A 12-story high rise development on the boards for
downtown Lansing
recently received a tax-free zone designation, giving builders a much-needed
credit that will help move the development forward.
According to excerpts from the article:
Developers Shawn Elliott and Alan Drouare, with
assistance from Robert Grooters Development Co., have proposed a 12-story or
taller building for the site of the former City Club and an adjacent building
on Grand Avenue.
This proposed Capitol
Club Tower
of at least 122 owner-occupied units would cost at least $22.5 million.
The glitch is that developers have said they need a state
Renaissance Zone to entail 15 years of state and local tax abatements for local
residents and businesses to make the project financially feasible.
The completion of the tax-free zone is contingent on
Council approval of a development agreement. Even with the approval of council,
state officials still must sign off on the Renaissance Zone designation.
Read the entire article here.
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.