LANSING, Mich., May 19, 2020 /PRNewswire/ -- With the Michigan Economic Development Corporation's (MEDC) staff recommendation, the Michigan Strategic Fund (MSF) voted today to approve the Brownfield/TIF revised plan for the Red Cedar Development giving a green light to Continental/Ferguson Lansing, LLC to move forward with bonding and full construction of the $256 million mixed-use development. It will feature new multi-generational housing, restaurants, retail and two hotels along the Michigan Avenue corridor connecting Lansing with the region.
According to the MEDC, this plan is consistent with the MEDC Strategic Plan to develop attractive places and activate vacant property and aligns with the City of Lansing, East Lansing and Lansing Township's Corridor Improvement initiative to revitalize the opportunities and investment along the region's most high impact corridor.
The MSF was the final approval needed for the state's portion of the Brownfield/TIF. The Lansing Brownfield Redevelopment Authority (LBRA) approved the local portion of the plan in 2019.
"The Red Cedar development will activate a long-vacant property into a vibrant, attractive mixed-use development that will bring density and vibrancy to a high-impact commercial corridor in Lansing," said MEDC Sr. Vice President of Community Development Michele Wildman. "We're pleased to work with our partners to support this project and look forward to seeing the additional investment it will encourage in the area."
The infrastructure will be completed first with construction for the market-rate apartments and senior living center beginning in late summer. Student housing will be ready for the fall of 2021. Construction for the two dual-brand hotels - Hyatt House and AC Hotel by Marriott is set to begin next year.
"With today's approval from the Michigan Strategic Fund Board, I am thrilled that the Red Cedar Project has now attained all necessary state and local approvals to move forward," said Mayor Schor. "This is positive news, especially with the unforeseen economic hardship that we're experiencing as a result of the COVID-19 pandemic. This continued investment will help drive Lansing forward and is a good sign to others looking to invest in the city."
Frank Kass, Principal, Continental/Ferguson, noted a particular thanks to the City of Lansing, "From Mayor Schor to the City Council to the people of Lansing, they all stuck with us."
Joel Ferguson, Principal, Continental/Ferguson, described the challenges of a project of this magnitude acknowledging: "The leadership and staff at MEDC helped us refine and enhance the Red Cedar project to be a powerful catalyst to a bright future for Lansing and the region."
Christopher Stralkowski, Executive Project Manager for Continental/Ferguson, recognized the hard work of all who contributed to this undertaking, stating: "Instrumental to our success was the dedication and support of Mayor Schor and former Mayor Virg Bernero, along with LEAP, the LBRA, Williamstown Township, all of the citizens participating in numerous community meetings and working closely with City Council members over the past seven years. We especially want to acknowledge and thank the residents for voting for redevelopment along with all past and current administrators who have supported this project. I want to acknowledge our partner Frank Kass, who has been tenacious and deeply committed to this enormous investment towards Lansing's future."
Based upon the 2020 Economic/Fiscal Regional Impact Study conducted by the Anderson Economic Group, they stated that the plan is "one of the most economically impactful mixed-use development projects we have studied."
For more information and the latest updates go to: redcedarfacts.com
Contact: Christopher Stralkowski
o: 517-371-2515 c: 219-898-6667 [email protected]
SOURCE Continental/Ferguson Lansing LLC