LANSING, Michigan – The former Lake Trust Credit Union building in downtown Lansing will soon house a mixed-use development with 172 apartments and over 18,000 square feet of retail space on the ground floor.
WestPac, the California developer of the $ 33 million project, is looking to revitalize the downtown area, CEO Patrick Smith said.
“We’ve always considered renovating Block 501, the old six-story Lake Trust building with the multi-family walkout basement, because it has a super cool view of the city,” Smith said. “It has historical natures of the mid-60s. Architecture. And we wanted to facilitate that, keep this building and also do a renaissance renovation of this building. Because it’s, in my mind, it’s a bit historical.
Smith said during the initial acquisition of the land in 2013 that it was in the running to become the new location for Lansing Town Hall.
However, after the failure of this project, WestPac shifted its efforts to multi-use development with both apartments and retail space.
“The retail business I would think of as a restaurant space… and also the gymnasium,” Smith said. “And I know the gym is going (to be there) because I signed a lease with them. It’s called the practice factory.
Another WestPac development at the intersection of Hillsdale and Capitol streets will include 117 additional apartments and additional retail space.
The city is reimbursing WestPac up to approximately $ 9.8 million in taxes to cover various costs associated with this development.
The project recently secured $ 23 million in funding from Dwight Capital, a real estate and investment firm.
Lansing Mayor Andy Schor said it was part of an ongoing effort to increase residential capacity in the city center.
“It will be great to have 117 more units and probably 150 more people downtown,” said Schor. “Because we definitely want government employees to come back. And we want them to stay overnight, and come back on weekends. And we want people from across the region… convenience and vibrancy. A lot of that is because people live downtown. “
This is not WestPac’s first development in the Lansing area. The company has been building in the city since January 2013.
“The town of Lansing seemed like a parking lot,” Smith said. “And everyone was pushed to the suburbs. Now I think people could go back to town and not have to travel that far. And I hope that’s part of this rejuvenation of the city. And Washington [Avenue] happens to be, I think, the most pedestrianized street in Lansing. I think if we can help this street become more pedestrian, people can walk to restaurants and entertainment and be an addition to the community. I think we all win.
Schor said development will be completed by October 2023.
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