Michigan Strategic Fund Approves $700M in Total Capital Investments

The Michigan Economic Development Corp. announced the Michigan Strategic Fund approved a wide range of projects on Tuesday — including a new global battery center in Romulus, an urban grocery store in Flint, a new logistics park in Highland Park, and community revitalization projects in Southfield, Grayling, and Zeeland — with total capital investment nearing $700 million.
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A rendering of the completed Northland Mall redevelopment project, one of many to receive funding from the Michigan Strategic Fund. // Courtesy of Contour Companies
A rendering of the completed Northland Mall redevelopment project, one of many to receive funding from the Michigan Strategic Fund. // Courtesy of Contour Companies

The Michigan Economic Development Corp. announced the Michigan Strategic Fund approved a wide range of projects on Tuesday — including a new global battery center in Romulus, an urban grocery store in Flint, a new logistics park in Highland Park, and community revitalization projects in Southfield, Grayling, and Zeeland — with total capital investment nearing $700 million.

Among the projects is the Means Logistics Redevelopment Project that will revitalize a 20-acre site at the northwest corner of the Davison Freeway Service Drive and Hamilton Avenue in Highland Park for a new 446,500-square-foot speculative light industrial and warehouse distribution facility.

The project is expected to generate $38 million in capital investment. With a full facility, up to 300 full-time workers could be employed.

The MSF approved $5.7 million in state tax capture for the alleviation of brownfield conditions — or land previously used for industrial purposes with unknown contamination — to make the site suitable for redevelopment.

Other projects include the Former Northland Mall Redevelopment Project in Southfield, where  plans call for the development of 14 new mixed-use buildings, along with rehabilitating and reopening a portion of the existing mall. The building will be constructed throughout the site.

The former J.L. Hudson Co. store will be repurposed as the Hudson City Market, a food and goods marketplace with dining and entertainment options. The project is expected to generate $402.5 million in capital investment and create the equivalent of 500 new full-time jobs. The MSF approved $26 million in state tax capture for alleviation of brownfield conditions at the site.

“We are thrilled to be moving the Northland redevelopment project further closer to fruition,” says Southfield Mayor Ken Siver. “Northland City Center’s vision for this property closely aligns with the city’s and we are confident that they will exceed all expectations.

In other announcements, GL Rentals in Zeeland plans to construct a two-story mixed-use building in downtown Zeeland. As an addition to an existing building, it will include commercial and residential space on the first floor. The project is expected to generate $1.9 million in capital investment. The MSF approved $500,000 to support the project.

Sawmill Lofts will replace two vacant downtown Grayling buildings with a five-story mixed-use development supported to the tune of $4.4 million by the MSF. The project is expected to generate $11.1 in capital investment and create 250 new jobs in the area.

The North Flint Food Market project will see the development of a new co-op grocery store at the corner of Pierson and Clio Roads. Expected to generate $7 million in capital investment and create 27 new jobs, it will address the food desert issue in north Flint.

The Michigan Strategic Fund approved a $1.25 million Michigan Community Revitalization Program performance-based grant in support of the project. The city of Flint is providing $200,000 in Community Development Block Grant funds in support of the project.

On Tuesday, Ford announced plans to invest nearly $100 million to create Ion Park, a state-of-the-art battery research facility in Romulus. To support this investment, the Michigan Strategic Fund has approved a transfer of the existing Renaissance Zone to Ford. Today’s action allows the company to utilize the Renaissance Zone support for the remaining four years of the designation. The Zone has been in effect since January 1, 2011 and is set to expire Dec. 31, 2025.

The MSF also approved request for proposal factors and member of the JEC for the Broadband Infrastructure Mapping project, designed to map the state’s broadband infrastructure assets located in public easements and capable of delivering high-speed connection.

The projects approved by the MSF Board today reflect our commitment to taking a holistic, people-first approach to economic development while securing Michigan’s leadership in the industries that will drive our economy into the future,” says Quentin L. Messer Jr., CEO of MEDC and president and chair of the MSF Board. “Our economic momentum here in Michigan continues to gain speed as we build back an economy that is more diversified, resilient and equitable than ever before.”

In addition, the Michigan Strategic Fund today approved the following items:

  • Grant amendment in the amount of $6.5 million to the Michigan State University Foundation to fund the continuation of investments in the form of loans and equity financing for the Pre-Seed Fund. The purpose of the Pre-Seed Fund is to provide early-stage funding to help Michigan high-tech startups achieve commercial and technical milestones that will position them for future scale-up.
  • Collateral support in the amount of $2.5 million for Superior Foods Company, a Grand Rapids- based wholesale processor and distributor of meat, seafood, and related food products to restaurants and grocery chains. The support will assist the company as it continues to grow and creates 77 new jobs.
  • Collateral support in the amount of $2.4 million for Peninsula Prestress, a Wyoming, Mich.-based manufacturer of prestressed concrete bridge beams. The company is experiencing continued growth and plans to construct a new facility in Wyoming, a project that is expected to generate a total private investment of $9.2 million and create 10 jobs.
  • Acceptance a federal grant award of $418,320 from the U.S. Economic Development Administration and allocation of $10,480 in matching funds to develop a strategic travel recovery plan to accelerate the economic recovery and resilience of the travel and tourism industries in Michigan.

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