STATE BACKING: Crapo Building Gets $2.4 Million in Grant and Loan
The Crapo Building at Center and Washington as it looked in the 1880s. (Photo Bay-Journal.com)
Developers say the building will be named The Legacy after its completion..
The 213 Development, LLC, made up of members Jenifer Acosta and Rod Hildebrant, has been awarded a $1.4 million performance-based direct loan and a $1 million performance-based grant to use toward renovations of Bay City's historic downtown Crapo Building.
The renovation of the Crapo building is expected to bring in a capital investment of $11.7 million and create 44 jobs for Bay City.
Ms. Acosta previously completed a redevelopment of the Bay City Times Building into the Times Lofts.
State Rep. Brian K. Elder (D-Bay City) stated his appreciation to the Michigan Strategic Fund's approval today of funding for the redevelopment of the Crapo Building.
"This is an exciting opportunity for downtown Bay City, and I am grateful that the Michigan Strategic Fund sees the economic potential that lies in my city," Rep. Elder said. "These funds will help to restore the impressive architectural beauty of the Crapo building. This renovation will not only breathe new life into this development but into the entire downtown area."
The vacant and blighted five-story commercial property will be renovated into a mixed-use development in downtown Bay City. Three commercial spaces, including one restaurant, will make up the lower two levels, while the upper levels will be transformed into 28 residential market-rate rental units.
"I am pleased to see this progress continue with these grants," Rep. Elder said. "This is not merely an investment in a downtown Bay City building; this is an investment in my people and the wealth of talent and innovation that they have to offer. This award is nothing short of deserved, and I could not be more excited for the opportunities this presents for Jenifer Acosta and the community."
The Crapo is the former Chemical Bank building, which closed in 2014 after the bank moved its headquarters to the Uptown Bay City development. Ms. Acosta estimates the investment to be near $12 million.
The building's ground level will have two offices and one for a restaurant where the bank lobby was located. Another commercial space may be located in the basement.
Acosta hopes construction on the building can meet a completion date scheduled for sometime in 2018.
The Michigan Strategic Fund, in cooperation with the Michigan Economic Development Corp., awards economic and community development portions of the federal Community Development Block Grant program. The program receives its funding from the U.S. Department of Housing and Urban Development.
Dave Rogers is a former editorial writer for the Bay City Times and a widely read,
respected journalist/writer in and around Bay City.
(Contact Dave Via Email at email@example.com)
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