Detroit Receives MSF Funding for Three Projects, Includes Landmark Woodward Location
Rendering of the 511 Woodward project. // Photo courtesy of Yamasaki Inc.
The Michigan Strategic Fund today approved a business expansion by a Tier 1 auto supplier and two revitalization projects in Detroit. Steps have also been taken to use $ 41.9 million in federal CARES Act funds.
Bridgewater Interiors, a Detroit-based automotive seat company, has received a $ 2 million Michigan Business Development Program grant to expand the capacity of its Detroit and Delta Township (west of Lansing) facilities. The project is expected to generate a total private investment of approximately $ 15 million and create up to 400 jobs.
“Bridgewater Interiors is excited to have the opportunity with this important and comprehensive project to continue its business growth across the state,” said Ron Hall, President and CEO of Bridgewater.
Bridgewater is a joint venture between Adient and Epsilon Technologies and is a certified minority company with more than 1,800 employees and locations in Detroit, Delta Township and Warren.
People interested in a career with Bridgewater Interiors should stop by here.
The Michigan Strategic Fund also approved two community revitalization projects in downtown Detroit to help create a more vibrant community that attracts talent.
The 511 Woodward Project, which will utilize more than $ 1.49 million in government tax and $ 72,414 from Detroit City funds, will be an abandoned, obsolete four-story building just east of the Guardian building convert to mixed use retail and office building development in the heart of downtown Detroit.
Upon completion, one floor of the building will be inhabited by the Downtown Detroit Partnership, a local non-profit organization that supports the development of workers and creative talent. Last November, Elia Group, a Birmingham-based real estate development company, completed the purchase of 511 Woodward Ave. with Wayne County Land Bank.
The project will also include public improvements along Woodward Avenue. The project is expected to generate a total capital investment of $ 18 million, create 101 full-time positions, increase urban density and add new commercial attractions to Detroit residents.
Jefferson Larned Development Co. plans to develop vacant properties and the surrounding right of way with a new grocery store and infrastructure improvements along Detroit’s East Jefferson Corridor with a US $ 573,144 state tax to be used to alleviate fallow land conditions on the site and local support of $ 986,856.
When completed, the Jefferson Larned Development Project will consist of a 42,000-square-foot Meijer store and an above-ground parking lot. The project is expected to generate a total investment of $ 15.6 million, create 72 full-time positions, and provide residents of the area with healthy eating options that promote walkability and lead to increased economic activity in the community.
“Today’s projects represent Michigan’s continued commitment to reduce the impact of COVID-19 on our state and local communities and to demonstrate the resilience and ingenuity of our economy and workforce despite a global pandemic,” said Mark A. Burton, CEO the MEDC. “We continue to use all possible resources, including critical federal dollars, to ensure that our communities, businesses and workers across the state can not only recover from the effects of this crisis but are able to thrive in the long term.”
Médecins Sans Frontières also approved the second amendment to the 2019 Program Year Action Plan for the Community Development Block Grant program, which includes incorporating additional CARES Act funding of $ 41.9 million for eligible activities.
The MSF Board of Directors also approved revised program guidelines for the recently approved Michigan Small Business Restart program, announced in early July. The change updates the resolution in the reboot program guidelines to reflect the latest legislation, House Bill 5265, pending the signature of Governor Gretchen Whitmer.
With the amendment, small businesses that received grants through the Michigan Michigan Business Business Relief Program, approved by the Michigan Strategic Fund in March, will now be eligible for the Michigan Small Business Restart Program grants. The total of both grants cannot exceed $ 20,000.
Due to today’s measures, the application deadline is expected to be extended beyond August 5th. Further information on the program will be announced in the coming days.