Source: Nick Manes via Crain’s Detroit Business
A slew of long-planned housing developments in Michigan’s capital city has expanded in scope over the last year and will now move forward with more than $200 million in state-backed financing.
The board of the Michigan Strategic Fund voted Tuesday to approve $202.2 million in transformational brownfield funding that allows the developer — Lansing-based New Vision Lansing LLC — to capture local and school taxes, as well as income taxes, as part of a goal to close a housing gap in the area that surrounds the Michigan State Capitol.
In the project, unveiled in the summer of 2023, the New Vision Lansing developers — affiliated with Lansing commercial real estate firm Gentilozzi Real Estate — plan a total of 567 housing units spread across five different developments in and around Lansing’s central business district, an area hit hard by the rise of work from home during and post COVID-19 pandemic when many state workers halted going into the office.
