The latest step in bringing a loft living and retail development to downtown Pontiac was taken with the approval of tax incentives from the state.
The proposal by Pontiac-based West Construction Services for the Lafayette Place Lofts has the development looking down from three connected buildings on Saginaw and Perry streets with multi-level entrances on two sides and underground parking.
The buildings that would be renovated for Lafayette Place Lofts are vacant and have been designated as historic, brownfield, and as an urban redevelopment, which entitles developers to tax breaks and other incentives for putting them back into use.
Under the proposal, according to the Michigan Economic Growth Authority, which last week approved a tax credit not to exceed $2.24 million, the project investment would be $20.4 million.
Kyle Westberg of West Construction Services says there are other issues to finalize before providing more details.
Details provided by MEGA call for the project to have 33,000 square feet of residential space with 46 units, 25 of them affordable housing. Rental prices would range from $700-$1,000 per month. The building might also include a fresh food market and gym in 25,100 square feet of retail.
Lafayette Place Lofts would create 107 full-time jobs and bring new business to downtown as well as promote foot traffic.
Source: Michigan Economic Growth Authority and Kyle Westberg, West Construction Services
Writer: Kim North Shine