East Lansing-based Strathmore Development Company recently received a $12.5 million financing loan for the estimated $122 million City Center II project in East Lansing.
“Despite our nation’s current financial crisis, Strathmore has managed to close on the second round of financing for the City Center II project,” says East Lansing Mayor Victor Loomis.
“This investment reflects on the vitality of our community and the potential East Lansing holds to become a center for economic development and job growth within the mid-Michigan region in the immediate future.”
The loan will help finance a major construction project the City of East Lansing has been working on for some time. The City Center II project will include six new commercial and residential buildings, a pedestrian overpass and a parking deck.
The City Center II project is slated to sit on 5.46 acres of land bordered by Grand River Avenue, Abbot and Evergreen Roads. Strathmore is shooting for silver LEED (Leadership in Energy and Environmental Design) certification on the project’s anchor, 10-story mixed-use structure.
Source: Mikell Frey, City of East Lansing
Ivy Hughes, development news editor, can be reached here.
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