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2 major Detroit developments just got millions in subsidies

2 major Detroit developments just got millions in subsidies
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Commercial tax exemptions could help spur new and existing property development

UP lawmakers highlight planned MEDC projects | News, Sports, Jobs

Mar 4, 2021 LANSING –Several projects aided by the Michigan Economic Development Corporation will strengthen communities in the Upper Peninsula, state lawmakers said. The Michigan Strategic Fund recently approved revitalization projects in Iron Mountain, Houghton and Munising. In Iron Mountain, Eden Property Collection LLC plans to convert an underutilized, outmoded second floor of a historic mixed-use building that once served as the town firehall into residential apartments in the downtown area. When completed, the Sandstone Studios project will consist of one and two-bedroom market rate units and a rooftop terrace that will offer common outdoor space and sustainable green elements. The project is expected to generate a total capital investment of more than $1 million and will supply much-needed housing, as well as bring something new to the area and increase economic activity in downtown.

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