Construction begins on Old Town Temple Building
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.