LANSING—The Michigan Strategic Fund has approved a brownfield redevelopment tax increment financing plan for the $256 million Red Cedar mixed use development.
The project, being built by Continental/Ferguson Lansing LLC, will include multi-generational housing, restaurants, retail and two hotels along the Michigan Avenue corridor connecting Lansing with the region.
According to the Michigan Economic Development Corp., the plan is consistent with the MEDC Strategic Plan to develop attractive places and activate vacant property, with the Corridor Improvement Initiative of the cities of Lansing, East Lansing, and Lansing Township.
The MSF was the final approval needed for the state’s portion of the Brownfield/TIF. The Lansing Brownfield Redevelopment Authority approved the local portion of the plan in 2019.
“The Red Cedar development will activate a long-vacant property into a vibrant, attractive mixed-use development that will bring density and vibrancy to a high-impact commercial corridor in Lansing,” said Michele Wildman, senior vice president of community development at the MEDC.
The infrastructure will be completed first with construction for the market-rate apartments and senior living center beginning in late summer. Student housing will be ready for the fall of 2021. Construction for the two hotels, a Hyatt House and an AC Hotel by Marriott, is set to begin next year.
For more information and the latest updates, visit redcedarfacts.com.