Two REO Town buildings slated for redevelopment
Friday, September 23, 2016
Obsolete Property Rehabilitation Act (OPRA) District Sought for Mixed-Use Project
Mayor Virg Bernero and LEAP announced today that two functionally obsolete buildings located on South Washington Avenue in REO Town are slated for redevelopment into mixed-use buildings featuring Blue Owl Coffee Co., Michigan Creative, as well as an additional restaurant concept.
The developer, L & P Properties, is seeking an Obsolete Property Rehabilitation Act (OPRA) tax exemption for the adjacent buildings located at 1149 South Washington Avenue and 1141 South Washington Avenue and will invest a total of $709,000 for the renovations. The project will generate an estimated $155,000 in new property taxes over the next ten years while L & P Properties will save an estimated $97,000 in property taxes during the same time. The OPRA tax incentive is used to help offset the extraordinary costs involved in redeveloping old buildings.
“This project will continue to add density and vibrancy back into the REO Town neighborhood and South Washington Corridor. REO Town has strong potential to continue to grow and support Lansing in becoming a community with vibrant, cultural centers,” said Bob Trezise, President and CEO of LEAP.
“We are very excited about this project in REO Town. We look forward to restoring these buildings and bringing further economic activity to a historic district of Lansing,” said Nicholas Pope, Partner, L & P Properties.
“REO Town is definitely on the move, and I am grateful to Nicholas Pope for believing in Lansing and for investing in this resurgent area of our city,” Mayor Bernero said. “It is always a challenge to transform an old, deteriorating structure into a modern facility for commercial and residential uses and I look forward to seeing the results of this terrific new investment.”
The two OPRA tax exemption requests will be received and referred to the City of Lansing’s Committee on Development and Planning by Lansing City Council on Monday, September 26.