The property revitalized in part with a Cool Cities grant from the state of Michigan is getting another cool life.
LADD Real Estate partners have decided to relocate their businesses from Portage to the former SmartShop property in Rivers Edge, a brownfield redevelopment area in downtown Kalamazoo. The partners, Herb Ayres, Jon Durham and Jerry Harty also own Life Story Network and Ignertia.
They will invest approximately $1.25 million to create two owner occupied condominiums, four efficiency apartments and office space for Life Story Network and Ignertia.
Construction manager American Village Builders plans to begin the project Jan. 3 and completion is expected in May 2011.
"This project is exciting as it truly embodies the vision for River's Edge -- a place where people come to experience art, history, nature and unique business and housing opportunities," says Martha Aills, City of Kalamazoo Project Coordinator for Economic Development.
Life Story Network and Ignertia have 14 employees, some of whom say they are looking forward to being able to bike to work or downtown on the Kalamazoo River Valley Trail that is the heart of the
River's Edge development.
Jerry Harty, a print and glass artist, will have studio space in the building. The lobby will double as a gallery and be a future Art Hop site.
The building is one the three business partners have admired since it opened in 2004, says Durham.
"Since we employ a creative group of people, including a few artists that participate in the local art scene, we are very familiar with the facility and what it did for Kalamazoo," says Durham.
Traditional financing from Keystone Bank is being supplemented with brownfield incentives to promote the project. Further incentives are being offered by the city's Brownstone Redevelopment Authority through tax breaks. The Michigan Economic Development Corporation (MEDC) has committed to a 15 percent Michigan Business Tax Credit for the project.
Life Story Network, established in 2003, is a multi-media and consulting business to the funeral industry that has changed the focus of funerals to life and memories. There are 32 Life Story Funeral Homes in Michigan, Indiana, Illinois and Wisconsin.
Ignertia, established in 2008, is an employee owned and operated web development, information technology, and graphic design company.
Writer: Kathy Jennings
Source: Jon Durham, LADD Real Estate
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