LANSING, Mich. — Sen. John Bizon, M.D. announced on Tuesday that Brick Street Lofts has been awarded a $931,534 Michigan Community Revitalization Program performance-based grant.
The company plans to redevelop three blighted buildings in downtown Albion to add eight new residential units and enhanced commercial space and a reconstructed facade.
The project is expected to generate a total capital investment of $3 million and create four full-time equivalent jobs, promote mixed-use development and walkable communities and attract new and retain existing businesses in the community.
“This money is going to help not only Brick Street Lofts but the city of Albion as well,” said Bizon, R-Battle Creek. “I can’t wait to see the final product.”
The Michigan Strategic Fund also approved $217,388 in state tax capture for the city of Albion Brownfield Redevelopment Authority to remediate brownfield conditions at the site.
In addition to MSF support, local support for the project includes the local portion of the Brownfield Act 381 Work Plan with an anticipated value of $365,812, which is approximately 62% of the total Act 381 request.
The Michigan Business Development Program and Michigan Community Revitalization Program are Michigan Economic Development Corporation Business Attraction and Economic Gardening programs supported by an MSF general fund appropriation.