Phase one of the proposed $116 million City Center II project in the City of East Lansing recently got a $57.8 million boost from state and local governments.
The state gave Strathmore Development Company a $10 million brownfield tax credit for the project. State and local tax captures of $57.8 were also awarded to the developer for the project.
“Without that incentive, the project simply would not be feasible,” says Tim Dempsey with the City of East Lansing.
Strathmore is developing a 5.46 acre parcel of land in the heart of East Lansing. The project will include six new commercial and residential buildings, a pedestrian overpass and 520-space parking deck comprising 585,000 square feet, and capital investment of $84 million.
Phase one consists of 10-story, mixed-use building that will include a restaurant and hotel, office space, residential apartments and a performing arts center. It is anticipated that the first phase will create 150 jobs.
Source: Tim Dempsey, City of East Lansing
Ivy Hughes, development news editor, can be reached here.