Lansing based Niowave Inc. wants to invest an estimated $200 million into a new facility near Lansing's Capital Regional International Airport.
The move will create more than 100 high-tech jobs including positions for scientists, engineers, and technicians.
Construction of the building is estimated to cost $79 million, while factoring costs of licensing and intellectual property could push the value of the project closer to Niowave's projected $200 million, according to Sara Graham with Lansing Economic Area Partnership.
The expansion comes on the heels of Niowave's 'pole barn' research center which the company opened in Lansing in 2012.
The planned 50,000 square-foot facility is slated for an area dubbed as the 'Next Michigan Development Zone' on land that's part of a PA425 Agreement between the City of Lansing and DeWitt Township.
The project, which would create a facility allowing Niowave to manufacture radio-pharmaceutical products used for medical imaging, testing and treatment, was also awarded a $3 million grant Wednesday from the Michigan Strategic Fund, an arm of the Michigan Economic Development Corporation.
Steve Hilfinger, COO of the MEDC said the project cements Lansing's role in a competitive and lucrative industry.
"Michigan can actually become a global leader, and this kind of core investment will be an anchor to that kind of activity," Hilfinger said.
"It speaks to what Michigan has done to establish itself, not only the business environment, but the talent we have here, and Pure Michigan showing it's a great place to build a company for your employees."
DeWitt Township Manager Rod Taylor said the collaboration between the township and Lansing coupled with cooperation with the Airport Authority, LEAP, and the Port Lansing Next Michigan Development Corporation, will have more than one community reaping the benefits.
"It's great to finally see some positive changes happening down there because of the regional collaboration we've had with Lansing," he said. "More jobs means people are receiving a salary which are spending that salary back in our restaurants, and other establishments."
"Whether you live in Williamston, Mason, East Lansing, or DeWitt... we're all one region and all these successes are successes of the region, not any one community," Taylor said.
Reportedly, Illinois also offered Niowave incentives to build their facility there, but ultimately chose to stay put in Michigan, choosing the location near the airport which will allow the company to more quickly export their products.
A groundbreaking for the facility should happen this coming spring with construction expected to last a few years.
Niowave is planning to hold a press conference Thursday morning to officially announce the project.