Ongoing development of Muskegon’s former mall site downtown depends on increasing the density of residents in the area. To that end, tax incentives provided by an extension of the downtown Renaissance Zone is crucial to attracting downtown dwellers. Developers of one project say the cost savings to future residents is a big step toward guaranteeing the success of developing 22 new townhouses.
According to excerpts from the story:
The developer of the Heritage Square "live and work" condominiums in downtown Muskegon received the green light from state officials this week that should allow construction to begin in the next month.
The Michigan State Strategic Fund board unanimously approved a nine-year extension to the Heritage Square site's low-tax Renaissance Zone. The zone's tax advantages were slated to expire in 2014 but a city of Muskegon request for the extension will allow them to continue to 2023.
Port City Construction and Development Services LLC and its owner Gary Post now have the incentives in place to proceed with the 22-unit development along Clay Avenue between Second and First streets, the developer said.
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