Former Lake Trust Credit Union headquarters in to become 55 multifamily apartments in Lansing
LANSING, Mich. (WILX) - The Michigan Economic Development Corporation (MEDC) announced Tuesday the approval of projects across the state, including a project that will see the former Lake Trust Credit Union headquarters renovated into mixed-used development in downtown Lansing.
501 and 503 S. Capitol, LLC are redeveloping the seven-story vacant office building, as well as an adjacent parking lot in downtown Lansing. The project is intended to transform it into commercial space with 55 new multifamily apartments. In addition, a five-story mixed-use building will be constructed on the vacant parking lot that will include 117 multifamily apartments and commercial space on the first floor.
In total, the projects will generate a capital investment of $49.2 million and create 14 jobs. The tax capture will be used for the reimbursement of brownfield activities at the sites.
Lansing Mayor Andy Schor said the city expects the investment to alleviate some of the need for housing downtown.
“Repurposing the Lake Trust parcel has been an incredibly important revitalization effort in the southern end of our downtown,” Schor said. “Creating new housing, especially by converting former office space, will be tremendous for Lansing as we continue to see a need for more housing downtown. I appreciate the work of everyone at the MEDC and the Lansing Economic Development Corporation to ensure this project kept moving forward.”
The city of Lansing is supporting the projects through the approval of local tax capture valued at a total of $2.6 million.
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