Buffalo Village approves $30M Hazen Street Brownfield redevelopment plan with new housing options

In a pivotal meeting held on March 25, 2025, the Van Buren County Board discussed the ambitious Hazen Street Brownfield redevelopment plan, a project poised to reshape the local housing landscape. The proposal, presented by Miss Ransick, seeks to transform a site into a vibrant community featuring 66 multifamily rental units and 52 single-family homes, with a total investment of approximately $30.3 million.

The Brownfield Redevelopment Authority (BRA) has recommended the plan's approval, contingent upon the village's support, which was unanimously granted just the night before. A key aspect of the discussion centered on the proposed increase in the maximum interest rate for financing from 3% to 4.5%. This adjustment, the first since 2016, reflects the changing economic conditions and aims to expedite the repayment process for the developer while maintaining a cap on investor returns.

The project is notable not only for its scale but also for its alignment with recent changes in state legislation designed to encourage housing development. Under the new guidelines, projects that include a housing component serving low-income residents can qualify for tax increment financing (TIF), even if they do not meet traditional brownfield criteria of environmental contamination.

The financial framework of the redevelopment plan anticipates capturing nearly $9.9 million in local and state taxes over a 12-year period, significantly shorter than the maximum 30 years allowed. This funding will support infrastructure improvements, including the expansion of water and sewer services to accommodate the new housing units.

As the meeting progressed, board members expressed their commitment to ensuring that the first phase of development includes a substantial portion of income-qualified housing, with 21% of rental units designated for residents earning below the area median income. This focus on affordability is crucial as the community grapples with housing shortages.

The project also includes plans for improved access roads, with the village of Pawpaw set to take over maintenance responsibilities, further integrating the development into the community fabric. The anticipated construction timeline suggests that the first homes could begin to rise within the next few years, with a steady pace of development expected thereafter.

As the board moves forward with the approval process, the Hazen Street redevelopment stands as a beacon of hope for addressing housing needs in Van Buren County, promising to create a more inclusive and accessible community for its residents.