Portage-based developer
Allen Edwin Homes purchased the foreclosed East Village housing project off of Saginaw St., getting the
City of Lansing's Brownfield Development Authority off the hook for steep bond payments.
According to excerpts from the article:
In 2004, the Lansing Brownfield Redevelopment Authority issued about $2.2 million in bonds to pay for infrastructure improvements and environmental cleanup at the site on the city's east side. The authority planned to capture increased tax revenues from the new residential units to pay back the debt.
Portage-based Allen Edwin Homes' decision to take over the project and invest $10 million in it is "nothing short of a miracle," said Bob Trezise, president and CEO of the
Lansing Economic Development Corp.
Allen Edwin Homes plans to build six townhouses and 52 detached homes in the next three years. It's also in the process of completing and selling 10 units the previous builder never finished.
Allen Edwin Homes should start construction on the new homes early next month, said Jim Sanderson, a company vice president.
Read the entire article
here.
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