time because of the many positive attributes that this type of redevelopment will bring to Lansing and the old town area. As soon as Michigan Community Capital took the reins and called on us, I knew right then that we had the right team that aligned with our core values as a company. Even with a great team this is by no means an easy project, but we are definitely up for the challenge. We are excited and look forward to repurposing another amazing building and property for our community”
IFF, a Community Development Finance Institution, has approved a $3,800,000 loan with terms that are more flexible than a traditional lender because the project will bring substantial investment to a low-income census tract.
“Michigan Community Capital is such a creative resource for community revitalization across the State and IFF is pleased to provide support for the Temple Building renovations.” Said Stephanie Socall, Managing Director of Lending for IFF. “Leveraging public and nonprofit financing sources in this way results in truly spectacular transformation.”
The Michigan Economic Development Corporation and Michigan Strategic Fund supported the project by providing a $4,800,000 equity investment under the Community Revitalization Program (MCRP). The focus of the MCRP is to encourage and promote structural renovations and redevelopment of brownfield and historic preservation sites located in traditional downtowns and high-impact corridors.
“At MEDC, we are committed to supporting transformative projects that help create vibrant, resilient communities, while supporting our strong economic recovery statewide. The Temple project truly embodies our commitment to innovative placemaking that leads to economic opportunity in our downtown corridors,” said MEDC CEO Mark Burton. “We are pleased to collaborate with Michigan Community Capital and our local partners at the city of Lansing on this project, which will help make Old Town an even more attractive place to live, work, and play.”
For more information about the project, apartments or leasing commercial space, please visit templelansing.com.
*** Michigan Community Capital “MCC” is a Lansing, MI-based private non-profit, a 501 (c)3 public charity, a Community Development Entity, and a U.S. Treasury licensed Community Development Finance Institution. MCC focuses on public-private partnerships to complete projects that the private sector would not pursue. Over its 14-year history, the company has completed 22 projects utilizing $164M in Federal New Market Tax Credit allocation and has worked to finance the development of over 250 units of rental housing, addressing a continuously expanding gap called the “Missing Middle”. MCC is a supporting organization to the Michigan Economic Development Corporation and the Michigan State Housing Development Authority and works with a number of local, regional, and national banks to drive investment into underserved markets in the State of Michigan.