An apartment development, a business incubator and a Brownfield tax capture are three Jackson projects that gained approval from the Michigan Strategic Fund, the Michigan Economic Development Corporation announced today.
“The 200” apartment development and the Lean Rocket Lab business incubator are among ten projects statewide expected to generate more than $95.5 million in total investment and create 918 jobs in Michigan.
“These projects will lead to new business growth, revitalized communities and more and better jobs for our residents. The continued support for entrepreneurial services further demonstrates Michigan’s commitment to high-tech startups in the state’s entrepreneurial landscape,” said Jeff Mason, CEO of MEDC, the state’s chief marketing and business attraction arm that administers programs and performs due diligence on behalf of the MSF.
“These investments are the result of vital long-term relationships with public and private partners, and we’re pleased to be a part of the collaboration to bring today’s projects to fruition,” he said.
Jackson Downtown Partners, LLC plans to redevelop a vacant, former industrial site in the heart of downtown Jackson into a mixed-use building. The project, at the corner of Jackson and Glick, will include new construction of a four-story, mixed-use building known as “The 200.” When completed, the project will consist of 86 market-rate residential apartments on the upper three stories and a portion of the first floor, and commercial rental space on the first floor. The project is located in the downtown Jackson Smart Energy District and is designed and will be built using strategies aimed at improving performance in energy savings, water efficiency, carbon dioxide emissions reduction and more. The project is expected to generate a total capital investment of $13.5 million and create nine full-time equivalent jobs, resulting in a $3 million MCRP performance-based loan participation.
MSF also approved $757,679 in local and school tax capture for the City of Jackson Brownfield Redevelopment Authority to alleviate brownfield conditions at the site.
At a groundbreaking event last fall, developers announced construction would begin in Spring, 2019.
In addition, the Michigan Strategic Fund approved projects that are aimed at supporting Michigan’s high-tech startups and business incubators around Michigan.
The MSF awarded $150,000 to the Enterprise Group of Jackson to be used to support the Lean Rocket Lab. The Enterprise Group applied for a Gateway grant which will help the Lean Rocket Lab develop programming at the business accelerator. The Lean Rocket Lab is a business incubator and co-working space that opened in December 2018 in the former Swan Creek Candle Store space on Michigan Avenue. The Lab is a collaborative workspace consisting of entrepreneurs, advanced educational programming, business resources, and access to various stages of capital.
The grant is designed to fund business incubator services to early-stage technology companies and institutions for commercializing competitive-edge technologies.