LANSING, Mich. — Sen. Curt VanderWall announced on Tuesday that the Michigan Strategic Fund has awarded a $1.5 million Michigan Community Revitalization Program performance-based grant to Cadillac Lofts, LLC of Cadillac for a building project.
“This is a critically important project for downtown Cadillac,” said VanderWall, R-Ludington. “Adequate housing is a major issue in Cadillac and Northern Michigan in general. This construction will provide some solutions to that problem and bring vital economic investment into the community.”
VanderWall said Cadillac Lofts plans to construct a new four-story, mixed-use building at the site of an abandoned grocery store in downtown Cadillac.
The project will be completed in two phases, with both phases consisting of commercial, residential and common space.
“The first phase of the project is expected to generate a total capital investment of nearly $9.3 million and create 30 full-time equivalent jobs,” VanderWall said.
In addition to the MSF grant, the city of Cadillac has approved a 15-year Neighborhood Enterprise Zone exemption valued at $476,000 and a 12-year Commercial Redevelopment Act exemption valued at $78,000.
The City of Cadillac Brownfield Redevelopment Authority received Michigan Strategic Fund approval of $840,335 in local and school tax capture for the remediation of brownfield conditions at the site.
The Michigan Business Development Program and Michigan Community Revitalization Program are MEDC Business Attraction and Economic Gardening programs supported by an MSF general fund appropriation.