Developers will start renovating two vacant buildings in downtown Lansing with support from the Michigan Strategic Fund and Michigan Economic Development Corporation.
The Lansing-based
Eyde Company plans to redevelop the buildings located at 228 and 232 S. Washington Square. The project includes restoring the historic storefronts, demolishing the interiors, upgrading systems and mechanicals, and creating 10,000 square feet of new retail and office space.
Project manager Nick Eyde says the $1.7 million project will take six to 10 weeks to complete. The buildings formerly housed Capital City Books and Magazines and the Hallmark Gold Crown gift store, and sit across Washtenaw Avenue from Eyde's headquarters in the Knapp's Centre.
"These two buildings are on a prominent corner in downtown Lansing," says Eyde. "Bringing viable retail and office back to that corner should only serve to help continue the positive momentum that has been created in recent years."
The Eydes were awarded a $289,000 grant from the Michigan Strategic Fund as well as a 12-year tax abatement worth $305,000 from the city of Lansing under the state's Obsolete Property Rehabilitation Act. The MEDC says the project would not be viable without the tax incentive and grant because of costs associated with historic restoration, asbestos abatement, and sidewalk vault rehabilitation.
The two buildings sat vacant for close to six years, and are expected to create more than 20 full-time retail, office or restaurant jobs when fully leased.
Source: Nick Eyde, Project Developer, The Eyde Company
Writer: Ann Kammerer, News Editor
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