Michigan Strategic Fund OKs hotel, research center
(The Center Square) – The Michigan Strategic Fund approved projects expected to create 1,000 jobs, more housing, and a new research center.
The projects total to about $232 million.
“Through investing in our communities from Detroit to Petoskey, we are strengthening Michigan’s economy by setting up our communities for success,” Gov. Gretchen Whitmer said in a statement. “These projects have the potential to transform spaces and people through the opportunities they provide, underscoring our commitment to ensure that everyone can ‘Make It in Michigan’ and our state thrives for years to come.”
The Michigan Strategic Fund board approved a Transformational Brownfield Plan for a Henry Ford Health academic health care and Detroit Pistons shared campus in Detroit.
Henry Ford Health, Michigan State University and Pistons Sports & Entertainment, LLC requested approval of a TBP incentive package alongside the city of Detroit Brownfield Redevelopment Authority valued at more than $231.7 million.
The new construction includes a six-story parking garage, an eight-story medical research center, renovation of the One Ford Place office building into a mixed-use building, and new construction of two, six-story, mixed-use buildings containing residential and commercial space.
The project expects to create 662 residential units and 735 jobs when completed.
The partners released a joint statement welcoming the approval and said they would deliver “the future of healthcare.”
The MSF Board also approved a 30-year Designated Renaissance Zone request to support construction of a new 630,000-square-foot, 25-story, convention-style hotel at the former Joe Louis Arena site in downtown Detroit.
The development is expected to create about 350 new jobs. When completed, it is expected to feature 600 hotel rooms, two restaurants, 50,000 square feet of meeting space, and a lobby bar, market, and fitness center.
A pedestrian bridge will connect the Huntington Place Convention Center to the convention center.
The project is anticipated to commence construction in mid-2024.
Hassan Beydoun, group executive of economic development in the Detroit mayor’s office, said the investment will mean “growth” for the city.
“The investment the Sterling Group is making in Detroit means growth for the city,” Beydoun said in a statement.
Flint and Genesee Group Foundation awarded Strategic Site Readiness Program funds for site preparation at the Advanced Manufacturing District of Genesee County in Mundy Township.
The $9.2 million from the SSRP will support land acquisition, extension of land options, and site and infrastructure development activities
The MSF board also approved money to redevelop the former Michigan Maple Block Factory in Petoskey into an eight-building, 204-unit multifamily development.
The site has since been vacant since 2020. Petoskey received certification as a Redevelopment Ready Community in 2018, a MEDC program to shape a city’s future via planning, zoning, and economic development best practices.
The project will be supported by a $2 million Michigan Community Revitalization Program performance-based loan and state tax capture for activities including lead and asbestos abatement, demolition, preparation, and infrastructure improvements.
Petoskey City Manager Shane Horn welcomed the funding.
“This project converts a vacant, blighted industrial site along the Bear River to much needed housing for Petoskey and Emmet County,” Horn said in a statement.
The project is anticipated to be completed in spring 2026.
