The former Sara Lee bakery (or the former Bunny Bread bakery to those of a certain vintage) in downtown Marquette will be no more.
A recent announcement from the Michigan Economic Development Corporation grants approval for $14.3 million in tax capture through the city of Marquette's brownfield redevelopment authority to transform the old bakery and several surrounding buildings on three acres on Washington Street, which would be torn down.
In its place,
Veridea Development Group, which currently owns the property at 857 West Washington, will construct four mixed-use buildings housing retail, office, residential, restaurant and entertainment.
Another $1.9 million was granted for the first phase of the project, through the state's Community Revitalization Program, which includes demolition of one existing building, site preparation and construction of the first new building, and an underground parking garage. Veridea describes the parking garage as having 242 spaces, to improve the density of the development downtown.
It's planned in four phases of construction, with 150,000 square feet of space when all is said and done. Veridea hopes the project will revitalize a blighted spot on the U.S. 41/28 corridor through Marquette, and spur new development nearby.
The project is expected to generate investments of $31 million and create 18 permanent new jobs. It was among three approved for funding from the MEDC.
"From leading edge technology to the re-use of a former lumberyard, today's wide range of projects demonstrates that Michigan can compete with any state in the country as a great place to grow a business," says MEDC president and CEO Michael Finney. "These new investments in our state will strengthen our communities and fuel new opportunities for our talented workforce."
Writer: Sam Eggleston
Source: Michigan Economic Development Corporation
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