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HomeMy WebLinkAbout2022 - Lansing Economic Development Corp Annual Report 'I ..•.qs ,.'�"�� _....nF'• ,�„� � ,it - .f Y ' Annuol mac eport Economic 2022 Development L ,r Andy Schor Mayor, of Lansing y�14 S I Lansing Economic Development LEDCCorporation �tcHI � P� Andy Schor, Mayor Tuble ofContents Page 1 Introduction 2 Board 5 Staff 6 Why Economic Development? ■ 7 Executive Summary 1 - 10 Fagade Program 12 CIA's ; !, 15 2022 Approved Projects 18 2022 Projects _ Underway 23 2022 Completed Projects �- 29 Project Opportunities 31 2023 outlook _ - The Lansing EDC is a nonprofit organization created in 1976 to benefit the businesses and citizens of Lansing. We serve as the bridge between the public and private sectors to create a stronger economy and better community. We have had a long and lasting impact on the city of Lansing. Behind the scenes of many key economic development projects and programs of the last four and a half decades the Lansing EDC has been tirelessly cultivating partnerships, seeking opportunities, building strategies, and managing programs all to positively impact the growth, landscape and people of Lansing. However, there is more to the Lansing EDC than meets the eye. We are also the Lansing Brownfield Redevelopment Authority (Lansing BRA , and the Lansing Tax Increment Finance Authority (Lansing TIFA). The Lansing BRA was created by the City of Lansing in 1997 to use tax increment financing, grants, and loans to redevelop contaminated and functionally obsolete properties in the City. The Lansing TIFA was created by the city in 1981 under the Tax Increment Financing Authority Act. The basic function of the TIFA is to invest in regional public assets that facilitate economic development in downtown Lansing. These three entities give the Lansing EDC the tools to make a difference and change Lansing for the better. Lansing Economic Development Corporation Bourd ofDirectors The Lansing EDC Board of Directors is a diverse and experienced group of professionals who volunteer their time and expertise to oversee, provide guidance, and make decisions that profoundly impact Lansing's economic health and the welfare of its citizens. For practical and efficiency reasons the Lansing EDC Board of Directors also serve as board members on the Lansing BRA and Lansing TIFA boards. The Lansing EDC coordinates the LBRA and TIFA efforts and contracts with the City of Lansing to provide, manage, and administer the programs and services offered by these three respective nonprofit entities. OW 2 2022 Bourd o Directors I IL y 4 Andrea Binoniemi Shelley Davis Boyd Christopher "Blake" Chair Vice-Chair Johnson Financial Professional Chief Strategy Officer Secretary & Benefits Consultant M3 Group Vice President of The Centennial Group Lending MSU Federal Credit Union Calvin Jones Dr.Alane Laws-Barker Brian McGrain Director Government & Obstetrician- Director, Economic Community Relations Gynecologist Development & Lansing Board of Water Light Et Planning, City of Lansing •� rem Michael McKissic Jordan Sutton Catherine Rathbun Mikey 23 Foundation Registered Project Manager Representative MDHHS-Division of Sutton Advisors,PLC Immunization-Michigan Care Improvement All photos courtesy of each Lansing EDC Board Member Registry 3 Welcome New 2023-2024 Bourd Members Chaz Carrillo Insurance Agent David Chapman Agency 4' f Sandra Lupien Director of Mass Timber Michigan State University Thank You Departing Members Thank you to departing board members Andrea Binoneimi (8 years of service), Kimberly Coleman (25 years of service), Tom Donaldson (5 years of service), Blake Johnson (8 years of service). Your expertise and commitment through the years had proven invaluable. Thank you for your service to the Lansing EDC board. All photos courtesy of each Lansing EDC Board Member 4 Staff Karl Dorshimer z President • • CEO Kris Klein Vice F ' President Brandy Standler Yj `` yFN d9/it i� Operations • • • - y} Aurelius Christian Corridor • • Commercial SimonDevelopment Specialist - • - - Why Economic Development Is Good for LonsingF Developing Businesses Attracting and growing businesses strengthens our economy by providing locally produced goods and services. Strong businesses pay taxes supporting vital Develop services such as schools, roads, fire departments, and first responders. Businesses Businesses also provide jobs that put money in people's pockets and elevates the quality of life for employees and business owners alike. The impact of local businesses extends beyond the workers they employ; businesses support other local businesses by purchasing goods and services they need to operate, and their workers invest back into the local economy. Money changes hands many times as it flows through the local economy and creates more overall prosperity that is enjoyed by all Lansing citizens. Economic development also fosters the entrepreneurial spirit that resides in our creative and ambitious citizens. By providing access to loans, grants and expert advice, new startup companies can Redevelop be created to help assure Lansing's economy stays innovative and diverse. Properties Redeveloping Properties There is more to economic development than growing businesses, putting vacant or abandoned buildings and land back into productive use is another major function of economic development. This helps attract both businesses and residents into urban areas where sewer, water, and other services are already present. Urban redevelopment reduces the impact of blight and environmental contamination while also preserving farmland and green space. Address Addressing Economic Inequalities Economic Inequalities Economic development can also address systemic inequities by expanding economic opportunities for low-income people and communities that are primarily Black, Indigenous and people of color (BIPOC). This includes increasing successful entrepreneurship and small-business ownership among historically underrepresented populations and partnering with the public and private sectors to increase job training and educational opportunities for previously disenfranchised city residents. Matte Making Lansing a Better Place Lansing a Better Place Communities that provide quality jobs and great places to live and work are a magnet for people of all ages and backgrounds. As a result, these places have a sturdy foundation and strong future; building that foundation and planning for that future is the primary goal of the Lansing Economic Development 99 Corporation. 6 Executive Summory With the ending of the Lansing EDC Contract with LEAP on June 30,2022, the Lansing EDC began providing economic development services exclusively to the City on July 1,2022. The Lansing EDC has new offices located in downtown Lansing. With a staff of five fulltime professionals, the Lansing EDC's mission is to make Lansing a better place for everyone. The Lansing EDC accomplishes this by attracting and growing businesses, redeveloping properties and using public/private partnerships. The Lansing EDC also manages the Lansing Brownfield Redevelopment Authority (LBRA) and the Lansing Tax Increment Finance Authority (TIFA). Each of these entities allows access to various grant, loan and financing tools. This includes the Lansing EDC Business Finance Assistance Loan Program, which approved S186,500 in funding support to 3 new businesses in 2022,with total investment in these projects estimated at over S1.7 million and plans to create 17 new jobs. The Lansing EDC was also able to secure a S1,000,000 Brownfield Redevelopment Grant from the Michigan Department of Environment, Great Lakes, and Energy (EGLE) to address environmental contamination at the future site of Stadium North Lofts/Senior Lofts. The LBRA's Local Brownfield Revolving Fund (LBRF) continues to help promote redevelopment efforts at sites throughout the City of Lansing by assisting with activities such as environmental assessments and redevelopment planning. In 2022, the LBRF supported nearly S140,000 in pre-development and assessment activities at 11 sites. The City and Lansing EDC has also targeted four commercial corridors throughout the city to focus special redevelopment efforts. These Corridor Improvement Authorities are the Michigan Avenue Corridor Improvement Authority (MACIA), Saginaw Street Corridor Improvement Authority (SSCIA), South Martin Luther King Jr. Blvd. Corridor Improvement Authority (SMLKCIA) and the Lansing Gateway Corridor Improvement Authority. Throughout the course of 2022, significant progress was made by the Corridor Improvement Authorities. As a part of the City of Lansing's American Rescue Plan Act (ARPA) allocation, Mayor Schor allocated S100,000 to each of the Corridor Improvement Authorities to provide resources to jumpstart project implementation along the targeted commercial corridors. The S.MLK CIA,with assistance from the Lansing EDC staff, made great strides by adopting its Development & Finance Plan and preparing it to be approved by the City Council by the end of the year. The MACIA continued the implementation of their Development B Finance Plan to further efforts of corridor revitalization. The MACIA along with the City of Lansing, and the Capital Region Community Foundation, are funding fagade improvements of all the businesses on the entire north side of the 2000 block of E. Michigan Avenue to create a cohesive refresh. The Lansing Gateway CIA took steps to begin formulation of its board and will work diligently to have their Development B Finance Plan approved in 2023. 7 Executive Summory (cont.) The revitalization of the Saginaw corridor has begun to generate momentum with the acquisition of key vacant properties. Moneyball Sportswear, a homegrown athletic apparel company,will consolidate their locations in neighboring municipalities and locate their headquarters at 923- 927 W. Saginaw Street. The Park Furniture building, along with the property at 1001 W. Saginaw Street (neighboring the new location of Moneyball Sportswear,was acquired and will be home to the operations of DRM International Learning Center, a workforce development company in the healthcare industry. The need and demand for equitable development has never been greater. By using key findings from the Mayor's Racial Justice Equity Alliance (MRJEA) report, the Lansing EDC has begun the development of critical programs that will push Lansing forward to a place of shared prosperity and economic resilience. These funds will be used to support BIPOC entrepreneurs to start and expand businesses in the City of Lansing, reduce ALICE households in city,workforce development and provide the training and resources to enable community development. On July 25th, Lansing City Council approved the allocation of S2 million of ARPA funds to the Lansing Equitable Economic Development (LEED) Initiative. The initiative is planning to begin rolling out the programs in early 2023. The Lansing EDC is involved with economic development projects that start out as a plan, idea or strategy, and then with help from Lansing EDC staff they become a solid prospect that flourishes into an economic development project. By working with our local and state partners, the LEDC staff identifies potential financial tools or incentives that can help the project overcome economic obstacles. Lansing EDC staff then assist prospects through the approval process and sets them up to start their ventures. Once the economic project starts,the Lansing EDC monitors its progress and continues to assist as opportunities arise. Upon project completion the Lansing EDC audits the projects to ensure that commitments and promises made to the City have been met and the project is a success both for the private and public stakeholders. For the year 2022,the Lansing EDC was able to get 15 projects from the Prospect to the Approved stage. These projects represent nearly S3.3 billion in new investment in Lansing and are now ready to start construction or are already underway. Notable Projects Approved in 2022 • 2130 W. Holmes Redevelopment Project: Multi-Family Residential and Commercial • 700 May St./The Cottages: Multi-Family Residential • Stadium North Lofts/Senior Lofts: Multi-Family Residential • Ultium Cells/General Motors: Business Retention and Expansion • Neogen Corporation: Business Retention and Expansion • Moneyball Sportswear: Business Retention and Expansion 8 Executive Summory (cont.) During 2022, the Lansing EDC also had several previously approved projects in either the construction phase or completed. Notable Projects Completed in 2022 • City View, Building #1: Multi-Family Residential • Temple Lofts: Multi-Family Residential and Commercial • 637 E. Michigan Ave. (Former Clara's) Redevelopment: Business Development Notable Projects Underway in 2022 • Red Cedar Development: Multi-Family Residential and Commercial • Lansing Shuffleboard and Social Club: Business Development • City View, Building #2: Multi-Family Residential • Hall 224 Live Music and Event Venue: Business Development • Grand River Skybridge Improvements: Place-Based Development • Holmes Street School Redevelopment: Multi-Family Residential During 2022, the Lansing EDC also administered the Corridor Fagade Program throughout Lansing. This program provides funds and design assistance to commercial property owners and business tenants to make improvements to the front of their buildings. By doing so these properties become more attractive and valuable and better at attracting customers and businesses. 16 businesses were awarded grants to help make improvements to the exterior of their business and overall enhance the aesthetic of commercial corridors throughout the City of Lansing. In total, S177,810 was awarded to businesses,which spurred 5635,833 in private investment. Overall, 2022 was a challenging but good year for the Lansing EDC. The year ended strong with the reemergence of the Lansing EDC as an organization with staff of its own focused directly on Lansing businesses and residents. There are many potential new projects in our pipeline and our programs are primed and ready to have a big impact on Lansing. With our focus on Corridor Improvement Authorities and Building Fagade Improvements our impact will reach throughout the entirety of Lansing. Additionally, the Lansing Equitable Economic Development (LEED) initiative will ensure the BIPOC (Black, Indigenous, People of Color) populations of Lansing have the tools, opportunities, and access to expertise, resources, and training needed to start and sustain successful businesses, and to participate in the economic development process. The Lansing EDC is prepared and ready to make Lansing to a better place for everyone in 2023. 9 cITY of LANSINO FACADE IMPROVEMENT PRO GRAM Facade Projects 2018-2022 92018 2020 i' 92021 92022 M • a Edgemcm i Waverly arkEast Lansing L9 VM The City of Lansing Fapade Improvement Program is a grant program designed to enhance the aesthetic of commercial corridors and neighborhood nodes in the City of Lansing. The program provides a 50% matching grant to business and property owners that are making an investment in improving their building's fagade. Improvements include siding, signage, lighting, awnings, masonry, and more. Projects are selected by a Design Committee comprised of local design, building and safety, neighborhood, and business experts. The City of Lansing Fagade Improvement Program was created in 2018. In 2022, 16 projects were awarded with great geographic distribution throughout the City of Lansing. 10 CITY OF LANSING FACADE IMPROVEMENT PROGRAM xh ' 3 AL 1 " 1 1 sell 1 I I 1 1 1 • +ate F _����� IPA ' r III 1 � 1 1 1 s s 1 1 Corridor ImprovementAuthorities aA The City of Lansing has four Corridor Improvement Authorities (CIAs) that are focused on planning and implementing projects that reinvigorate key corridors throughout the City of Lansing. These Authorities are hyper-locally governed by devoted residents and business owners of each respective corridor district. The Lansing EDC provides staff support to assist all four CIAs ensuring compliance with legislative acts, facilitation of monthly meetings, and assistance on a wide array of projects. Over the course of 2022, all four CIAs made great strides toward their unique goals. W MichiganAvenue —� Saginaw Street Noral Grand River Afire(tile Gateway Corfitlor) South Marlin Luther King,Jr, Blvd (Boundaries shown on map are approximate) Lansing Gateway CIA • The Lansing Gateway CIA held its first official meeting. • The Lansing EDC applied for and was awarded a MSU School of Urban and Regional Planning Practicum project where a group of students will focus on analyzing the N. Grand River corridor and identifying development scenarios for three parcels near the airport entrance. • The City of Lansing was selected to host CEDAM Fellow that will increase the capacity of the Lansing Gateway CIA and support the development of the Authority's Development and Finance Plan. 12 Corridor ImprovementAuthorities NL�= ai Michigan Avenue CIA • The Michigan Avenue CIA allocated S50,000 toward a fagade improvement project that includes every storefront on the northern part of the 2000 block of East Michigan Avenue. • The Michigan Avenue CIA was allocated S100,000 by Mayor Andy Schor to fund revitalization efforts along the Michigan Avenue Corridor. • The Michigan Avenue CIA continued to build relationships with businesses along the corridor and plans to create a website to host a directory of businesses on the corridor and assist with promotional efforts. Saginaw Street CIA • The Saginaw Street CIA was allocated S100,000 by Mayor Andy Schor to fund revitalization efforts along the Saginaw Street Corridor. • The Saginaw Street CIA constructed a community input survey to gather feedback from stakeholders to inform the Authority on the best ways to allocate their funds. S.MLK CIA • The S.MLK CIA constructed and had their Development & Finance Plan approved by the Lansing City Council, a momentous step for the progress of the Authority as this allows them to begin capturing revenue to fund projects that lead to corridor revitalization. • The S. MILK CIA identified the Logan Square Shopping Center as a site of focus for the corridor and allocated S10,000 for a consulting firm to produce a redevelopment strategy for the site. • The S.MLK CIA was allocated S100,000 by Mayor Andy Schor to fund revitalization efforts along the S.MLK Boulevard Corridor. A WWI-, 13 Logun - Redevelopment Strutegy The Lansing EDC Site Committee was created to focus on priority sites in the City of Lansing and create strategies for their redevelopment. The key site identified by the committee was the Logan Square Shopping Center on the City's southside. A once bustling shopping center now sits underutilized and antiquated by today's urban planning and design best practices. The Lansing EDC Site Committee decided to seek the specialized expertise of the consulting firms Place + Main Advisors and Archive DS to create a redevelopment strategy for the site. The consultants began gathering and analysis of the market data for the site and the City of Lansing as a whole. Along with the Lansing EDC, the consultants hosted a community conversation to gain insight into the needs and desires of the community. Over 100 people were in attendance including Mayor Andy Schor, many elected officials, and residents from various neighborhoods in the City of Lansing. The consultants will gather the feedback of the community, the market analysis conducted and formulate a redevelopment plan that includes short-, mid-, and long-term implementation steps while developing a proforma to understand the cost and potential funding mechanisms to make the vision a reality. T ti F 1 i L - r 14 Approved Projects Prudden Wheel Lofts Prudden Wheel Lofts is a multi-family residential development looking to add 134 units of workforce housing to address Lansing's housing needs and provide housing for employees of many of Lansing's great employers. The development encompasses an S11.9 million private investment into the rehabilitation of 70,000 square feet of warehouse and office space on the corner of Saginaw St and Prudden St. Looking to add over 200 new workforce residents in Lansing, this project further addresses the need of Lansing employers and promotes local labor. Furthermore, this project targets sustainability objectives outlined in the Living Building Challenge to empower the community through this development. By developing a sustainable environment for the next generation of leaders, this project seeks to retain talent in the city as they grow in their careers. More information can be found here: Living Building Challenge - International Living Future Institute (living-future.org) 00 Stadium North Lofts and Stadium North Senior Lofts The Lansing EDC secured a S1,000,000 Brownfield Redevelopment Grant from the Michigan Department of Environment, Great Lakes, and ,, 9 , Energy (EGLE) to address environmental contamination at the future site of Stadium North rvornc Lofts and Stadium North Senior Lofts. Total investment in this residential development is 4 expected to exceed S33MM and will include two buildings totaling 132 new apartment units in , Downtown Lansing's Stadium District. Site preparation and remediation activities are underway in early 2023 and project completion is anticipated in Spring 2024. P1VorAL 15 Approved Projects Pleasant Grove & Holmes Mixed Use Development The Pleasant Grove & Holmes Mixed Use Development Project will revitalize a long-vacant, contaminated, and obsolete parcel on a strategic corner in Southwest Lansing. The estimated S13.8M investment will include two newly constructed buildings that seeks to bring new residents, create employment opportunities, and provide critical services to the area. The property's redevelopment has been a primary focus of the Southwest Lansing Initiative, first included as a key milestone of the community-driven Southwest Lansing Action Plan and then featured in subsequent visioning sessions, funding requests, studies, and development efforts. Collaboration with residents, business owners and other stakeholders has been the primary driver for the project and helped identify the resources and programming that would best serve the community including healthcare, financial empowerment, education, trades, legal services, and attainable housing options. The project has received several critical local approvals, including adoption of a Brownfield Plan. The development team continues to work diligently with partners and stakeholders to finalize the project and work towards project commencement in the coming year. 1 i y. 16 Approved Projects Moneyball Sportswear Expansion Moneyball Sportswear is well known local business and premier retailer for athletic wear. When Moneyball owner and founder Desmond Ferguson looked for a new headquarters and main retail store location for his expanding business, he wanted to invest back in the community and the 927 W. Saginaw property was the perfect opportunity. The complete renovation and reactivation of this dilapidated and long vacant commercial building in a key commercial focus area along West Saginaw further catalyzes investment in the area by building on recent improvements and new businesses in the 900 block, several of which were supported in part by the City of Lansing Fagade Improvement Program. Furthermore, this project is located in a Neighborhood of Focus within the Saginaw Street Corridor Improvement Authority Development Area (SSCIA) and aligns with the Authority's mission to enhance the corridor by attracting investment in commercial properties and reinvigorating commercial/retail activities. The project is made possible in part by a Brownfield Plan to reimburse a portion of the extraordinary costs of redevelopment of the property, including environmental activities, demolition, and site preparation. The new location for Moneyball Sportswear is expected to open by mid-2023. www.moneyballsportswear.com WIN �aM Wn •rAWWRO �, r v 17 Projects , . , Lansing Shuffleboard & Social Club The Lansing Shuffle project includes a full renovation of the former Lansing City Market building and upgrades to the patio. The food hall at Lansing Shuffle opened in January 2023 and offers a variety of food and drink options from local food entrepreneurs as well as community event space. Full-sized shuffleboard courts and an upgraded patio are coming Spring 2023. This project will serve as a hub for delicious food and unique entertainment and continue the momentum of riverfront activation, adding to the flourishing lifestyle amenities in downtown Lansing. The total project investment is estimated at over S3,000,000. www.lansingshuffle.com General Motors-LG-Ultiurn Plant: The Lansing EDC has a long history of working with GM starting with the Lansing Grand River LGR Assembly Plant in downtown Lansing which led to the Lansing Delta Township Assembly Plant (LDT) which today builds Buick Enclaves and Chevrolet Traverses and employs three thousand workers with a recent annual payroll over S200 million. More recently, GM in partnership with Ultium Cells LLC, and LG Energy brought another great opportunity to the City and Township. GM and Ultium are now building 2.5 million square foot facility adjacent to the LDT Plant to manufacture Electric Vehicle Batteries for use in Electric Powered Vehicles. Ultium will invest S2.5 billion to construct the facility that will be completed in 1 to 2 years. Employment work will ramp up over several years and is expected to generate 1700 jobs at an average yearly wage of S46,000. 18 Projects , , Hall 224 Live Music and Event Venue The transformation of 224 South Washington Square into the Hall 224 live music and event venue is nearing completion. The estimated S1.4 million development plans to open in 2023 and have a capacity of about 600 for general admission and 250 - people for tabled events. The new music venue will help fill the gap that was created with the recent closing of several local live venues and create a home base for local artists as well asMO --- become a destination for artists traveling throughout the state. The venue will host a wide range of music and entertainment genres from jazz to bluegrass, and everything in between. The space will operate year-round and be available to rent for private functions and events. The Lansing EDC supported the project through approval of a business finance assistance program loan, application for a Class C Development District Liquor License, and City of Lansing Fagade Improvement Program Grant Award. www.ha11224.com City Yiew The first phase of the City View project at the site of the former Lake Trust Headquarters (500 S. Capitol Ave.) opened for leasing in November 2022. This adaptive reuse project includes 55 new residential units in downtown Lansing. The second phase of the City View project, which includes a new building with 117 residential units, is well underway and scheduled to be completed in spring 2023. The total investment for this Brownfield Redevelopment Project is estimated at S32,000,000 and will collectively offer 172 new multi-family residential units and 18,000 SF of new office/commercial space in Downtown Lansing and make a stronger connection with REO Town along the S. Washington Corridor. _ .rl• a. � �� �1 1 �► F - =�011 ! U. �R 19 Projects , . , Grand River Skybridge The complete refurbishment of the city owned pedway that provides pedestrian access across the Grand River reopened to the public in February 2023. The Lansing Brownfield Redevelopment Authority was able to leverage private development investment from its Brownfield Revolving Fund to help finance this important public improvement. The update pedway will promote stronger connections across downtown and improve access to several assets such as the river trail, the Lansing Center, and numerous local businesses. oo _ 6-6 Holmes Street School Redevelopment The former Holmes Street School is currently being redeveloped into 47 new residential units with completion expected in 2023. The historic-focused apartment project includes 34 studio and 13 one-bedroom units, several with outdoor patio access, and will incorporate many of the original details of the building in the redevelopment such as high ceilings, large windows, and original terrazzo as well as using reclaimed wood floors. 4 w 20 Projects , , Neogen Expansion A great example of the benefits of a long-term public/private partnership, Neogen Corporation a Lansing based business is expanding once again in Lansing. Neogen is currently building a new 175,000 sq ft. S70 million three story building. This project when finished will create between 60 - 100 new jobs to add to their 600 plus already located in Lansing. Located on E. Shiawassee Street, adjacent to other Neogen facilities the site is adjacent to a railroad track an in an area that has a long history of industrial use. The Lansing BRA used it's Brownfield Revolving Fund (BRF) to conduct an environmental assessment of the site and discovered ethylbenzene, naphthalene and mercury in the soil, fill material consisting of fill sand with pieces of wood, brick, slag, coal, and ethylbenzene associated with an underground storage tank (UST). There are also existing small structures on the site that needed to be demolished, and the entire development site had to be remediated and repaired to support new construction. The brownfield costs were estimated to be S5 million and made the ro ect economically �expansion project j Y challenging for Neogen. However, the City and LBRA were able to make pull the project feasible in Lansing with [inIN11ii� 111 lilts Ma ill the use of LBRA Brownfield financing. The use of Brownfield financing creates a mutually beneficial _ public private partnership with both 04 -` , the City and Neogen benefiting financially from the expansion project. It also continues the long- term relationship between Neogen and Lansing that has kept Neogen investing and growing in the City for over 25 years. 21 Projects Underwoy Red Cedar Redevelopment After nearly three years of construction this 5260,000,000 game changing development on E. Michigan Ave. is nearing completion. The mixed-use development by Conti nental/Ferguson LLC, the Red Cedar project includes 792 beds of student housing, 181 market-rate apartments, two hotels, and a senior housing development with independent assisted living, and memory care living options. The project also includes restaurants including the recently opened Old Bag of Nails Pub and Hooked Books with a coffee and wine bar, over 40,000 square foot retail and commercial space, a public park with a recently dedicated Sue and Jack Davis amphitheater complete with a connection to the Lansing River Trail and MSU. Adjacent to the Red Cedar project is a 20-acre park with trails and water features designed to clean millions of gallons of rainwater runoff currently running into the Red Cedar and Grand rivers, resulting in a cleaner riverfront for the public to walk along, wade in, fish, canoe, and kayak for years to come. The Red Cedar project helps connect the Lansing State Capitol to Michigan State University and adjacent communities along the Michigan Avenue corridor. Long viewed as an important yet under-realized corridor of possibility, this project will serve as a powerful catalyst for new multi-generational housing, vibrant activity, wide- ranging economic impacts, and regional pride. oil 22 Completed Allen Place The Allen Place project in Lansing's Eastside neighborhood was completed in 2022. The 21 units of age-friendly, mixed-income housing were opened to new residents and the onsite integrative services and programming which include an Accelerator Kitchen, Prep and Pack Kitchen, Ingham Community Health Center Clinic, and ELFCO Consignment Grocery became fully operational in 2022. To assist with the development's considerable redevelopment and environmental remediation costs, the LEDC helped secure an Obsolete Properties Rehabilitation Act (OPRA) tax abatement, a S850,000 grant through the Michigan Department of Environment, Great Lakes, and Energy (EGLE), and a City of Lansing Fapade Improvement Program matching grant award. www.allenplace.org r - r � � H 4y 23 Completed Clara's.1637 E. Michigan The S3,100,000 investment to restore an iconic Lansing train station includes nearly 6,000 SF of completely renovated commercial space. The building will be occupied by two new tenants, a recently opened Starbucks community store and Bobcat Bonnies, a Michigan- based restaurant scheduled to open in 2023. In 2020 the Gillespie Group completed the S41.5 million Capital City Market project at the corner of Larch and East Michigan Avenue in Lansing. This award-winning project was made possible by brownfield financing from The Lansing Brownfield Redevelopment Authority, with additional grants from the MEDC and EGLE. The Capital City Market mixed-use project contains a hotel, apartments, and a Meijer grocery store. Because of the great success of the project, the Gillespie Group was able to leverage the private investment into another great redevelopment project. The historic Union Depot building located at 637 East Michigan has been vacant for several years. With the help of the City and LBRA the Gillespie Group will renovate the building to maximize its usable space and turn the property into a multi-tenant destination, with up to three users. A letter of intent has been executed with Starbucks, who would occupy approximately half of the building. A drive-thru configuration will be added on the west side of the building to accommodate Starbucks as an anchor tenant. Outdoor patio space will be offered and improvements within the existing parking area will take place to create a more walkable environment. A public parklet along Michigan Avenue with greenery, and shade features will be added to allow the public a place to stop, rest, and enjoy the surrounding area. The overall investment will go towards maintaining a landmark within the City. r,f r •r.• �.r. �� �, � � `r9 L' i r• _ 24 Completed Projects M AMN Temple Lofts The 510.5 million redevelopment of one of Old Town's most storied buildings opened in December 2022 and includes 31 market-rate apartments, 3,000 square feet of first-floor office space, and 1,000 square feet of first-floor commercial space. Through a partnership with the nonprofit organization Michigan Community Capital (MCC), this long vacant and functionally obsolete property, which has bested several developers in the past, is finally being revitalized. With a two-story parking garage constructed next to the building, this project will shine a light on this iconic building and key gateway between Old Town and the Northtown neighborhood, paving the path for further redevelopment along E. Cesar Chavez Ave. This project was made possible with the support of a Brownfield Plan and an Accelerated Reimbursement Loan approved by the LBRA. The project received MEDC and Michigan Strategic Fund (MSF) approvals in 2020 for equity investment under the Community Revitalization Program (MCRP). sat = } P 25 Status of Recent Projects (2018-22) 19 Approved Completed EanNng Underway cnm°.er°° dgen .1 - -Park - —Waverly- V9 r � l OLD �VrRET7 If NEIGH VHDD9 O 9 9 v Windsor Charter 0 HQ�T Township 26 Brownfield Revolving Fund und EPA Grunt Assistunce 2019 EPA and Lansing Brownfield Revolving Fund Projects a EPA Grant Project 0 Lansing Brownfield Revolving Fund (LBRF) Project Eansrng Edgemon Economic como•�ro Park Waverly. East-Lansing 27 Privote Investment, jobs Creuted, jobs Retoined Throughout 2022, the Lansing EDC worked with the private sector to develop Public-Private Partnerships that benefit the City of Lansing. Through these collaborations, over S3 billion dollars were invested by the private sector and nearly 2,000 jobs were created to better our community. Project Private Investment (2018-2022) $3,254,013,429 $3,815,293,725 S10,000,000,000 S1,000,000,000 $217,236,585 $311,007,941 $100,000,000 S21,303,284 $11,732,486 $10,000,000 $1,000,000 5100,000 $10,000 $1,000 $100 $10 S� 2018 2019 2020 2021 2022 Total Jobs Created and Retained (2018-2022). ■Jobs Created Jabs Reta,r,ea 10000 3207 1962 770 1000 421 1L2 100 65 27 42 34 20 S 10 0 1 2015 2019 2020 2021 2022 Total 28 Project Opportunities The Ovation In 2022, Mayor Andy Schor announced The Ovation Music and Arts Center. The Ovation will house a public performing arts center with a seating capacity for approximately 2,000 as well as commercial and restaurant space, and the new home of Lansing's Public Media Center. This exciting project on the 500 block of South Washington will be adjacent to the City View development and further activate the Mid-Town area and strengthen the connection between Downtown and REO Town. The Ovation's flexible space design will be suitable for a variety of event types and sizes. The proposed project would have a considerable economic impact by attracting visitors to downtown Lansing, supporting local businesses, and driving further real estate and business investment. The Ovation is expected to break ground in mid-2023. �a 29 Project Opportunities Collins and Dunckle StreetScape Project Through partnerships with numerous stakeholders across the Collins Rd Corridor and the Lansing Brownfield Redevelopment Authority, public improvement funds were allocated to enhance and beautify this corridor. The first phase of this effort includes implementing backlit signange at the Collins and Dunckel Gateway to create an inviting entrance into the city from the highway. This phase is planned to be completed in late 2023. Future improvements to the corridor include smultimodal transportation road and sidewalk enhancements and improved greenspace. r Consumers Energy Consumers Energy is constructing a new regional utility service center that will support office and field crew in the delivery of safe, reliable, and affordable electric and natural gas services to the greater Lansing area. The new service center will advance Consumers Energy's focus on improving response times in the event of a storm outage by relocating to a site in Dimondale that is adjacent to an expressway. Through an agreement between Windsor Township and the City of Lansing, the new site will receive access to necessary utilities and services while retaining current employees and maintaining tax revenues to the City of Lansing. Site preparation and construction is anticipated to commence in 2023 and take 24-36 months for completion of the new facility. Once built, the new service center will replace the current Lansing location on Willow Street. The location of the Willow Street site along the riverfront and its access to other amenities such as several parks, the river trail, and Old Town increases its desirability and development potential. Over the next several years, Consumers Energy, the City of Lansing, and other community stakeholders will work together on redevelopment opportunities for the Willow Site. An additional benefit of the relocation will be the reduction of traffic through the residential neighborhoods on Willow Street. 30 Summory & Outlook Overall, in 2022 was a year of change and improvement for the Lansing EDC. We continued to provide invaluable services and programs to the businesses and residents of Lansing including: • Managing the Lansing Brownfield Authority and the Lansing Tax Increment Authority. • Running the Business Finance Assistance Loan Program. • Securing a S1,000,000 grant to address environmental contamination at the future site of Stadium North Lofts/Senior Lofts. • Administering the Lansing BRA's Local Brownfield Revolving Fund • Assisting four Corridor Improvement Authorities. • Creating the Lansing Equitable Economic Development (LEED) Initiative. • Getting 15 projects approved representing S3.3 billion in new investment in Lansing. • Administering the Corridor Facade Program throughout Lansing helping 16 businesses make improvements to the exterior of their business. Looking forwards 2023 is shaping up to be a good year for Lansing. The Lansing EDC has successfully made the transition to a fully functional organization able to offer its programs and services to all of Lansing. Real and lasting change does not happen overnight, and it takes planning, persistence, and patience. The Lansing EDC will continue to build on our past successes as we meet the challenges of the future. 31 Lansing Economic Development Corp ! ■ Lansing Economic Development Corporation www.lansingedc.com