PROJECT GETS STATE FINANCIAL SUPPORT
Downtown site 1 of 8 tabbed by Michigan to receive revitalization funding
A major downtown Alma redevelopment project is one of eight in the state that is getting financial assistance from the Michigan Strategic Fund.
According to a press release from Gov. Gretchen Whitmer’s office, the projects in Alma, Taylor, Marquette, Hancock, Flint, Muskegon, Petoskey and Wyandotte will include the redevelopment or renovation of underutilized properties to build affordable housing, create commercial space and remove blight. Combined they are expected to lead to the creation or retention of 421 jobs and generate nearly $203 million in investment in the state.
“The projects will bring good jobs to Michigan residents, support vibrant communities, help increase growth opportunities for small businesses and boost our talent pipeline in strategic industries,” said Michigan Economic Development Corp. CEO Quentin Messer Jr., who is also president and chairman of the Michigan Strategic Fund. “Today’s MSF actions demonstrate our ongoing commitment to ensuring our work is making an impact no matter where our friends and neighbors reside across both peninsulas.”
The Alma project has been in the planning stages for several years. It’s located at 120, 118 and 116 E. Superior St., and owned by attorney’s Nancy Gallagher and partner Zack Everitt.
One of the structures houses their law office, while the other two previously were the home of the Highland Blush, which relocated, and Cardboard Addiction, a sports memorabilia business that closed several years ago.
When complete the redevelopment project, known as the Highland Lofts, will include the construction of 14 residential units and two storefronts.
The two-story historic buildings, totaling 20,700 square feet, were built between 1880 and 1917.
Total investment in the project is pegged at $4.2 million and create four full-time jobs.
The property is part of the Alma Downtown Historic District, which is listed on the National Register of Historic Places.
The project has been reviewed by the Michigan State Historic Preservation Office, which has
determined the design conforms to the federal Secretary of the Interior ‘s standards for rehabilitating historic buildings.
The Gratiot County Brownfield Redevelopment Authority has received Michigan Strategic Fund approval of $374,689 in state tax capture for reimbursement for cleanup activities at the site. The city of Alma is supporting the project with the approval of a 12-year Obsolete Properties Rehabilitation Act tax abatement valued at $275,751.
The Brownfield Authority has also approved an additional local tax capture of $312,018 to support the redevelopment.