What’s happening: The planned redevelopment of a historic but run down building in downtown Owosso is receiving the state’s support by way of a $1.48 million performance-based grant. The $4.7 million redevelopment will restore the 128-year-old building’s facade and add nine residential rental units atop commercial space currently occupied by a Fifth Third Bank branch, which will remain a long-term tenant.
What it is: Built in 1896, the building at the intersection of North Washington and West Exchange streets in downtown Owosso has hosted a lot of businesses and organizations over the years, including serving as the Owosso Masonic Lodge until 1926. While the street level commercial space has been steadily occupied, the two floors above have fallen into disrepair.
What’s planned: Developer Woodworth Investments plans a $4.7 million restoration of the building, renovating the top two floors to host nine residential units. The facade will also be restored, its concrete and masonry work receiving structural and aesthetic rehabilitation that will meet national historic preservation standards.
Why it’s important: “I can't recall a time in our lives where such a significant investment was made in our central business district,” says developer James Woodworth. “Our hope is that this development will spearhead additional projects in Owosso, while supporting our mission to increase foot traffic for all downtown businesses.”
How they’re doing it: The Michigan Economic Development Corporation (MEDC) has announced a $1.48 million Michigan Community Revitalization Program performance-based grant on the strength of the project, and the City of Owosso Brownfield Redevelopment Authority has been approved for state tax capture valued at $248,139 for the reimbursement of brownfield activities at the site. The City of Owosso itself is supporting the project with their $154,856 local portion of the brownfield plan and a 12-year Obsolete Property Rehabilitation Act tax abatement valued at $212,780.
What they’re saying: "In the heart of Owosso's historic downtown, a transformative project is underway to revive this cherished building,” says Owosso Mayor Robert J. Teich. “Local tax incentives, granted by the City, are facilitating the integration of modern living and commercial spaces. As the developers pursue state grant support, our collective vision is to rejuvenate downtown Owosso, creating a dynamic community hub. With the backing of the state and with community support, this is another step towards our downtown transformation with an eye on historic preservation.”
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