Developer Jon Rooks, president and founder of Parkland Properties of Michigan, bought the building back in 2022. The factory closed in 1989. Rooks plans to turn the property into a mixed-use development, including a seven-building complex with over 500 residential units, 37 townhomes, retail and commercial space and a covered parking facility.
Rental unit rates are expected to range from 80% to 140% of the area’s median income.
Last week, the Michigan Strategic Fund approved a Transformational Brownfield Plan including a $159.6 million incentive package through tax captures and exemptions, which will be reimbursed to Parkland over three decades. The City of Muskegon also approved a local incentive package worth over $75 million.
Once complete, the redevelopment will have a $15.3 million economic impact during its first year, a number that’s expected to grow over time. It’s also anticipated to create 200 full-time jobs.
