The City of Lansing Brownfield Redevelopment Authority is giving NuUnion Credit Union $392,922 in state and local taxes to demolish and redevelop the former Regent Inn Hotel on Lansing’s Southside.
The $3.4 million project, which includes the demolition of 35,000 square feet, will give NuUnion 5,000 square feet of office space and will create five jobs.
“The support of the state and the City of Lansing for this project is essential for it to happen,” says Tim Murphy with NuUnion. A 54-inch drain runs through the middle of the property, which is covered in asbestos. Without state and local tax credits, it wouldn’t make financial sense for NuUnion to rehab the property.
“Both of those things would have made the project impossible had we not gotten the state and local incentives,” he says.
NuUnion is already working on removing the asbestos. NuUnion’s South Pennsylvania branch should open in the summer or fall of 2010.
“We’re very happy to be a part of what’s going on in Lansing,” Murphy says. “With all the redevelopment, we’re really excited about this location for our members.”
Source: Tim Murphy, NuUnion
Ivy Hughes, development news editor, can be reached here.
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