“It makes projects like this that are extra risky because they are extra-large and extra expensive to construct more risk free.”
John Rooks wants the city of Muskegon and the state of Michigan to designate his Shaw building condo, retail development a transformational brownfield project.
“The transformational brownfield tool is relatively new it’s also very selective and they pick projects that are going to do the most for their communities and the state of Michigan.”
On transformational brownfield projects developers recover some of their investment through property tax, construction material sales tax and employee income tax reimbursements. But governments don’t pay anything up front.
“If the project isn’t going forward, it wouldn’t generate the income that is going to be captured.”
There are only a handful of transformational brownfield projects in the state. In Grand Rapids the Acrisure amphitheater and a proposed 3 tower riverfront complex both have it. Muskegon city commissioner Destinee Keener supports the Shaw development plan.
“To have someone redevelop it in such a way making it so modern and sleek I can really appreciate that.”
“I think it’s going to be one of the coolest places to live in all of West Michigan.”
