A large redevelopment project that straddles the cities of Ferndale and Pleasant Ridge is one step closer to reality, thanks to the recent approval of brownfield tax credits from the Michigan Strategic Fund.
In an area more recognizable for its industrial past, a 13-acre site anchored by the vacant building at 660 E. 10 Mile Rd. will be transformed into a mixed-use campus featuring a marketplace, brewery, beer garden, and more.
Five remaining buildings on-site will also be rehabilitated, featuring office space, retail space, fitness center, and, in keeping in the spirit of the site's past light industrial life, a fire suppression company.
The project will also feature the construction of 75 new residential units.
"Iron Ridge is an exciting project that transforms a contaminated, defunct site into a shared gathering place for two communities -- Ferndale and our neighbors in Pleasant Ridge," says Jordan Twardy, Ferndale's Community and Economic Development Director.
"The mix of uses creates a sense of place that connects residents with unique places to dine and shop, and given its location near I-696, it will function as a unique gateway destination to both communities."
The development team behind the mixed-use campus, Iron Ridge Holdings LLC, was able to secure $3,531,500 in local and school tax capture for the alleviation of brownfield conditions at the site. Announcement of the County of Oakland Brownfield Redevelopment Authority receiving MSF approval for the brownfield tax credit was announced Tuesday, Oct. 24.
According to officials from the Michigan Economic Development Corporation, the Iron Ridge redevelopment will, "Reactivate a group of vacant or underutilized industrial and residential parcels into a vibrant mixed-use campus, bring new housing to the city of Ferndale and will increase density and economic activity in the area."
Officials expect the project to create 200 new jobs and generate a total capital investment of $32 million.
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