By Karen Gentry

MIBiz Network

August 23, 2004

A New York development company and a Muskegon automotive tooling supplier were two recipients of recent Single Business Tax credits from the Michigan Economic Development Corporation earlier this month.

Brownfield designations went to Northern Machine Tool Companies and Triple O Enterprises, and the Watermark Center and Lofts, developed by ANM of Brooklyn, N.Y.

“Brownfield redevelopment can be an expensive undertaking for communities,” said Gov. Jennifer Granholm. “These tax credits are catalysts for converting once-tainted and burdensome properties into magnets for economic growth and jobs.”

Northern Machine Tool will use an $80,000 credit to help clean up contaminated property on Henry Street to expand its facility by approximately 10,000 square feet. The automotive tooling supplier has been in downtown Muskegon since 1946. The project is expected to spur more than $800,000 in private investment and create up to three new jobs.

“We’re looking at some equipment purchases,” said Steve Olsen, president of Northern Machine Tool Companies. According to Olsen, customers have been asking him to install equipment that would be more attuned to the type of work they would like his company to do. He’s considering purchasing stamping presses and machine handling equipment.

Developers will use a $799,042 credit to convert the former Shaw Walker manufacturing facility on West Western Avenue into a five-story building that will include 53 condominiums and 5,000 square feet of retail and commercial space.

The project is expected to create more than $7.9 million in private investment and at least 200 new jobs.

Sarah Rooks, a local project manager and owner’s representative for Watermark Center and Lofts said the condos have been attracting a lot of interest from people as far away as California who are interested in buying a loft and living in Muskegon.

She told MiBiz that the one- to three-bedroom condominiums start at $94,000 and top out at $230,000.

“A lot of people are looking to downsize,” Rooks said. She said empty nesters and young professionals looking to buy their first home have inquired about the units.

Rooks remarked that Muskegon residents will be “blown away” by the interiors of the condominiums, which include eight-foot windows, exposed brick, hardwood floors, ceramic tile and stainless steel appliances. Area residents will be able to take a peek at the condominiums during the Parade of Homes in Muskegon in September. The units will be ready for occupancy by the end of the year.

“Michigan’s brownfield program has helped to redevelop hundreds of properties that were once thought untouchable,” said MEDC President and CEO Don Jakeway. “When the benefits of brownfield redevelopment are realized, the community is energized to take on other projects which were once thought to be too expensive to conquer.”

This article appeared in the August 23, 2004 issue of MiBiz, read by upper management executives in West and Southwest Michigan. Print subscriptions are free to qualified individuals who do business in West and Southwest Michigan. For further information about MiBiz Network, visit www.mibiz.com.